There 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 January through September 2014.
|Condos||2014 (as of 9/30)||2013||2012||2011|
|Median* Days on Market||82||105||123||98|
|Total Condos SOLD||172||345||299||309|
|Single Family Homes||2014 (as of 9/30)||2013||2012||2011|
|Median* Days on Market||148||103||181||120|
|Total SF Homes SOLD||62||91||91||75|
The first half of 2014 showed a steady increase in the median price of condos however that same measurement has remained relatively flat since July. As of September 30, 2014 the median condo price is trending 12+% over 2013. The median days on market dropped yet again the condo category in September. 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.
The price of single family homes and the days on market have both stayed relatively flat in 2014.
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||$369,500Up from $349k in August||$799,000Up from $704k in August|
|Median* Days on Market||99Up from 72 in August||112Up from 81 in June|
|Total Available as of 9/30||130Down from 132 in August||73Down 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.