As of June 1, 2021, the Mammoth Lakes real estate market continues to be hot seller’s market.  What does that mean?  Simply put, it means there are more buyers than sellers.  I continue to receive new buyer calls daily and there are not a lot of options for them.  If/when they do find a property they like, there or multiple offers and often over list price.  The good news for buyers is inventory is slowing increasing which means more options.  The good news for sellers is inventory is nowhere near normal levels so you will continue to have less competition.

In this post, we are going to highlight the numbers you need to know about the Mammoth Lakes real estate market, what it means if you are thinking about buying or selling, and where to get help moving toward your real estate goals this year.

What’s Happening in the Mammoth Lakes Real Estate Market?

It is helpful to look at the current market in two different segments:  single family homes and condos/townhomes.  This data is through the end of May 2021.

Condos

Currently ListedCondos
Median* Price$575,000
↓DOWN from $610,000 in April
Median* Days on Market37
↑UP from 27 in April
Total Available on May 1**47
↑UP from 45 in April

Single Family Homes

Currently ListedSingle Family Homes
Median* Price$974,750
↓DOWN from $1,099,000 in April
Median* Days on Market50
↑UP from 32 in April
Total Available on May 1**20
↑UP from 17 in April

What Does This Mean for Mammoth Lakes Area Homeowners and Sellers?

If priced right, properties are selling quickly in Mammoth Lakes area.  Note the median days on market for sold properties includes the entire escrow period (30 days on average).  As the numbers indicate, this is a great time to sell.  No one can predict how long this seller’s market will last.  The inventory levels have not increased as expected keeping competition high for the few active listings.  If you are even remotely thinking about selling, contact me for a free consultation and evaluation of your property.  This will include a recommendation for pricing as well as suggestions for preparing your property for sale.  I am reminding sellers that just because this is a seller’s market, we still need to price right.  The properties that price slightly below the current market value are receiving multiple over list price offers.  The properties that are priced too high are just sitting there with no showings and no offers.  Not to be harsh, although it is a great time to sell it is not a time to be greedy.  Greedy sellers have property that is just sitting and getting no showings or offers.

What Does This Mean for Mammoth Lakes Area Home Buyers?

With such low inventory available in Mammoth Lakes, buyers need to be ready to act quickly when they find a property they are interested in.  Do you have your financials in order?  Do you need a pre-approval letter?  I can connect you with lenders who have a proven track record of success in our area.  Many buyers do not know that not all lenders can lend in certain projects in Mammoth Lakes.  I can help you increase your chances of securing the property of your dreams in this tough market so reach out to me for a free consultation to set you on the right path for achieving your goal of owning property in Mammoth Lakes.  

Conclusion

Many have asked if the real estate market is going to crash.  Specifically, how is today’s market different than the one that caused the 2008 meltdown.  Check out my blog post which directly addresses this question.  

Whether you are a seller or a buyer, there is no doubt you will benefit from teaming with an educated and experienced Realtor® to help you navigate this hot market.  I have created guides to help with both the buying and selling process.  You can access the guides on my website:

Ultimate Mammoth Lakes Sellers Guide

Ultimate Mammoth Lakes Buyers Guide

Notes:

  1. All data are sourced from the Mammoth Lakes Board of Realtors. Data for Mammoth Lakes ONLY and not the surrounding areas.
  2. *Median price = middle value.  This is used as a good indicator when there is significant data as it minimizes the impact of unusually high or low values and provides a better perspective of the big picture.
  3. **Total Available excludes properties under contract/pending which have not yet closed.

As of May 1, 2021, the Mammoth Lakes real estate market continues to be hot seller’s market.  What does that mean?  Simply put, it means there are more buyers than sellers.  I continue to receive new buyer calls daily and there are not a lot of options for them.  If/when they do find a property they like, there or multiple offers and often over list price.  The good news for buyers is inventory is slowing increasing which means more options.  The good news for sellers is inventory is nowhere near normal levels so you will continue to have less competition.

In this post, we are going to highlight the numbers you need to know about the Mammoth Lakes real estate market, what it means if you are thinking about buying or selling, and where to get help moving toward your real estate goals this year.

