Sales Continue To Be Stabile

Sales Continue To Be Stabile Prices Have A Slight Down Turn In The Luxury Market.

While the Luxury Real Estate market in Big Bear has had about a 5% decrease in prices from 2020 to 2021 the luxury market is actually in very good shape heading into 2022. As you can see from the first graph it is not uncommon to see differences in monthly average price of $100,000-$500,000. So a change of about 5% in a year is actually not that big a deal. While the overall market lost 5% about half the areas I report on had a small increase. You can click on the different areas to see what areas had the increases. 

The big indicator for the luxury market is sales. Let’s take a look at the second graph. Remember in 2019 when we would have months with 110 listings and 2 sales. The market was stagnate. In the second half of 2020 and all of 2021 we have a more normal market with months of 30 sales with 90 listings or 25 sales with 82 listings. 2021 we averaged about 80 listings with over 20 sales per month.
Let’s take a look at a few examples of prices in different areas.

The Lake Front area: The average price in 2020 was $1,585,000 where in 2021 it was $1,418,000.
The Fox Farm area: The average price in 2020 was $1,057,000 where in 2021 it was $1,145,000.
The Fawn skin area: The average price in 2020 was $1,450,000 where in 2021 it was $1,468,000.

From the third graph we can see for the first time where there were more months were we had sales out number expired listings. This has been a very big turn around for the Big Bear luxury market. With that said I think that the Big Bear Luxury market is a more fickle market. It hasn’t been a good market for more than one and a half years so we will have to see what it will be like in a more normal market and see what happens in a down market. Overall I think that the luxury market will stay strong through the summer then we will have to see what happens to external factors that control real estate markets and how these factors affect the luxury market.