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Steve Hirschler, Big Bear Real Estate

11 Homes Sold this Week in Big Bear 11/1/09 – 11/7/09

Click Here to see the details for these homes

I can show you any home for sale in Big Bear.

Search the Big Bear MLS (Multiple Listing Service)

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Steve Hirschler

Associate, The Tim Wood Group

Coldwell Banker Mountain Gallery

42153 Big Bear Blvd.

P.O. BOX 6820

Big Bear Lake, CA 92315

stevehirschler@gmail.com

909 866-3481 EXT. 217 CELL 909 725-5889

Fax 909 866-3531

http://www.stevesellsbigbear.com

Follow me on Twitter

Subscribe to "Ask an Expert, Big Bear Real Estate Blog"

San Bernardino County Average Sales Prices September 2008 vs 2009

County/City/Area Sept 2009 Sept 2008 Y-T-Y
% Change
San Bernardino County 150,000.00 205,000.00 -26.8%
Adelanto 80,000.00 131,000.00 -38.9%
Apple Valley 105,500.00 162,500.00 -35.1%
Barstow 55,000.00 106,250.00 -48.2%
Big Bear City 150,250.00 207,500.00 -27.6%
Big Bear Lake 305,500.00 272,500.00 12.1%
Bloomington 140,000.00 185,000.00 -24.3%
Chino 300,000.00 341,250.00 -12.1%
Chino Hills 430,000.00 422,500.00 1.8%
Colton 125,000.00 152,000.00 -17.8%
Crestline 140,000.00 147,000.00 -4.8%
Fontana 210,000.00 255,000.00 -17.6%
Hesperia 126,000.00 175,000.00 -28.0%
Highland 175,000.00 230,000.00 -23.9%
Joshua Tree 113,000.00 118,500.00 -4.6%
Lake Arrowhead 292,500.00 370,000.00 -20.9%
Loma Linda 263,000.00 359,000.00 -26.7%
Montclair 216,500.00 278,000.00 -22.1%
Ontario 190,000.00 240,000.00 -20.8%
Rancho Cucamonga 300,000.00 355,250.00 -15.6%
Redlands 220,750.00 310,000.00 -28.8%
Rialto 135,500.00 200,000.00 -32.3%
San Bernardino 75,000.00 125,000.00 -40.0%
Twentynine Palms 83,000.00 122,500.00 -32.2%
Upland 317,000.00 414,000.00 -23.4%
Victorville 120,000.00 160,000.00 -25.0%
Yucaipa 204,750.00 277,500.00 -26.2%
Yucca Valley 110,000.00 172,000.00 -36.0%

Average sales price indicates the price of homes that sold, not the price increase or decrease of individual homes.

It's interesting to note that Big Bear Lake and Chino Hills were the only two locations that had an increase.

Real Estate is local!

Nod's and Trustees Deeds Filed in California 2005 - 2009

By: Robert Kleinhenz, Deputy Chief Economist

The median price in California continued to increase in September, driven by lean inventory levels, while home sales remained on track with expectations for the month. The median price of a detached existing single family home was $296,090 in September, up 1.1 percent from the August median of $292,960, but down 7.3 percent from the September 2008 median price of $319,310. Barring a sudden decline in home values over the next few months, the statewide median price will register year-over-year gains by year end, although it will still be well below the mid-decade peak.

Sales in California hit 530,520 homes in September, up 0.6 percent from August sales of 527,120 homes, and up 2.1 percent from September 2008 sales of 519,530 homes. With sales expected to stay in the low- to mid-500,000 range through the rest of the year, annual sales for 2009 will finish about 20 percent higher than the 2008 annual sales figure of 439,830 homes.

Given recent price gains and sales levels, as well as lean inventory numbers that have averaged just over 4 months for the past 3 months, one should conclude that the California housing market is edging back toward its normal state. Indeed, these numbers are welcome developments for a housing market that was among the hardest hit in the country. But a look behind the topline numbers suggests that current conditions have resulted from a heavy dose of policy intervention and from efforts by lenders - who currently dominate the supply side of the market - to manage the flow of troubled mortgages and properties at all stages of the ‘foreclosure pipeline' from delinquencies to REOs.

The number of defaults in California escalated rapidly in the last couple of years, with 111,700 defaults in the third quarter of this year and a record high of 135,400 defaults in the first quarter of 2009. Normally, the trend in foreclosures corresponds approximately to the trend in defaults with a one to two quarter lag so the number of foreclosures should be on the rise as well. Instead, the level of foreclosures has been steady at roughly 50,000 per quarter since the last quarter of 2008. This seems to be the result from the combination of policy intervention, including foreclosure moratoria last year and early this year as well as the federal loan modification program, and efforts by lenders to deal problem loans on a case-by-case basis. As a result, market supply has held steady at levels that have stabilized the median price at the state level and in most California markets. In a number of markets, there have been some modest price gains compared to earlier in the year.

With current government policies and lender practices in place, home prices in much of the state should hold steady, aside from normal seasonal fluctuations in prices between now and next spring. In the end, price stability is necessary for discretionary sellers, as opposed to distressed sellers, to return to the market and drive the supply side of the market to more normal conditions.

Big Bear Real Estate Fast Facts 10/25/2009

  • Current Residential Inventory Available 766
  • Last years inventory 10/2008 - 1078
  • Inventory is down 29% from last year

  • Residential Sales closed in the past 30 days - 78
  • Homes sold October 2008 - 73
  • Number of year to date closed residential sales - 681
  • Number of year to date closed residential sales 561 for the same period in 2008 +21.3%

  • Current Pending sales 154
  • 39 of these are Bank owned 25%
  • That means 75% are not bank owned!

  • Bank Owned Homes 46 make up only 6% of the inventory available in Big Bear
  • That means 94% of the homes available in Big Bear are not Bank Owned!
  • 261 of the 681 sold this year were bank owned 38%
  • 77 of the 561 sold last year were bank owned 13.7%

What does all of this mean?

  • There are less homes to choose from currently than there were a year ago.
  • More homes have sold this year than last year for the same period.
  • With 154 pending sales and 681 closed sales this year, more homes will be sold in Big Bear this year than last year (669)
  • Big Bear does not have a high percentage of bank owned properties available, but what is available is selling faster than other homes sold by traditional sellers.

13 Homes Sold this Week in Big Bear, 9/26/2009

Click here to see the details on these 13 homes.

  • 9 of these homes were traditional sellers "69%", with a price differential of 77.24% of list price and 107 days on the market
  • 4 of these homes were bank owned "31%", with a price differential of 100% of list price and 18 days on the market
  • Overpriced homes (over 90% of the listings) will sit with no activity until they lower the price to meet the market.

    With 812 active listings on the market currently, the inventory has fallen about 8% in the past 30 days.

    I can show you any home for sale in Big Bear.

    Search the Big Bear MLS (Multiple Listing Service)

    Search the Southern California MLS (Multiple Listing Service)

    Steve Hirschler

    Associate, The Tim Wood Group

    Coldwell Banker Mountain Gallery

    42153 Big Bear Blvd.

    P.O. BOX 6820

    Big Bear Lake, CA 92315

    stevehirschler@gmail.com

    909 866-3481 EXT. 217 CELL 909 725-5889

    Fax 909 866-3531

    http://www.stevesellsbigbear.com

    Follow me on Twitter

    Subscribe to "Ask an Expert, Big Bear Real Estate Blog"