Mammoth Lakes Real Estate Market Update – August 2020
There are several different data points to review when analyzing the current market including median price, days on market and total inventory sold. Below is a snapshot of the last several years of transactions closed and current inventory.
Condos
| Through 7/31/20 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | |
| Median* Sold Price | $464,000 | $450,000 | $402,500 | $349,900 | $299,750 | $305,000 | $292,500 |
| Median* Days on Market | 73 | 84 | 69 | 70 | 117 | 113 | 89 |
| Total Condos SOLD | 139 | 387 | 348 | 407 | 304 | 271 | 269 |
After the slow-down in March through May, the data is starting to reflect the increase in activity over the last 45-60 days. Through July 2020, the median condo price is slightly up over 2019 (3%). If we annualize YTD 2020 condos sold, we are on track to sell 60% fewer condos in 2019, but I do not think this trend is accurate as 25% of all condos sold in 2020 were closed in July. Condos are selling 14% faster than in 2019 (down 11 days).
Single Family Homes
| Through 7/31/20 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | |
| Median* Sold Price | $750,000 | $767,625 | $890,000 | $750,000 | 682,500 | 694,400 | $619,000 |
| Median* Days on Market | 95 | 113 | 113 | 131 | 132 | 165 | 145 |
| Total SF Homes Sold | 51 | 94 | 87 | 95 | 98 | 91 | 85 |
Through July 2020, the median price of single family homes sold is relatively flat (about 2% variance) as compared to 2019. If we annualize YTD 2020 single family homes sold, we are on track to sell approximately 8% less compared to 2019, but I think this trend will shift since 24% of the YTD homes sold closed in July. Single family homes are also selling 18% more quickly in 2020 than 2019 (down 18 days).
The current inventory provides an indication of potential activity. Below is a snapshot of current listings:
| Currently Listed | Condos | Single-Family Homes |
| Median Price* | $421,950
DOWN from $443,500 in July |
$1,162,500
UP from $1,157,000 in July |
| Median Days on Market* | 53
DOWN from 57 in July |
65
UP from 53 in July |
| Total Available March 1** | 94
DOWN from 116 in July |
40
DOWN from 42 in July |
*Median Price is the middle value for a range of values and 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.
**Total Available excludes properties currently under contract.
