The Big Bear Multiple Listing Service recorded 863 sales in 2011. Below is a breakdown showing chart showing how many units each price range contributed.
With 794 (92%) of the homes sold falling into the under $500,000 price range, and only 69 over $500,000 (8%), it is fair to say higher end sales are tough. The price range that is selling best is $100,000 – $200,000 with about 40% of the homes sold.
Sales of homes over 1 million are location driven. Of the 12 sales over $1 million in 2011, and 8 were on the lake, 3 in Castle Glen, and 1 in Moonridge.
Only one home in Big Bear City sold for over $560,000 last year, and that was 646 Cedar Glen in Meadowbrook Estates which closed at $900,000 in June.
Foreclosures made up 28% of the sales, while short sales were only 14%. Traditional residential sellers made up the remaining 58%.
312 (36%) of all of the sales were cash transactions.
Steve,
Thanks for the graph and sold homes break down for 2011.
I always find your posts interesting and informative.
You stated that “The price range that is selling best is $200,000 – $300,000 with about 40% of the homes sold,” but experience and your graph seem to indicate that the price range that is selling best is the $100,000 to $200,000 price range. The thing I find most interesting is that the vast majority of the homes sold are under $300K. The distribution of homes sold seems to be moving further “left” with each passing year. When do you foresee this trend reversing itself?
Will,
Thanks for pointing out the error. I corrected the post. Since homes under $300,000 are within the price range of the majority of the buyers, I think low price points will always be the top selling category. Homes over $500,000 will have a small audience until we see a recovery in the overall economy. Thanks for reading and let’s make 2012 our best year ever!