This is one of the questions that I get almost daily.  This question got me thinking about the changes in the Big Bear market between 2008 and 2009.  As the results are rather interesting, I thought I would share them with you.

Let's compare the number of homes sold in January and February of 2008 with the same time period in 2009.

As you can see from these numbers, there has been a significant increase in sales from the same time last year.  Would these additional buyers be out buying if they didn't think that we were at or very close to the bottom?

In January 2008, 30 homes sold... Of the 30 homes that sold, there was only 1 Bank Owned, REO property that closed escrow.  In February of 2008, 34 homes sold and none of them were Bank Owned, REO.

Of the 50 homes that sold in January 2009, 27 of them were either bank owned REO properties or short sales.  February of 2009 shows a total of 57 homes sales. Of those 57 sales, 32 of them were bank owned REO properties.

The increase in the total number of sales is a good indicator that we are at the bottom, or very close to it.  Currently, the bank owned, REO properties are driving the market. If you, as the home owner want to sell your home and be successful at it, then you are going to have to compete with the bank owned, REO listing.  Over half of the homes that are currently selling in Big Bear are bank owned, REO properties.