What’s Happening in the Mammoth Lakes Real Estate Market?

It is helpful to look at the current market in two different segments:  single family homes and condos/townhomes.  This data is through the end of March 2021.

Condos

Currently ListedCondos
Median* Price$610,000
↓DOWN from $719,000 in March
Median* Days on Market27
↑UP from 15 in March
Total Available on May 1**45
↑UP from 31 in March

Single Family Homes

Currently ListedCondos
Median* Price$1,099,000
↓DOWN from $1,165,000 in March
Median* Days on Market32
↑UP from 21 in March
Total Available on May 1**17
No change from prior month

What Does This Mean for Mammoth Lakes Homeowners and Sellers?

If priced right, properties are metaphorically flying off the shelves in the Mammoth Lakes area.  As the numbers indicate, this is a great time to sell.  No one can predict how long this seller’s market will last.  As predicted last month, there has been a slight increase in inventory in the last 30 days.  More inventory means more competition.  More competition means fewer buyers for your property.

If you are even remotely thinking about selling, contact me for a free consultation and evaluation of your property.  This will include a recommendation for pricing as well as suggestions for preparing your property for sale.

I am reminding sellers that just because this is a seller’s market, we still need to price right.  The properties that price slightly below the current market value are receiving multiple over list price offers.  The properties that are priced too high are just sitting there with no showings and no offers.  Now is a good time to sell but not to be greedy.

What Does This Mean for Mammoth Lakes Home Buyers?

With such low inventory available in Mammoth Lakes, buyers need to be ready to act quickly when they find a property they are interested in.  Do you have your financials in order?  Do you need a pre-approval letter?

I can connect you with lenders who have a proven track record of success in our area.  Many buyers do not know that not all lenders can lend in certain projects in Mammoth Lakes.  I can help you increase your chances of securing the property of your dreams in this tough market so reach out to me for a free consultation to set you on the right path for achieving your goal of owning property in Mammoth Lakes.  

Conclusion

Many have asked if the real estate market is going to crash.  Specifically, how is today’s market different than the one that caused the 2008 meltdown.  Check out my blog post which directly addresses this question.  

Many have asked if the real estate market is going to crash.  Specifically, how is today’s market different than the one that caused the 2008 meltdown.  Check out my blog post which directly addresses this question.

Whether you are a seller or a buyer, there is no doubt you will benefit from teaming with an educated and experienced Realtor® to help you navigate this hot market.  I have created guides to help with both the buying and selling process.  You can access the guides on my website:

The Ultimate Home Sellers Guide

The Ultimate Home Buyers Guide 

Notes:

  1. All data are sourced from the Mammoth Lakes Board of Realtors. Data for Mammoth Lakes ONLY and not the surrounding areas.
  2. *Median price = middle value.  This is used as a good indicator when there is significant data as it minimizes the impact of unusually high or low values and provides a better perspective of the big picture.
  3. **Total Available excludes properties under contract/pending which have not yet closed.

There are several different data points to review when analyzing the current state of the Mammoth Lakes real estate market including median price, days on market and total inventory sold.

Below is a snapshot of the last several years of transactions closed and current inventory in Mammoth Lakes. Note that this report doesn’t include any of the outlying areas beyond Mammoth Lakes.

Mammoth Lakes Condos

CondosThrough 2/1/2120202019201820172016
Median* Sold Price$451,000$475,000$450,000$402,500$349,900$299,750
Median* Days on Market4667846970117
Total Condos SOLD44442387348407304

There is not yet enough data to identify 2021 trends. When comparing 2020 to 2019, the median condo price is up nearly 6%. Approximately 14% more condos sold in 2020 and those sold 25% more quickly than in 2019 (down 18 days).

The current inventory provides an indication of potential activity. Below is a snapshot of current Mammoth Lakes listings:

CURRENTLY LISTEDCONDOS
Median* Price$649,450
↑UP from $485,000 in December
Median* Days on Market9
↓DOWN from 18 in December
Total Available on Feb. 1**14
↓DOWN from 25 in December

Download the year-end 2020 condo report.

