real estate marketThere are several different data points to review when analyzing the current status of the local real estate market 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 January through October  2014.

Condos 2014 (as of 10/30) 2013 2012 2011
Median* Price $300,000 $265,000 $244,000 $242,000
Median* Days on Market  

86

105 123 98
Total Condos SOLD 195 345 299 309
Single Family Homes 2014 (as of 10/30) 2013 2012 2011
Median* Price $617,000 $575,000 $575,000 $560,000
Median* Days on Market  

147

103 181 120
Total SF Homes SOLD 76 91 91 75

 

In the condo market, the sold price for condos through October 2013 is up approximately  12% as compared  to 2013.  The days on market has dropped significantly for condos but the total number of condos sold is down nearly 45% over the same period in 2013.

The sold price of single family homes has remained relatively flat during the first 10 months of 2014 while the median days on market is down nearly 17%.  The total number of single family homes sold is trending downward and is 65% less than the same period in 2013.

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 $367,250

Down from $369,500 in Sept

$924,000

Up from  $704k in August

Median* Days on Market 79

Down from 99 in Sept

124

Up from 81 in June

Total Available as of Sept 30 144

Up from 130 in Sept

71

Down from 82 in June

 

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

*Median Price = Is the middle value for a range of values. This 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.

For previous articles, visit www.sonjabush.com

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