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It has been a seller’s market for the last 18+ months in Mammoth Lakes.  At the end of May 2022, there appears to be a shift to a more 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 is by no means a market correction, it can be characterized as a market stabilization.

This article highlights 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 moving toward 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/ townhomes.  This data is through May 31, 2022.

Condos

  • The YTD median sales price for condos sold through May 2022 is $801,250 which is up 30% over 2021.
  • 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.
  • 165 condos have closed escrow so far in 2022 (33 per month) as compared to 2021 where the average was 38 per month.
  • There are 59 active condos listed for sale as of May 1 as compared to 33 on May 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 51 pending sales on May 1 as compared to 52 last month.

Single-Family Homes

  • The YTD median sales price for single-family homes through May 2022 is $1,330,000 which is up approximately 15% over 2021 and down from $1,415,000 in the previous month.
  • The median days on market is 64 days which is down from 70 days in 2021. 
  • 40 single-family homes closed escrow through May 2022 (8 per month) which is down from 11 average monthly in 2021.
  • There are 21 active single-family homes listed for sale on June 1 which is up from 19 last month and 10 in January.
  • There are 9 pending sales on June 1 which is down from 10 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. 

What Does This Mean for Mammoth Lakes Area Home Buyers?

Inventory is increasing which means more options.  That being said, 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.  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.  

Conclusion

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:

Ultimate Mammoth Lakes Sellers Guide

Ultimate Mammoth Lakes Buyers Guide

Notes:

  1. All data are sourced from the Mammoth Lakes Board of Realtors. Data for Mammoth Lakes ONLY and not the surrounding areas.
  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

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!

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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!

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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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