Q1 Market Report- Snow Summit
The Snow Summit Area is defined by the following boundaries: North of Big Bear Blvd to Moonridge north to Elm. Take Elm North, at the end of Elm draw a line north 100 yards then draw a line west to Paine. Have the line follow Paine to Big Bear Blvd.
Snow Summit 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 Snow Summit 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 Snow Summit Area, you can skip to the bottom of Section 1 and Section 2 and read the Overall Summary.
Section 1 notes: the Castle Glen, Eagle Knolls and Eagle Point/Eagle Point Estates 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.
Section 1 up to $800,000
Market Prices
Last Quarter Market Trends Surprisingly, the 2024 average monthly price for the first quarter of $422,500 was down $200,500 from the 2023 fourth quarter average monthly price of $623,000.
1 Year Market Trends The 2024 average monthly price for the first quarter of $422,500 was down $240,000 from the 2023 first quarter average monthly price of $663,000.
3 Year Market Trends The 2024 average monthly price for the first quarter of $422,000 was down $149,500 from the 2022 first quarter average monthly price of $572,000.
Area Ranking The 2024 first quarter average monthly price of $422,500 gives the Snow Summit Area a ranking of 7th 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 Snow Summit Area has a $65,500 lower average monthly price compared to the Total Big Bear average monthly price of $489,000.
Total Big Bear Area $489,000
The sub areas ranked as follows:
Fox Farm $665,667
Moonridge Area $617,667
Big Bear Lake Area $572,667
Lake Front Area $531,333
Fawnskin Area $504,500
Big Bear City $461,667
Snow Summit Area $422,500
Price Summary These numbers shows us that compared to last quarter the economic influences of higher rates and inflation have affected prices in a negative way with prices down $200,500. When compared to 1 year ago prices are down $240,500 which could be a price swing were prices start to go up next quarter. And when compared to 3 years ago prices are down $149,500. Until we see a change from interest rates or an increase in buyers starting to buy in the current economic conditions I would expect the number of listings to go up and sales to decline or stay about the same. This might put pressure on prices to go down.
If you want to know what your Snow Summit Area 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 first quarter of 2024 had average monthly sales of 3 per month. Which was a increase of 1 sales per month when compared to the sales of 2 per month for the fourth quarter of 2023. The average number of listings per month for the first quarter of 2024 was 16 which is 3 per month more when compared to the 13 average monthly listings for the fourth quarter of 2023.
1 Year Average The first quarter of 2024 had average monthly sales of 3 per month. Which was a increase of 1 sales per month when compared to the sales of 2 per month in the first quarter of 2023. The average number of listings per month for the first quarter of 2024 was 16 which is 7 per month more when compared to the 9 average number of listings for the first quarter of 2023.
3 Year Average The first quarter of 2024 had average monthly sales of 3 per month. Which was a increase of 1 sales per month when compared to the sales of 3 per month in the first quarter of 2022. The average number of listings per month for the first quarter of 2024 was 16 which is 5 per month more when compared to the 11 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 up 3. And when compared to to 1 year ago sales are up 1 and listings are up 7. And when compared to 3 years ago sales are up 1 and listings are up 5. Until we see a change from interest rates or an increase in buyers starting to buy in the current economic conditions I would expect the number of listings to go up and sales to decline or stay about the same. This might put pressure on prices to go down.
Sales vs Expired Listings (strength of sales)
Sales Vs Expired Market Trends Graph 3 In the Snow Summit Area, the sales to expired ratios for the last two years have been between 1:1 to 1:2 Ratio.. Where a 1:1 ratio is considered a good ratio for a stable market.
up to $800,000 Overall Summary
Market Prices in the first quarter of 2024 there was an decrease in Price of $200,500 in average monthly price compared to the average monthly price for the fourth quarter of 2023. Such a large drop was not expected. here was also a decrease in price of $240,500 from 1 year ago and a decrease in price of $149,500 from 3 years ago.
Sales and Listings in the first quarter of 2024 there was a average monthly increase in sales of 1 per month and a increase of 3 listings per month, compared to the fourth quarter of 2023. There was also a increase of 1 Sales per month and a increase of 7 listings compared to 1 year ago. We also had a increase of 1 sales per month and a increase of 5 listings per month compared to 3 years ago.
Expired Listings have been experiencing a ratio of 1:1 - 1:2 in the 3 years. With 1:1 a good ratio
These numbers show us that the economic influences of higher rates and inflation have affected prices to go down, but sales and listings have gone up slightly. It seems like the Snow Summit Area had major price reductions. I think that the first quarter of 2024 just had a bad quarter and that we should see prices come up to a more normal level starting next quarter.
