Q1 Market Report - Eagle Point

Eagle Point Market Trends: $800,000 And Over Price Range

The following stats are for the Eagle Point Area. I have divided the Total Big Bear Area into 10 Sub Areas to give you more detailed information on the area where your property is located. Unlike most of Big Bear, I didn’t break up the Eagle Point Market into two segments Up to $800,000 property value and the Luxury Market over $800,000. Because there really aren’t any sales in this area below $800,000. Every three months, I will post detailed quarterly market trend tables and a graph for each price range with a condensed but easy to understand examination of the market stats. If you want to just get the short version, you can skip to the bottom and read the Summary.

Because of the low number of sales in the Eagle Point Area, there is statistically not enough turn over to give us accurate information. A better indicator would be the Total Luxury Market in Big Bear. But I will use the tables and graphs to try and give us an idea of the Eagle Point 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 its merit.

Market Prices

In this price range there can be a difference of $400,000 or more in the monthly average price. You need to keep this in mind even with me taking the three-monthly stats to get a average quarterly monthly stat there can still be a short-term, large swing in prices.

Table 1 & 2 (below) were created from three-years of monthly average price graphs for the Total Big Bear Area and the 10 sub areas. Graph 1 below covers the Eagle Point Area monthly stats. I will be using the tables to analyze what trends I see with Real Estate prices in the $800,000 and up Luxury Market in the Eagle Point Area. The tables and graph have the parameters of: Price Range $800,000 and up, from January 2021 to March of 2023.

In the Eagle Point Area, the first quarter of 2023 had an average monthly price of $905,000. This was $105,000 less from the 2021 first quarter average monthly price of $800,000. Not surprisingly, the 2023 average monthly price for the first quarter was down $5,000 from the 2022 first quarter average monthly price of $900,000.

And the 2023 first quarter average monthly price of $905,000 was down $270,000 from the 2022 fourth quarter average monthly price of $1,175,000. Remember the possibility of wide market swings in this price range.

The 2023 Eagle Point Area first quarter average monthly price of $905,000 gives the Eagle Point Area a ranking of 10 out of 10 of the sub areas for the Big Bear Market. This price ranking puts the Eagle Point Area in the bottom 10% of the Total Big Bear Area and it is also less than the average monthly Total Big Bear Area price of $1,329,000 by $424,000.

To see how the prices in the other sub areas have done for comparison please refer to Table 2 below or check out the write up on that area.

If you want to know what your Big Bear cabin is worth in this price range in the Eagle Point Area, contact me to get a more detailed market analysis that takes into consideration the number of Bedrooms, Bathrooms, Square Feet, Lot size, Condition and Views or location.

If you look at the graph below you will see this area has sales of $1,800,000 to $915,000. That is why each cabin in this area must be analyzed for its own features.

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Sales vs Active Listings (supply and demand)

Table 3 shows what residential real estate inventory changes (Sales vs Active listings) have occurred for the Total Big Bear Area and sub areas. It is made up of monthly graphs for each area. Graph 2 below is for the Eagle Point Area monthly stats. These stats are compiled by using a parameter of: Price Range of $800,000 and up from the 3-year period January 2021 to March 2023.

Because of the low amount of sales and listings in the Eagle Point Area, there is statistically not enough turn over to give us accurate information. There has only been one sale since October. A better indicator would be the Total Luxury Market in Big Bear. But I will use the tables and graphs to try and give us an idea of the Eagle Point Area. Remember that these are upscale custom homes where a view or furnishings can make a big difference in price. Each Cabin has to be analyzed on it's on merit.

You can see from from the table and graph that there are only 1 or 2 sales per month in those months that there is a sale. But we have only had 1 sale since October of 2022. This shows us that economic influences of higher rates and inflation have affecter sales or listings in this area. Given the current economic conditions I would expect the number of listings to go up and sales to decline. This will also put pressure on prices to go down. Which is what you would expect in a declining market. So overall this market is in a declining market.

Sales vs Expired Listings (strength of Sales)

Graph 3 In the Eagle Point area, the sales to expired ratios have been at a good level. With sales and expired listings close to a 1:1 ratio for the past few quarters. There will always be expired listings. And a 1:1 ratio is considered a good ratio for a stable market. Because there is so little data from this graph I would expect this ratio to change from quarter to quarter.

Summary

Because of the low amount of sales in the Eagle Point Area, there is statistically not enough turn over to give us accurate information. There has only been one sale since October. A better indicator would be the Total Luxury Market in Big Bear. Remember that these are upscale custom homes where a view or furnishings can make a big difference in price. Each Cabin has to be analyzed on it's on merit.

With these numbers we can say that 2023 has continued with a wide swing in prices. There are also very few listings to support sales. Expired listings have stayed about the same. For vacation homes in a luxury market this area is a declining or neutral market for now.  

My opinion is that we are going to see prices continue to fall. Cabins will be on the market longer. Sales will decline. It will take longer to sell cabins and we will have more expired listings because of the sellers who don’t reduce their price.