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As we enter the second quarter of 2021, the Mammoth Lakes real estate market continues to be hot.  What does that mean?  Simply put, it means there are more buyers than sellers.  I am answering new buyer calls daily but there are not a lot of options for them.  If/when they do find a property they like, there are multiple offers and often over the list price.  Some people think a seller’s market is easy for a Realtor® and quite frankly it is actually very challenging. It is my job to help formulate an offer that may be more appealing to the seller.   The good news is, historically we see an increase in inventory around this time of the year and although the last year has been anything but typical, it does appear inventory levels are slowing rising.

In this post, I will highlight the numbers you need to know about the Mammoth Lakes real estate market, what it means if you are thinking about buying or selling, and where to get help to move towards achieving your real estate goals this year.  

What’s Happening in the Mammoth Lakes Real Estate Market?

It is helpful to look at the current market in two different segments: single family homes and condos. This data reflects the quarter from January 1 through March 31.

Condos

  • The median sales price in the first quarter of 2021 is $525,000 which is up about 1% over last month and up 10.5% over last year ($475,000 in 2020).
  • The median days on market is 48 days which is down 19 days as compared to 2020.  This time period begins on the day the property is listed and ends when it closes escrow.
  • 116 condos have closed escrow (average of 38 per month) as compared to an average of 37 per month for all of 2020.   
  • There are 31 active condos listed for sale as compared to 19 for the previous month (63% increase).
  • There are 76 pending sales as compared to 81 last month (6% decrease).  These are properties under contract that have not yet closed escrow.  
Currently ListedCondos
Median* Price$719,000
↑UP from $699,000 in February
Median* Days on Market15
↑UP from 8 in February
Total Available on April 1**31
↑UP from 19 in February

Single Family Homes

  • The median year to date sales price is $1,600,000 which is up nearly 7% over last month and up 82.8% over last year ($875,000 in 2020).
  • The median days on market is 96 days which is up 14 days.  This time period begins on the day the property is listed and ends when it closes escrow.
  • 29 single family homes have closed escrow (average of 9.6 per month) as compared to an average of 11 per month in 2020.
  • There are 17 active single family homes listed for sale as compared to 15 for the previous month (12% increase).
  • There are 16 pending sales as compared to 13 last month (23% increase). These are properties under contract that have not yet closed escrow.  
Currently ListedCondos
Median* Price$1,165,000
↓DOWN from $2,600,000 in February
Median* Days on Market21
↓DOWN from 48 in February
Total Available on April 1**17
↑UP from 15 in February

What Does This Mean for Mammoth Lakes Homeowners and Sellers?

As the numbers indicate, this is a great time to sell.  No one can predict how long this seller’s market will last.  Historically, we see an increase in inventory after spring break.  More inventory means more competition.  More competition means fewer buyers for your property.   Nothing is typical about this year and only time will tell whether the inventory actually does increase.  I can say for certain that I have received more calls from potential sellers in the last week than I did all of March. If you are even remotely thinking about selling, contact me for a free consultation and evaluation of your property.  This will include a recommendation for pricing as well as suggestions for preparing your property for sale.  I am reminding sellers that just because this is a seller’s market, there are still some small things that can be done to prepare your home for listing which could result in a higher sales price.  This could be as simple as rearranging furniture, changing light bulbs, decluttering or minor repairs.  I can also recommend great local resources for any work that may need to be completed prior to listing. 

What Does This Mean for Mammoth Lakes Home Buyers?

With such low inventory available in Mammoth Lakes, buyers need to be ready to act quickly when they find a property they are interested in.  Do you have your financials in order?  Do you need a pre-approval letter?  I can connect you with lenders who have a proven track record of success in our area.  Many buyers do not know that not all lenders can lend in certain projects in Mammoth Lakes.  What are your must-have features?  I can help you increase your chances of securing the property of your dreams in this tough market so reach out to me for a free consultation to set you on the right path for achieving your goal of owning property in Mammoth Lakes.  

Conclusion

Many have asked if the real estate market is going to crash.  Specifically, how is today’s market different than the one that caused the 2008 meltdown.  Check out my blog post which directly addresses this question.  

