real estate marketThere are several different data points to review when evaluating the current real estate market including median price, days on market and total inventory sold.   Below is a snapshot of the last two years closed transaction in Mammoth Lakes and 2013 so far.

Condos  

2013 (as of 8/27)

2012

2011

Median   Price

$256,500

$244,000

$242,000

Median   Days on Market

106

123

98

Total Condos SOLD

216

299

309

Single   Family Homes

2013 (as of 8/27)

2012

2011

Median   Price

$634,500

$575,000

$560,000

Median   Days on Market

104

181

120

Total SF Homes SOLD

54

91

75

 

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

$349,000

$699,500

Median   Days on Market

78

88

Total   Available Today 8/27

143

up from 106 in May

70

up from 46 in May

 

In summary, both condos and single family homes are selling more quickly than 2012 and at a higher price than in the previous two years.   Inventory  levels  are finally increasing after very low levels during the first half of 2013.   Based on actual closed sales so far this year,  the trend indicates there will be more condos sold this year than last.   The increased inventory appears to support this trend.

What does this mean to you?  Prices are trending up.  People interested in buying should increase their search and identify a property before prices go higher.    Sellers can expect to get more than they would have last year at this time.    Of course, there is no crystal ball.  Mammoth Lakes has historically followed Orange County and San Diego by 6-8 months.  These areas are still in a upward cycle.   Will the upward trend continue?  Time will tell.  My advice, if you find something you love, then now is the time to make that offer.

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