When looking at the data of the Snow Summit Area the two big areas of market influence to watch are of course the economy and the number of listings that come on the market. A worse economy and or a large increase of listings without an increase in sales could put a lot of pressure on prices to fall even more. This will also cause cabins to be on the market longer, which will put additional pressure on prices. Until we see a change from interest rates or an increase in buyers starting to buy in the current economic conditions I would expect the number of listings to go up and sales to decline or stay about the same.
Section 2 $800,000 and up (Luxury Market)
Market Prices
Last Quarter Market Trends The 2024 average monthly price for the first quarter of $1,200,000 was down $156,333 from the 2023 fourth quarter average monthly price of $1,356,333.
1 Year Market Trends The 2024 average monthly price for the first quarter of $1,200,000 was down $375,000 from the 2023 first quarter average monthly price of $1,575,000.
3 Year Market Trends The 2024 average monthly price for the first quarter of $1,200,000 was down $134,00 from the 2022 first quarter average monthly price of $1,334,000.
Area Ranking The 2024 first quarter average monthly price of $1,200,000 gives the Snow Summit Area a ranking of 2nd 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 Snow Summit Area has a $134,00 lower average monthly price compared to the Total Big Bear average monthly price of $1,157,333.
Total Big Bear Area $1,157,000
The sub areas ranked as follows:
Castle Glen Area $1,583,667
Snow Summit Area $1,200,000
Fox Farm Area $1,188,000
Big Bear Lake Area $1,109,000
Big Bear City $1,100,000
Lake Front Area $1,087,333
Moonridge $920,000
Eagle Point/Estates $875,000
Eagle Knoll $0
Fawnskin $0
Price Summary These numbers shows us that compared to last quarter the economic influences of higher rates and inflation have affected prices in a negative way with prices down $156,333. When compared to 1 year ago prices are down $375,000. And when compared to 3 years ago prices are down $134,000. Until we see a change from interest rates or an increase in buyers starting to buy in the current economic conditions I would expect the number of listings to go up and sales to decline or stay about the same. This may put pressure on prices to go down.
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 Snow Summit 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 first quarter of 2024 had average monthly sales of 2 per month. Which was a increase of 1 sales per month when compared to the sales of 1 per month for the fourth quarter of 2023. The average number of listings per month for the first quarter of 2024 was 11 which is the same when compared to the 11 average monthly listings for the fourth quarter of 2023.
1 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 11 which is 3 per month more when compared to the 8 average number of listings for the first quarter of 2023.
3 Year Average The first quarter of 2024 had average monthly sales of 2 per month. Which was a decrease of 2 sales per month when compared to the sales of 4 per month in the first quarter of 2022. The average number of listings per month for the first quarter of 2024 was 11 which is 4 per month more when compared to the 7 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 down 1 and listings the same. And when compared to to 1 year ago sales are down 2 and listings are up 3. And when compared to 3 years ago sales are down 2 and listings are up 3. Until we see a change from interest rates or an increase in buyers starting to buy in the current economic conditions I would expect the number of listings to go up and sales to decline or stay about the same. This may put pressure on prices to go down.
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 first quarter of 2024 the Snow Summit Area averaged 2 Sales per month.
Sales vs Expired Listings (strength of sales)
Sales Vs Expired Market Trends Graph 3 In the Snow Summit Area, the sales to expired ratios for the last two years have been at a good level with sales and expired listings at a 1:1 Ratio. Where a 1:1 ratio is considered a good ratio for a stable market. Now that we are staying in the 1:2 ratio like we have had for the last 3 out of 5 months it is an indicator that this market has pressure to be in a declining market.
$800,000 and up Luxury Overall Summary
Market Prices in the first quarter of 2024 there was an decrease in Price of $156,333 in average monthly price compared to the average monthly price for the fourth quarter of 2023. There was also a decrease in price of $375,000 from 1 year ago and a decrease in price of $134,000 from 3 years ago.
Sales and Listings in the first quarter of 2024 there was a average monthly increase in sales of 1 per month and a listings stayed the same at 11 per month, compared to the fourth quarter of 2023. There was also a decrease of 2 Sales per month and a increase of 3 listings per month compared to 1 year ago. We also had a decrease of 2 sales per month and a increase of 3 listings per month compared to 3 years ago.
Expired Listings have been experiencing a ratio of 1:2 in the last 3 out of 5 months vs a 1:1 ratio which is an indicator of a possible weaking of this market.
These numbers show us that the economic influences of higher rates and inflation have affected prices, sales and listings in a negative way. The large swing in prices is an example of what can happen in this price range and I expect prices to start rebounding next quarter.
When looking at the data of the Snow Summit Area the two big areas of market influence to watch are of course the economy and the number of listings that come on the market. A worse economy and or a large increase of listings without an increase in sales might put a lot of pressure on prices to fall even more. This will also cause cabins to be on the market longer, which could put additional pressure on prices. Until we see a change from interest rates or an increase in buyers starting to buy in the current economic conditions I would expect the number of listings to go up and sales to decline or stay about the same.