The celebration of the New Year in many ways symbolizes hope and change, and this year we have some numbers that can give homeowners in the Big Bear area a real basis for that hope. The 2012 sales volume for single family residential (SFR) units came in at an increase of 28.6% over 2011. This is far above the California Association of Realtors projected statewide average increase of 5.1%.
The increase in sales volume is a positive sign, but to give an indication of real market change it should be accompanied by an increase in price, and for the first time in 5 years, it is! The median SFR price for 2012 came in at an increase of 3.63% over 2011.
If I were a gambler, I would bet good money that the number of units sold and the increase in prices would have both risen even more if our inventory had not been so low. Since mid-year 2012 it has steadily declined from around 500 homes to around 350 homes.
At the current rate of sales that is only a 4 month supply of homes on the market. In the real estate industry, a more healthy number is generally around a 6 month supply.There are many buyers out there that are eager to take advantage of near record low interest rates that are hovering around 3.5%, but we need more inventory!
What does all this mean to you? If you’ve been thinking of selling your home but have been waiting for signs of a healthier real estate market…..the signs are here! Contact Melissa McCue at (909) 855-4898.