Whether you are a seller or a buyer, there is no doubt you will benefit from teaming with an educated and experienced Realtor® to help you navigate this hot market.  I have created guides to help with both the buying and selling process.  You can access the guides on my website:

The Ultimate Home Sellers Guide

The UltimateHome Buyers Guide 

Notes:

  1. All data are sourced from the Mammoth Lakes Board of Realtors.
  2. *Median price = middle value.  This is used as a good indicator when there is significant data as it minimizes the impact of unusually high or low values and provides a better perspective of the big picture.
  3. **Total Available excludes properties under contract/pending which have not yet closed.

Follow Along on Instagram

Time isn’t always on your side, especially if you’re trying to time the real estate market.

Some homeowners postponed selling while they waited for prices to hit their peak. Here’s why you shouldn’t wait any longer:

💲The market is unpredictable — even experts can’t guarantee what it will do next!
☑️ You could pay more to buy your next home the longer you delay.
🤝 It’s still a great time to sell, but rising mortgage rates are beginning to slow down demand.

You can’t control the real estate market — but you can control when you put your home up for sale 🏡

Contact us to start a conversation about the right time to make your move.

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BIG bright windows are the main attraction in this spacious 2 bed/2 bath condo in St. Anton. This complex is next door to Canyon Lodge – one of the shortest walks of any Mammoth location! Come see this condo today and get ready for the best winter season of your life!

Link: https://www.destinationmammoth.com/featured-listings/mlbor/mls-220688-895_canyon_blvd__2334_mammoth_lakes_ca_93546/

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If you're renting but plan on buying a house in the near, don't renew your lease without going month-to-month or making sure you can cancel it by giving your landlord a month or two notice.

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Thursday, September 29
9 AM - 11 AM

Stop by and tour 3 amazing Mammoth Lakes Properties tomorrow!!!

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Beautiful sunset tonight.

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Sonja was very knowledgeable and competent in selling our house in Mammoth. She is very personable and answered all of our numerous questions with courtesy, humor, and patience. Despite a greatly slowed real estate market, she sold our house in a reasonable time frame. - Stuart F.

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#nofilter Sunday evening neighborhood stroll. ❤️reflections, water, blue skies and fluffy clouds ☁️ #lovewherewelive ...

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If you have a light fixture you want to keep and take with you to your next home, take it down and replace it before you put your house on the market. You can also leave it up and "exclude" it from the sale within your listing, but it can cause issues if a buyer sees it and wants it. Avoid problems by removing it ahead of time.

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Beautiful day at the village. I love the clouds and like to look for shapes or object -- what do you see?

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Amazing two-bedroom condo next door to Canyon Lodge! Ski all season long in this cozy mountain home!

Properties Link Below:
https://www.destinationmammoth.com/properties/

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Hope everyone is having an amazing time at the Mammoth Trail Fest! If you haven't already make sure to check out this awesome event the rest of the weekend!

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Beautifully updated two-bedroom slope side condo just listed for sale. Check it out!

Link in Bio...

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What does “Months of Supply” tell us about the market?

To break it down simply:

📊Balanced Market = 6 to 7 months of supply
There are a relatively even number of buyers and sellers.

📈Seller’s Market = Fewer than 6 months of supply
There are more buyers than homes for sale, thus sellers hold the upper hand.

📉 Buyer’s Market = More than 7 months of supply
There are more homes for sale than willing and able buyers, thus buyers have more negotiating power.

Have a question about current market trends? Reach out at any time! We’re here to help you decode the lingo and make the most of today’s market 👨‍💻

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SNEAK PEAK! This two-bedroom condo next door to Canyon Lodge will be listed for sale in the next 24 hours!

Check out an early video tour now on our YouTube!

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I love working with awesome realtors like Heidi Vetter! How thoughtful is this?!” @vetter_heidi ...

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If your agent isn't available, don't call a random agent to show you a house you're interested in seeing if you plan on having your agent write an offer if you like the house. Agents don't get paid for simply showing houses, so it's inconsiderate to ask an agent to show you a house they have no chance of selling to you.

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The Mountain & Adventure Film Festival is entering its 9th year, this 3 day, free festival celebrates the best adventure films and athletes of the year. Films are shared nightly, outdoors, in the Mammoth Mountaineering Supply parking lot. Runs Thursday September 22nd - the 24th!

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What is your favorite season in Mammoth Lakes? #destinationmammoth #visitmammoth ...

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