Q2 Market Report - Castle Glen
Castle Glen Market Trends
Every three months, I will post detailed quarterly market trend tables made from three year graphs, for the Total Big Bear Area and 10 Sub Areas. Using the tables and graphs I will report the trends of Market Prices, Sales vs Active Listings, and Expired Listings and summarize what they mean to the current and future Total Big Bear Area and 10 Sub Areas Real Estate Markets. This section is for the Castle Glen Area. The following analysis is a detailed but easy to understand examination of these market trends.
The following stats have 2 sections. Section 1 up to $800,000 property value and Section 2 $800,000 and up, the Luxury Market. This seems to be the most accurate price range to split the market. If you want to just get the short version of the market in the Castle Glen Area, you can read the Overall Summary of the $800,000 and up, Luxury Market before section 2.
Section 1 notes: the Castle Glen, Eagle Knolls and Eagle Point/Eagle Point Estates Areas are not included in section 1 stats due to the fact that there aren’t any sales under $800,000.
Section 2 notes: the possibility of wide swings in monthly and quarterly market prices in the $800,000 and up Luxury Market.
$800,000 and up Luxury Market Overall Summary
Market Prices in the second quarter of 2024, compared to the average monthly price for the first quarter of 2024 there was an increase in Price of $216,000 (+12%) in average monthly price. There was also a increase in price of $431,000 (+24%) from 1 year ago and increase in price of $567,000 (+32%) from 3 years ago. Clearly Castle Glen prices are doing very well.
Area Ranking The 2023 second quarter average monthly price of $1,800,000 gives the Castle Glen Area a ranking of 2nd highest in price out of the 10 sub areas for this price range, for the Total Big Bear Market. We also see in this quarter the Castle Glen Area has a $506,000 (+39%) higher average monthly price compared to the Total Big Bear average monthly price of $1,294,000.
Sales and Listings in the second quarter of 2024, compared to the first quarter of 2024 the average monthly sales stayed the same per month at 1, and a increase of 1 listing per month. There was also a decrease of 1 Sale per month and listings stayed the same at 5 per month compared to 1 year ago. We also had sales stay the same at 1 per month and a decrease of 2 listings per month compared to 3 years ago.
Expired Listings the sales to expired ratio for the last year has been at 1:1 which is a good ratio and shows a stable market.
These numbers show us that the economic influences of higher rates and inflation have not affected prices, sales and listings in a negative way for the Castle Glen Area.
When looking at the data of the Castle Glen Area the two big areas of market influence to watch are of course interest rates and the number of listings that come on the market. So far prices have done very well in the Castle Glen area. We just had a 1% drop in mortgage interest rates. Which is great news. The question is will this be enough to keep sales at a level which should at least keep prices from going down?
There Isn’t A Section 1 For The Castle Glen Area
Section 2 $800,000 and up (Luxury Market)
Because of the low amount of sales in the Castle Glen Area, there is statistically not enough turn over to give us accurate information on Market Prices, Sales or Expired Listings. A better Market indicator would be the Total Big Bear Luxury Market Section 2, but I will use the tables and graphs to try and give us an idea of the Castle Glen Area. Remember that these are upscale custom homes where a view or furnishings can make a big difference in price. Each Cabin must be analyzed on it's on merit.
If you are thinking of selling a property in the Castle Glen Area contact me so I can use the Castle Glen Area information and the information of the other Big Bear Luxury Markets to give you a accurate price that your property would sell for on today’s market.
Market Prices
Last Quarter Market Trends The 2024 average monthly price for the second quarter of $1,800,000 was up $216,000 (+12%) from the 202 first quarter average monthly price of $1,584,000.
1 Year Market Trends The 2024 average monthly price for the second quarter of $1,800,000 was up $431,000 (+24%) from the 2023 second quarter average monthly price of $1,369,000.
3 Year Market Trends The 2024 average monthly price for the second quarter of $1,800,000 was up $567,000 (+32%) from the 2022 second quarter average monthly price of $1,233,000.
Area Ranking The 2023 second quarter average monthly price of $1,800,000 gives the Castle Glen Area a ranking of 2nd highest in price out of the 10 sub areas for this price range, for the Total Big Bear Market. We also see in this quarter the Castle Glen Area has a $506,000 (+39%) higher average monthly price compared to the Total Big Bear average monthly price of $1,294,000.
Eagle Knolls didn’t have any sales this quarter.
Total Big Bear Area $1,294,000
The sub areas ranked as follows:
Fawnskin Area $2,080,000
Castle Glen Area $1,800,000
Lake Front Area $1,706,000
Fox Farm Area $1,401,000
Big Bear Lake Area $1,345,000
Snow Summit Area $1,080,000
Eagle Point/Estates $1,048,000
Big Bear City $952,000
Moonridge Area $941,000
Eagle Knolls $0
Price Summary These numbers shows us that compared to last quarter the economic influences of higher rates and inflation have not affected prices in a negative way in the Castle Glen Area. When compared to last quarter Prices are up $216,000. When compared to 1 year ago prices are up $431,000. And when compared to 3 years ago prices are up $567,000.
We just had a 1% drop in mortgage interest rates. Which is great news. The question is will this be enough to keep sales at a higher level which should at least keep prices from going down any further?
Remember the possibility of wide swings in monthly and quarterly market prices in the $800,000 and up Luxury Market. See the first graph below “Historic Sales Price Trend $800,000+”.
If you want to know what your Castle Glen cabin is worth in this price range, contact me to get a more detailed market analysis that takes into consideration the number of Bedrooms, Bathrooms, Square Feet, Lot size, Condition, Views and location.
Sales vs Active Listings (supply and demand)
Last Quarter The second quarter of 2024 had average monthly sales of 1 per month. Which was the same per month when compared to the first quarter of 2024. The average number of listings per month for the second quarter of 2024 was 5 which is 1 per month more when compared to the 4 average monthly listings for the first quarter of 2024.
1 Year Average The second quarter of 2024 had average monthly sales of 1 per month. Which was a decrease of 1 sale per month when compared to the sales of 2 per month in the second quarter of 2023. The average number of listings per month for the second quarter of 2024 was 5 which is the same per month when compared to the 5 average number of listings for the second quarter of 2023.
3 Year Average The first quarter of 2024 had average monthly sales of 1 per month. Which is the same as sales per month when compared to the sales of 1 per month in the second quarter of 2022. The average number of listings per month for the second quarter of 2024 was 5 which is 2 per month less when compared to the 7 average monthly listings for the second quarter of 2022.
Sales vs Active Listings Summary These numbers show us that compared to last quarter the economic influences of higher rates and inflation have not affected sales and listings in a negative way with sales the same and listings up by 1. And when compared to to 1 year ago sales are down 1 and listings are the same at 5. And when compared to 3 years ago sales are the same at 1 listings are down by 3. We just had a 1% drop in mortgage interest rates. Which is great news. The question is will this be enough to keep sales at a high enough level which should at least keep prices from going down?
It is also worth noting that during 2019 and before we were lucky to have 2 or 3 sales in three months in this price range for the Total Big Bear Area market. Where in the fourth quarter of 2023 the Castle Glen Area averaged 1 sale per month.
Sales vs Expired Listings (strength of sales)
Sales Vs Expired Market Trends Graph 6 In the Castle Glen Area, the sales to expired ratios for the last two years have been at a good level with sales and expired listings at a 1:1 Ratio. Where a 1:1 ratio is considered a good ratio for a stable market.
