2024 First Quarter Stats Are Posted

To get a complete analysis of your area click on the links in the Quarterly Market Reports section of this newsletter.

For the 1st quarter of 2024 we have some areas with large losses and some with some big gains.  Before you click on your area let me give you the overall market and then some highlights and low lights on the future of Big Bear Real Estate. 

Let’s start with the overall market.  Up to $800,000.  The economic influences of higher rates and inflation have not affected prices in a negative way. This price range has had a slow but steady rise in prices over the last few years and has almost caught up to the higher prices of 2023. Given the current mortgage rates even having prices go up gradually is very nice to see.  

Sales and active listings have been down the last few years, Even with sales slightly down prices have gradually gone up.  This is because active listings have also gone down the first quarter compared to last quarter by 62 which has helped keep prices stable or rising gradually.  But we have to watch out for a rise in listings this summer, because we are already 55 listings higher than a year ago and 89 higher than 3 years ago.

As far as the sub areas.  Not surprising Fox Farm is ranked 1st in price.  The 2 big surprises are that Moonridge came in ranked 2nd in price and the Snow Summit Area had a big drop in prices and came in last. The average price in the Total Big Bear Area for this price range was $489,000.  The Fox Farm Area ranked at number 1 had an average price for the last quarter of $666,000.  Where the Snow Summit Area ranked last at number 7 had an average price for the last quarter of $423,000. I think that the Snow Summit Area just had a bad quarter and will do much better in the next quarter.   You can click on the separate analysis for each area to get the stats for your area.

Now let’s take a look at the $800,000 and up overall market.  The economic influences of higher rates and inflation have affected prices in a negative way if you consider that prices in this price range have been down this quarter, this quarter compared to 1 year ago and down when compared to 3 years ago. But you have to remember that there can be wide price swings in the average quarterly price of $200-400,000 in a quarter.  This price range has had a slow but steady rise in prices over the last few years and has almost caught up to the higher prices of 2023. This quarter we are only $157,000 below the peak of 3 years ago.  So given the current mortgage rates this price range did well this quarter.  Next quarter will give us a better idea of which way prices will go for the rest of 2024. 

For the sub areas.  Castel Glen is ranked number 1 in price. With the Snow Summit and Fox Farm Areas come in second and third.  The average price for this price range for the overall market was $1,157,000. 

Overall, the Big Bear Real Estate market is doing well, with prices trying to get back to their peak.  Sales are down slightly, but considering we are a second home market with high interest rates it could be much worse. We are coming into the summer season, so it will be interesting to see what happens if the Fed lowers interest rates because of the election as was predicted. This will be especially hard to do since the inflation numbers have stayed higher than predicted.  I will keep you posted with monthly updates. 

If you want to know what your Big Bear cabin is worth, 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.