real estate 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 two months of 2014.

Condos  

2014 (as of 3/2)

2013

2012

2011

Median   Price

$295,000

$265,000

$244,000

$242,000

Median   Days on Market

76

105

123

98

Total Condos SOLD

37

345

299

309

Single   Family Homes

2014 (as of 3/2)

2013

2012

2011

Median   Price

$785,000

$575,000

$575,000

$560,000

Median   Days on Market

147

103

181

120

Total SF Homes SOLD

13

91

91

75

 

In summary for the condo market in 2013, there was a significant increase in the number sold and condos sold more quickly and at a higher price than the previous two years.   So far in 2014, the price of condos is higher than the median for the previous three year period.    The median days on market is down significantly – when a new property is listed it is selling quickly.

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.  There is a slight increase so far in days on market 2014 but it is too soon to be a trend.  The median price is up – again, too early in the year and too few sales to call it a trend).

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

$689,000

Median   Days on Market

92

Down from 116 in Feb.

101

Down from 111 in Feb.

Total   Available as of March 2

116

Up from 100 in Feb.

57

Up from 52 in Feb.

 

Inventory remains low but is slowing increasing in both categories.  This increase is expected to continue as historically inventory increases in the spring.   Again, the median days on market is dropping significantly.  The message to buyers is to be ready to make an offer as the properties are not on the market long.

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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