THE LATEST REAL ESTATE NEWS
All Real Estate Markets are Local.
What happens in most resort real estate markets like Big Bear, Lake Arrowhead and even Palm Springs is quite different than what happens in the Redlands, Riverside or Apple Valley markets.
Although all markets are driven by interest rates and the economy, resort markets are typically the first to feel the effects when we see a shift in the market.
Home inventory grew from 216 in January 2022 to 308 homes in January 2023, to 448 today. The median price range of a residential home fell from $552,500 in April of 2022 to $485,000 today. This represents a 12% drop in the median price of a home in our local market over 18 months. This data would typically indicate that we are headed towards a market shift.
What is a market shift? A market shift happens when there is either a low supply of inventory with higher demand (seller’s market), or a higher supply of homes with less demand (buyer’s market). The transition from a seller’s market to a buyer’s market (or vice versa) is a “market shift.”
Today, it may be trending towards a “buyer’s market.” However, we sold 67 homes last month with 76 homes currently pending. Buyers have more selection of properties to chose from and we are nowhere near another “great recession” like we saw in 2008.
So the million $$$ question is…”WHEN IS NOW THE BEST TIME TO LIST OR SELL!”