Q2 Market Report - Fox Farm
Fox Farm Area 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 Fox Farm 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 Fox Farm Area, you can read the Overall Summary of both price ranges before section 1.
Section 1 Notes: The Castle Glen, Eagle Knolls and Eagle Point Areas are not included in section 1 stats due to the fact that there aren’t any sales under $800,000 in these areas.
Section 2 Notes: The possibility of wide swings in monthly and quarterly market prices in the $800,000 and up Luxury Market.
Up To $800,000 Overall Summary
Market Prices in the second quarter of 2024 there was an decrease in Price of $11,000 (-2%). in average monthly price compared to the average monthly price for the first quarter of 2023. There was also a increase in price of $51,000 (+8%) from 1 year ago and a decrease in price of $50,000 (-8%) from 3 years ago.
Area Ranking The 2024 second quarter average monthly price of $655,000 gives the Fox Farm Area a ranking of 1st which is highest in price out of the 7 sub areas for this price range for the Total Big Bear Market. We also see in this quarter the Fox Farm Area has a $207,000 (+46%) higher average monthly price compared to the Total Big Bear average monthly price of $448,000.
Sales and Listings in the second quarter of 2024 sales were the same as last quarter at average monthly sales of 2 per month, where listings were up 7 compared to the first quarter of 2024. There was also a decrease of 1 Sale per month and a increase of 11 listings compared to 1 year ago. We also had sales the same at 2 sales per month and a increase of 7 listings per month compared to 3 years ago.
Expired Listings have been experiencing a ratio of 1:1 and sometimes hitting a 2:1 ratio which is an indicator of a steady market.
These numbers show us that the economic influences of higher rates and inflation have not affected prices, sales and listings in this price range in a negative way.
When looking at the data of the Fox Farm 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. We just had a 1% drop in mortgage interest rates. Which is great news. The question is will this be enough to bring sales back up to a higher level which should keep prices from going down?
$800,000 and up Luxury Overall Summary
Market Prices in the second quarter of 2024 there was an increase in Price of $213,000 (+15%) in average monthly price compared to the average monthly price for the first quarter of 2024. There was also a increase in price of $175,000 (+12%) from 1 year ago and a increase in price of $220,000 (+16%) from 3 years ago. This was due to a high price swing in April and May. Expect a correction next quarter.
Area Ranking The 2024 second quarter average monthly price of $1,401,000 gives the Fox Farm Area a ranking of 4th 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 Fox Farm Area has a $107,000 (+8%) 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 there was a average monthly decrease in sales of 1 per month and a increase of 1 listing per month, compared to the first quarter of 2024. Sales were down 1 per month and we had an increase of 2 listings per month compared to 1 year ago. We also had a decrease of 3 sales per month and a decrease of 8 listings per month compared to 3 years ago.
Expired Listings have been experiencing a ratio of 1:1 which is an indicator of a steady market.
These numbers show us that the economic influences of higher rates and inflation have not affected prices, but it has regarding sales and listings in a negative way. The Fox Farm Area in this price range is having a very good market for now. Because of a big price swing up in April and May prices have gone up in all 3 comparisons.
When looking at the data of the Fox Farm 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. We just had a 1% drop in mortgage interest rates. Which is great news. The question is will this be enough to bring sales back up to a higher level which should at least keep Prices from going down?
Section 1 up to $800,000
Market Prices
Last Quarter Market Trends The 2024 average monthly price for the second quarter of $655,000 was down $11,000 (-2%) from the 2024 first quarter average monthly price of $666,000.
1 Year Market Trends The 2024 average monthly price for the second quarter of $655,000 was up $51,000 (+8%) from the 2023 second quarter average monthly price of $604,000.
3 Year Market Trends The 2024 average monthly price for the second quarter of $655,000 was down $50,000(-2%) from the 2022 second quarter average monthly price of $705,000.
Area Ranking The 2024 second quarter average monthly price of $655,000 gives the Fox Farm Area a ranking of 1st which is highest in price out of the 7 sub areas for this price range for the Total Big Bear Market. We also see in this quarter the Fox Farm Area has a $207,000 (+46%) higher average monthly price compared to the Total Big Bear average monthly price of $448,000.