Mammoth Lakes Single Family Homes

Single-Family HomesThrough 2/1/2120202019201820172016
Median* Sold Price$1,450,000$875,000$767,625$890,000$750,000$682,500
Median* Days on Market11182113113131132
Total SFH SOLD1513394879598

There is not yet enough data to identify 2021 trends. When comparing 2020 to 2019, the median price of a single-family homes sold in 2020 is up 14%. Approximately 41% more SFH sold in 2020 and those sold 37% faster (down 31 days).

The current inventory provides an indication of potential activity. Below is a snapshot of current Mammoth Lakes listings:

CURRENTLY LISTEDSINGLE FAMILY HOMES
Median* Price$2,975,000
↓UP from $2,249,500 in December
Median* Days on Market33
↓DOWN from 63 in December
Total Available on Feb. 1**14
↓DOWN from 16 in December

Download the year-end 2020 single family homes report.

*Median is the middle value for a range of values and is a good indicator to use when there is significant data. It minimizes the impact of unusually high or low values and gives a better perspective of the big picture.

**Total Available excludes properties currently under contract.

Don’t let buying a home stress you out. This guide will get you up to speed on everything you need to know to start your Mammoth Lakes home buying journey.

Instead of reading dozens of blog posts trying to figure out what you need to know to sell a house in Mammoth Lakes, start with my curated home seller’s guide for a good foundation.

Being thoughtful and strategic and when and how you sell your Mammoth Lakes home can go a long way. In this free download I’ll help you figure out the best next steps for you.

A for-sale-by-owner sale isn’t for everyone, but it can be a great solution for the right person. To see if it’s for you, and prepare yourself for the process, check out my free guide.

There are several different data points to review when analyzing the current market including median price, days on market and total inventory sold. Below is a snapshot of the last several years of transactions closed and current inventory.

Condos

Through 11/30/20 2019 2018 2017 2016 2015 2014
Median* Sold Price $479,500 $450,000 $402,500 $349,900 $299,750 $305,000 $292,500
Median* Days on Market 70 84 69 70 117 113 89
Total Condos SOLD 392 387 348 407 304 271 269

Through November 2020, the median condo price is up nearly 7% over 2019. If we annualize year-to-date 2020 condos sold, we are on track to sell 10% more condos than in 2019. Condos are selling 20% faster than in 2019 (down 14 days).

Single Family Homes

Through 11/30/20 2019 2018 2017 2016 2015 2014
Median* Sold Price $875,000 $767,625 $890,000 $750,000 682,500 694,400 $619,000
Median* Days on Market 82 113 113 131 132 165 145
Total SF Homes Sold 117 94 87 95 98 91 85

Through November 2020, the median price of single family homes sold is up 14% over 2019. Annualizing year-to-date 2020 single family homes sold, we are on track to sell nearly 36% more in 2020 as compared to 2019. Single family homes are also selling 37% faster in 2020 than in 2019 (down 31 days).

The current inventory provides an indication of potential activity. Below is a snapshot of current listings:

Currently Listed Condos Single Family Homes
Median Price* $455,900

DOWN from $474,500 in Nov.

$2,349,000

UP from $1,749,000 in Nov.

Median Days on Market* 36

DOWN from 37 in Nov.

77
UP from 64 in Nov.
Total Available on Dec. 1** 26
DOWN from 38 in Nov.
19
DOWN from 28 in Nov.

*Median Price is the middle value for a range of values and is a good indicator to use when there is significant data. It minimizes the impact of unusually high or low values and gives a better perspective of the big picture.

**Total Available excludes properties currently under contract.

Download the report.

I love supporting local businesses in Mammoth Lakes. Living in a small town, you get to know business owners personally. Especially this year, supporting a small business makes a big personal impact and really helps a community.

Here are a few of my favorite shops and things in Mammoth Lakes. There are many more great businesses that aren’t listed in this guide. Try to shop local as much as you can, whether that’s in Mammoth Lakes or in your home community. Our amazing communities deserve it.

Read on or download the PDF gift guide.

Food and Beverage Gift Cards

Buying gift cards for future use is imperative to our local food scene’s success. Any amount helps and can ensure lots of yummy nights and days out in the future as restrictions are lifted and life returns to normal. Here are a few of my favorites.

