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.
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.
- 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.
- 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.
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.
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.