Total Big Bear Area $448,000
The sub areas ranked as follows:
Fox Farm $655,000
Moonridge Area $560,000
Big Bear Lake Area $513,000
Fawnskin Area $487,000
Lake Front Area $483,000
Snow Summit $482,000
Big Bear City Area $436,000
Price Summary These numbers shows us that compared to last quarter the economic influences of higher rates and inflation have affected prices in this price range in a negative way with prices down $11,000. When compared to 1 year ago prices are up $51,000. And when compared to 3 years ago prices are down $50,000 from their peak 3 years ago. We just had a 1% drop in mortgage interest rates. Which is great news. The question is will this be enough to keep prices from going down any further?
If you want to know what your Fox Farm 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 2 per month. Which was the same as 2 sales per month when compared to the first quarter of 2024. The average number of listings per month for the second quarter of 2024 was 14 which is 7 per month more when compared to the 7 average monthly listings for the first quarter of 2024.
1 Year Average The second quarter of 2024 had average monthly sales of 2 per month. Which was a decrease of 1 sale per month when compared to the sales of 3 per month in the second quarter of 2023. The average number of listings per month for the second quarter of 2024 was 14 which is 11 per month more when compared to the 3 average number of listings for the second quarter of 2023.
3 Year Average The first quarter of 2024 had average monthly sales of 2 per month. Which was a decrease of 1 sales per month when compared to the sales of 3 per month in the first quarter of 2023. The average number of listings per month for the first quarter of 2024 was 7 which is 1 per month more when compared to the 6 average monthly listings for the first 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 up 1 and listings down 5. When compared to to 1 year ago sales are down 1 and listings are up 2. When compared to 3 years ago sales are down 1 and listings are up 1. We just had a 1% drop in mortgage interest rates. Which is great news. The question is will this be enough to bring sales back up to a higher level which should at least keep prices from going down?
Sales vs Expired Listings (strength of sales)
Sales Vs Expired Market Trends Graph 3 In the Fox Farm Area, the sales to expired ratios for the last three years have been at a good level with sales and expired listings at a 1:1 - 1:2 Ratio. Where a 1:1 ratio is considered a good ratio for a stable market.
Section 2 $800,000 and up (Luxury Market)
Market Prices
Last Quarter Market Trends The 2024 average monthly price for the second quarter of $1,401,000 was up $213,000 from the 2024 first quarter average monthly price of $1,188,000.
1 Year Market Trends The 2024 average monthly price for the second quarter of $1,401,000 was up $175,000 from the 2023 second quarter average monthly price of $1,227,000.
3 Year Market Trends The 2024 average monthly price for the second quarter of $1,40,000 was up $220,000 from the 2022 second quarter average monthly price of $1,181,000.
Area Ranking The 2024 second quarter average monthly price of $1,401,000 gives the Fox Farm Area a ranking of 4th 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 Fox Farm Area has a $107,000(+8%) 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, inflation and probably a victim of a wide price swing from April and May for the quarter have affected prices in a positive way with prices up $213,000. This wide price swing also affected the 1 year and 3 year numbers. When compared to 1 year ago prices are up $175,000. And when compared to 3 years ago prices are up $220,000. We just had a 1% drop in mortgage interest rates. Which is great news. The question is will this be enough to keep prices up?
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 Fox Farm 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 2 per month. Which was a decrease of 1 sales per month when compared to the sales of 3 per month for the first quarter of 2024. The average number of listings per month for the second quarter of 2024 was 15 which is 1 per month more when compared to the 14 average monthly listings for the first quarter of 2024.
1 Year Average The second quarter of 2024 had average monthly sales of 2 per month. Which is 1 less sale per month when compared to the sales of 3 per month in the second quarter of 2023. The average number of listings per month for the second quarter of 2024 was 15 which is 2 per month more when compared to the 13 average number of listings for the second quarter of 2023.
3 Year Average The second quarter of 2024 had average monthly sales of 2 per month. Which was a decrease of 3 sales per month when compared to the sales of 5 per month in the second quarter of 2022. The average number of listings per month for the second quarter of 2024 was 15 which is 8 per month less when compared to the 23 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 down 1 and listings up 1. When compared to to 1 year ago sales are down 1 and listings are up 2. When compared to 3 years ago sales are down 3 and listings are down 8. We just had a 1% drop in mortgage interest rates. Which is great news. The question is will this be enough to bring sales back up to a higher level which should at least keep prices?
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 second quarter of 2024 just the Fox Farm Area averaged 2 Sales per month.
Sales vs Expired Listings (strength of sales)
Sales Vs Expired Market Trends Graph 3 In the Fox Farm Area, the sales to expired ratio for the last three years have been at a good level with sales and expired listings averaging close to a 1:1 ratio. And a 1:1 ratio is considered a good ratio for a stable market.
