A Big Welcome, for those of you who are new to my newsletter.

In this edition I will be reporting on the 1st quarter stats for the overall Big Bear and Big Bear Lake Real Estate markets and break it up into different subareas. For a detailed analysis of the overall markets and the subareas, you can click on the links in the newsletter or my website tysutherland.com, that cover the overall market and each subarea.

In trying to analyze any financial market, like a real estate market, I look for trends and the reason why we are having these trends. Also, when we can expect these trends to change. And in what direction they should be changing. So, let’s take a look at the two markets. 0-$800,000 and $800,000 and up (luxury market).

First the 0-$800,000 overall market. Prices have stopped dropping and show strong signs of stabilizing in the first quarter of 2023. This is what we have been waiting for since March of 2022. Usually, people wait for 2 quarters to claim that a market has stabilized. But because listings are up from the first quarter of 2022 and sales are down, prices should be going down. But they haven’t. So, this leads me to believe that prices are going to remain level going into summer.

This should give the economy time to level out and have the fed lower interest rates. But when they do lower rates don’t expect mortgage rates to get back to 2.75%. All the lenders who I have talked to expect rates to level out somewhere around 4-5%, but this won’t happen until the 4th quarter of 2023 at the earliest. Charts and tables to give you the numbers to support my predictions are at the end of this article.

When we get to the $800,000 and up market prices have also remained stable. They still have their monthly volatility but, overall, they are a little higher than the first quarter of 2021 and 2022. Prices in this market have stayed relatively the same for the past few years. But sales have gone up tremendously. A few years ago, we would have 2 or 3 sales every 4 months. Where the last few years we have had between 10 and 30 sales per month. Even with listings going up last year prices have stayed about the same. It will be interesting to see what happens with the increase in listings and sales being down a little for this time of year and how this could affect what could happen to prices. They should go down. But I don’t really expect prices to move much. This price range seems to stay the same through the highs and lows so far. Charts and tables to give you the numbers to support my predictions are at the end of this article.

To see the numbers for the area where you own property in Big Bear you can click on the different areas in Big Bear on the newsletter or on the home page of the website. Tysutherland.com. I will break down the numbers for each area and compare each area to the other areas and the overall Big Bear Market. This information will be available by 4-29-2023.

Cabins up here are still selling. I just put one of my listings in escrow 4/15/2023. If you are thinking of selling soon give me a call or send me an email to see how I can set up a program to sell your cabin.