As we enter the second half of 2022, there is a definite shift from a sellers market to a balanced market. The data shows sold prices are still up in 2022 as compared to 2021. However, as we compare the current market to previous months in 2022, the “days on market” is increasing (i.e. properties are taking longer to sell), inventory is increasing (i.e. more competition/choices) and the median list price is decreasing. This shift started in late April and became more evident as we moved through June. This does not appear to be a market correction, but rather a market stabilization. In other words, things appear to be returning to “normal.” As a matter of fact, based on the 2022 YTD volume, both condos and single family homes are on track to be the same as 2019.
It is helpful to look at the current market in two different segments: single-family homes and condos/ townhomes. This data is through June 30, 2022.
- The YTD median sales price for condos sold through June 2022 is $800,000 which is up 30% over 2021and down from $801,250 last month.
- The median days on market YTD is 47 days which is down 5 days from 2021. This time period begins on the day the property is listed and ends when it closes escrow.
- 189 condos have closed escrow so far in 2022 (31.5 per month) as compared to 2021 where the average was 38 per month. Assuming the trend continues, the result will be 20% fewer condo sales for 2022. This would be consistent with 2019 sales.
- There are 74 active condos listed for sale as of June 1 as compared to 59 on June 1. Inventory is up month over month in 2022. Frequent readers of this report may recall when there were only 3 condos listed in January 2022.
- There are 40 pending sales on July 1 as compared to 51 last month.
- The YTD median sales price for single-family homes through June 2022 is $1,310,000 which is up approximately 15% over 2021 and down from $1,330,000 in the previous month.
- The median days on market is 64 days which is down from 70 days in 2021.
- 48 single-family homes closed escrow through June 2022 (8 per month) which is down from 11 average monthly in 2021. Assuming the trend continues, the result will be 37% fewer home sales for 2022. This would be consistent with 2019 sales.
- There are 31 active single-family homes listed for sale on July 1 which is up from 21 last month and 10 in January.
- There are 10 pending sales on July 1 which is up from 9 last month.
What Does This Mean for Mammoth Lakes Area Homeowners and Sellers?
It is important to have realistic expectations when selling your property. Mammoth Lakes is a different market than other areas in California which are mostly focused on full-time owner occupied properties. This is mostly a second home market and as we transition to a more balanced market, sellers should not expect multiple over asking price offers. While properties are still selling, most are taking longer than they did in the last 24 months. If you are even remotely thinking about selling, contact our team to schedule a no obligation Property Playbook & Strategy session. With the right strategy and patience, we will get your property sold.
Inventory is increasing which means more options. It does not mean there are “deals” to be had – note the average sold price is still up over 2021. Even with more inventory, buyers still need to be prepared prior to making any offers in this market. Do you have your financials in order? Do you need a pre-approval letter? We can connect you with lenders who have a proven track record of success in our area. Lending rules have changed on many condo projects in Mammoth. Many buyers do not know that not all lenders can lend in certain projects in Mammoth Lakes. We 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.
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:
- All data are sourced from the Mammoth Lakes Board of Realtors. Data for Mammoth Lakes ONLY and not the surrounding areas.
- *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.
- **Total Available excludes properties under contract/pending which have not yet closed.