Q2 Market Report - Big Bear City
Big Bear City Market Trends: $0-$800,000 Price Range
Like most of Big Bear, I have broken up the Big Bear City Market into two segments. Up to $800,000 property value and the luxury market over $800,000. This seems to be the most accurate price range to split the market. Every three months, I will post detailed quarterly market trend graphs for each price range with a condensed but easy to understand examinations of market stats. At the conclusion of our market report there will be a total market summary. All graphs are using a parameter of: Price Range $0 - $800,000, from January 2020 to March of 2022.
Table 1 Allows us to compare Big Bear City to The Big Three Areas, and the Sub Areas of Big Bear.
Graph 1 Shows what residential real estate price changes have occurred for Big Bear City on a monthly basis.
Graph 2 Shows what residential real estate price changes have occurred for Big Bear City on a annual basis.
Graph 1 When we use the information from Graph 2 and 3 we can see in this quarter the $547,000 price for June ranks Moonridge in 5th place out of 8 different categories in average price for 6/2022. And the $4,000 price deduction from 3 months ago is the lowest in Big Bear. With that low loss Big Bear City has a Gain of $194,000 over the past 2 years which ranks it first compared to the other 8 different categories.
While there will be fluctuations from quarter to quarter, Big Bear City has the best gain over the last 2 years, but I would expect this gain to be lowered over the next few quarters. . Most of the gain was in our Boom cycle. This gain will now continue to go down because we are in a down cycle and depending on the economy we will have to see how long this down cycle will last and how far prices will go down.
Graph 3 below shows us that listings are starting to go up while sales are staying as low as last quarter. This quarter we had 229 listings for the quarter with 77 sales while last year in the second quarter we had 313 listings with 119 sales. Comparing the second quarter of the last two years with the second quarter of 2020, we had 343 listings and 89 sales. But you have to remember that is when the boom just started. As you can see we are already catching up to last year in listings but sales are staying down. If this continues it will keep pressure on prices to continue to go down.
Graph 4 In Big Bear City, the sales to expired ratios are still good with sales and expired listings close to a 1:1 ratio. There will always be expired listings. And a 1:1 ratio is considered a good ratio for a stable market.
Summary
With these numbers we can say that the second quarter started to show our reduction in prices and sales together with a increase in listings. We knew that this was coming with the slow down in the economy and a rise in interest rates because of inflation. Compared to The Big Three, Big Bear City ranks First in average sales price for the month of 6/2022. And ranks third in Average Loss from 3/2022 to 6/2022 which means our rank in gain in price from 6/2020 to 6/2022 now comes in First.
When we compare Big Bear City to the sub areas of Big Bear it ranks fifth out of six in average price for the month of 6/2022. We rank First in average loss from 3/2022 to 6/2022 which means our rank in gain in price from 6/2020 to 6/2022 is first
Big Bear City when compared to the rest of Big Bear is doing very well and with fluctuations in the graphs I expect some of the rankings to go down. But like the rest of the Big Bear Real Estate Market expect Prices to fall, listings to increase and Sales to go down through the rest of the year.
Big Bear City Market Trends: - $800,000 and Over Price Range
In the Luxury market in Big Bear City in the Second quarter of 2022 continued with stable prices. But there are so few Luxury sales in the Big Bear City market that it is better to use Moonridge Market Trends $800,000 and up as a market guide for the Big Bear City Luxury Market. This is why if you want to know what your Big Bear cabin is worth in this price range, you have to get a more detailed market analysis that takes into consideration number of Bedrooms, Bathrooms, Square Feet, Lot size, Condition and Views or location. If you want to know the value of a property that you feel should sell for over $800,000 contact me for a custom analysis on that property. Both graphs are using a parameter of: Price Range $800,000 and up, from January 2020 to March of 2022.
Graph 1 (below) shows what residential real estate price changes have occurred for Big Bear City on a monthly basis using a parameter of: Price Range $800,000 and up, from January 2020 to March of 2022.
Graph 2 shows what residential real estate price changes have occurred for the Big Bear City on a annual basis.
Economic data for the second quarter and beyond is all pointing to a slow down in the market. Read my post about the slow down, Selling In Today's New Market. Expect a lot of changes in the graphs for the second quarter and the rest of the year. My opinion is that we are going to witness a more normal market. In order to get to that normal market prices may come down a little. Cabins will be on the market a little longer. Sales will decline.
