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 quarter of 2014.

Condos

2014 (as of 4/8)

2013

2012

2011

Median Price

$292,500

$265,000

$244,000

$242,000

Median Days on Market

88

105

123

98

Total Condos SOLD

58

345

299

309

Single Family Homes

2014 (as of 4/8)

2013

2012

2011

Median Price

$710,000

$575,000

$575,000

$560,000

Median Days on Market

147

103

181

120

Total SF Homes SOLD

21

91

91

75

In summary for the condo market in 2013, there was a significant increase in the number sold and they sold more quickly and at a higher price than the previous two years.   So far in 2014, the price of condos is steadily increasing and 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.  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.

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.  The median price is also on the rise.

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

$379,000

Up from $339k in March

$754,000

Down from $689k in March

Median Days on Market

69

Down from 92 in March

80

Down from 101 in March

Total Available as of April 8

121

Up from 116 in Feb.

68

Up from 57 in March

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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