Personal Services

These are a few great health and wellness service providers in Mammoth Lakes.

Gifts and Shopping

For a more traditional holiday shopping experience, here are a few of my favorite retailers in Mammoth Lakes.

Furry Family Member Gifts

Don’t forget your four-legged friends!

Merry Christmas! Contact me for more local referrals and contacts.

Download the Guide

Guest Post by Brian Jaegers, ChFC, Insurance Scouts

Buying a home in Mammoth Lakes is an exciting move. But as soon as you dive into the process, all the contracts and logistics can feel overwhelming. I’ve had phone calls with many new home buyers in Mammoth Lakes who are stressed out once the purchase is in motion because they can’t find good insurance. Living in a rural, wildfire-prone area, homeowners insurance isn’t always as straightforward as it is in other places.

Most homeowners in Mammoth need one of two types of home insurance: homeowners insurance (HO3) or condominium unit owners insurance (HO6).

If you’re buying a condo…

Condominium unit owners insurance serves as your homeowners insurance if you’re buying a condo. The buildings and common areas are usually covered for replacement cost to original construction quality by the master policy held by your condo homeowners association. Condo insurance is basically a mini homeowners insurance policy with less coverage for smaller property incidents that occur within your condo’s walls. Most mortgage companies in Mammoth require condo owners to have an HO6 policy for the length of the loan.

A condo insurance policy covers your belongings as well as property damage and liability as the unit owner. It may cover damage to your possessions from fire or theft, and it can cover your building property too (walls, flooring, cabinets, appliances, etc.) We describe these policies as “walls-in.” If you’re found liable for a visitor’s injury, an HO6 policy could cover associated medical expenses, legal fees, and settlement of a claim. The coverage limits can be customized for your individual needs.

If you’re buying a single-family home…

Homeowners insurance for single-family homes can be a bit harder to come by in Mammoth Lakes. If you’re buying in a more rural part of the county like Crowley Lake, June Lake, Bridgeport, or Tom’s Place it can be even harder. In addition to the willingness of insurance carriers to take on the fuel features of the surrounding area (determined through fuel mapping), proximity to fire hydrants/fire stations can play a role. If your home is within 1,000 feet of a fire hydrant and 5 miles of a responsible fire station, this helps meet minimum eligibility requirements.

Homes with wood roofs can be harder to insure, as can homes on roads not maintained by the county. Insurance carriers want to see that major systems have been updated or replaced in the last 20 years as well (think plumbing, electrical, heating, roofs, etc.) Homes that show pride of ownership can be easier to insure. But none of these things are hard deal breakers — often an underwriter will approve a home with one of these issues if there’s a plan to fix it quickly once ownership transfers.

A homeowners insurance policy insures the home building itself as well as your belongings inside. Like the condo unit owners policy, it also covers your liability and legal responsibility for any visitors, including any damage caused by your pets to people visiting your home.

With a homeowners policy, damage caused by floods and earthquakes isn’t included and must be purchased separately. In the Eastern Sierra, flood zones aren’t as prevalent as in some areas of California. Flood zones require the purchase of flood insurance. However we’ve all felt an earthquake here, and every time I’ve felt the roll, I know purchasing earthquake insurance is money well spent. We can recommend a separate policy for coverage of one or both of these.

If you plan to use your property as a vacation rental…

If you’re investing in a rental property for vacationers to Mammoth Lakes, your insurance needs change somewhat. We have several carriers that will endorse a home or condo for secondary use by the owner as well as short term rental. This type of occupancy can increase the cost of the policy, but it’s essential to have proper coverage. The last thing you want is an insurance company denying coverage if you have a large claim.

Short term rental insurance was more problematic with insurance carriers a few years ago, but the popularity of Airbnb and VRBO have made this type of coverage more common. I recommend discussing this type of coverage with a local insurance agent.

Learn more about Insurance Scouts on our website, and contact us with any questions.


[From Sonja] I keep a list of insurance referrals for home buyers in Mammoth Lakes. Contact me to talk more about local insurance providers I’ve worked with.

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