Looking Back
Real Estate in Big Bear will always be of interest to homeowners and investors alike. Where, within two hours of the city of Los Angeles Palm Springs
Big Bear Real Estate 1995
By Walt Dwyer
The 1995 Big Bear real estate market has been a mixed bag for the most part, as it was in 1994.
Through October of 1995, there were approximately 2550 properties for sale throughout the valley, with about 266 sales pending and 725 closed escrows for the year. Average market time ran 323 days for all active listings, with an average sale price of $115,000.
Of existing inventory available through October, about 1,350 were single family residential, 64 were condos, 41 were mobile homes, 10 were Gov't leases, 16 were business opportunities, 93 were commercial investment opportunities and 967 were vacant lots.
Prices on all properties dropped an average of 20% from 1991 highs, but did stabilize for the most part last year. Traditionally, December, October, then November rank as Big Bear's top three months for real estate sales. Early editorial closing prevents analysis of the 4th quarter for 1995, but September, (normally the 4th ranking month for real estate), did show more promise, reaching 83% of our 10 year average, with a total of 148 recordings for the month.
It's still a buyers market, but the best buys go quick. Are we coming out of a bad real estate market? New construction is up with positive feedback from local contractors who are bidding or have contracts ready to go in the Spring... another healthy sign that the market is recovering.
It appears that the number of units sold this year will be about 80% of the ten year average. Although low pricing and a long marketing time were the norm in this year's market, it looks and feels like better times are just down the road.
From the archives of Big Bear Magazine, January/February 1996. © Big Bear Magazine,
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