A Monthly Review of the Big Bear Real Estate Market

As Halloween is upon us, nothing can be scarier than the current state of our economy.  Forget about werewolves, zombies and evil spirits, many experts predict we should brace ourselves for a gloomier 2012.  Some of the spooky facts about the U.S. economy is evident with the absence of any confidence in Washington. 

Topping the list is high unemployment which continues to be on the rise, especially the number of long-term      unemployed workers.  Another facts is Americans have been feeling the pain at the pump with gas prices       jumping from an average of $1.70 a gallon at the end of 2008 to $3.00 at the end of 2010.  Some economists say gas prices may fluctuate between $4.00 and $5.00 a gallon over the next 3 years nationwide.  (California is              generally .50 cents a  gallon higher).

Two years after the recession officially ended in June 2009, the median household income dropped to $49,909 in June 2011, down 6.7%.  This decline just tells us the enormous stress that households find themselves in.  It will lead to further caution in terms of spending which obviously hurts economic growth.  (This fact may be more prevalent with the lack of spending in the first quarter of 2012 when the holiday bills start rolling in).

The ailing housing industry has taken quite a  beating over the past two years and despite some recent growth in the Midwest (up 8.2%), a full  recovery is a long way off.  Sales were uneven across the country, plunging 13.6% in the Northeast (due to Hurricane Irene).  Sales also fell in the West by 6.3% and 2.4% in the South.

           The    

      Big Bear Report

 

 

 

November 2011

· CURRENT INVENTORY: 

775 Homes (143 pending, 83 sold)

345 Lots  (14 pending, 3 sold)

  55 Condos  (9 pending, 2 sold)

  14 Mobile Homes  (3 pending, 0 sold)

  18 Gov’t Leases   (1 sold, 3 pending)

  70 Comm. R.E.  (5 pending, 0 sold))

  11 Business Opps   (0 pending, 0 sold)

· MARKET CONDITIONS:      Buyer’s Market

· INTEREST RATES: 30 Year (4.5%)   

· NUMBER OF HOMES SOLD LAST MONTH: 83                          (11% of Market)

West Valley

East Valley

East Valley: Big Bear City, Baldwin Lake, Erwin Lake, Sugarloaf, Lake Williams, Whispering Forest

West Valley: City of Big Bear Lake, Fox Farm, Moonridge, Fawnskin

 

Active = Existing Res Listing including Active Contingency

Pending = Res Pending or Contingent Escrows

Sold = Closed residential units last month

Residential

*All information deemed reliable but not guaranteed.