housing marketThere are several different data points to review when answering this question including median price, days on market and total inventory sold.   Below is a snapshot of the last three years closed transactions in Mammoth Lakes and the first five months of 2014.

Condos 2014 (as of 6/1) 2013 2012 2011
Median Price $303,000 $265,000 $244,000 $242,000
Median Days on Market  

79

105 123 98
Total Condos SOLD 96 345 299 309
Single Family Homes 2014 (as of 6/1) 2013 2012 2011
Median Price $625,000 $575,000 $575,000 $560,000
Median Days on Market  

145

103 181 120
Total SF Homes SOLD 33 91 91 75

 

In summary for the condo market in 2013, there was a significant increase in the number sold and they sold more quickly and at a higher price than the previous two years.   So far in 2014, the price of condos is steadily increasing and is higher than the median for the previous three year period.    The median days on market dropped yet again the condo category in May.  Keep in mind the median days on the market is calculated from the date of the listing to the close of escrow — with an average escrow being 30 days, properties are under contract in a little over two weeks.

In summary for the single-family home market in 2013, while the number sold and the median price remained relatively flat, the days on market reduced.  In May the days on market stayed flat as compared with April while the median price dropped.

While this information is useful in observing trends, the current inventory must also be considered.  Below is a snapshot of the available properties available today:

CURRENTLY LISTED Condos Single Family Homes
Median Price $339,000

No change from April

$785,000

Up from $759k in April

Median Days on Market 82

Up from 71 in April

100

Up from 93 in April

Total Available as of May 1 126

Down from 134 in April

67

Up from 65 in April

 

If you are interested in buying or selling, a qualified Realtorâ can provide the relevant data for your specific neighborhood or area of interest.

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