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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

If Your Property Needs Major Updating or Repairs, Now Might Be the Perfect Time to Sell It...

More info in my blog, link in bio...

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This weekend is the Flash Fox Trailfest. Mammoth is always coming up with new events and experiences like this. It's so wonderful to live here and be a part of all the fun things going on locally.

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Summer flights are here!

Fly with Advanced Airlines from Hawthorne (HHR) or Carlsbad (CLD) directly into Mammoth Lakes this summer between June 16 and September 12, 2022. United Airlines is offering flights into the Eastern Sierra Regional Airport in Bishop (BIH) this summer. Fy June 24 through September 5, via San Francisco daily except Saturdays.

See you in the mountains!

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The lakes basin is one of my favorite places to hike. There are so many hidden gems and places to see back there and always a new adventure to find for yourself and your hiking partner (John of course!)

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Not ONE but TWO OPEN HOUSES
Thursday, June 23
9 AM - 11 AM

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That is one way to get out of paying taxes! Crazy!

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The brain of a Realtor® never stops, trust me!

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In a seller's market, making a cash offer will help you compete against other buyers with a mortgage contingency in a bidding war, but it's not a license to make a low offer. If other buyers make a higher offer and are pre-approved for a mortgage, a seller could easily chose to take the calculated risk for more money.

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They say things happen for a reason and that is absolutely true with this sale. My buyer clients were disappointed when they missed out in a multiple offer situation earlier this year. I believe it happened for a reason -- this condo is PERFECT for them! Thanks to Mickey Brown and Sierra Escrow or a smooth transaction!

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My dad died in a car accident when I was 18 years old. He was a man of few words but during those 18 years (especially my high school years🤣) he provided plenty of advice. There was an entire "experiment" he watched me perform. I will spare you the details but the lesson was "we are all replaceable." Sounds harsh but it is true and has kept me on my toes and always doing my best -- nothing is guaranteed.

Anxious to hear the best advice you have received from your dad (or dad figure in your life).

Yes....that's me and my dad❣
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Just listed! 50 Hillside #201 at the Westin. Check it out!

Link in Bio...

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Today starts the Mammoth Yoga Festival! June 16th-19th enjoy the stunning beauty of CA's High Sierra with health & wellness, yoga and meditation.

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Homeowners Should Have Some “Fear of Missing Out” on this market. Check out my blog post all about it...

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If your parents (or another close relative) are giving you money to use toward a down payment on a house, make sure to get a "gift letter" signed by them stating that it's a gift, and not a loan to be repaid. It's also a good idea to have the money in your account months ahead of applying for your mortgage so that the money is "seasoned" in your account.

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Is this a perfect day to go out on the lake or what? Which lake? Have your pick!

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Look who is celebrating a birthday today.....
It is NOAH the Destination Real Estate Client Services coordinator taking care of business behind the scenes! Hope you get out and climb some peaks to celebrate!

Happy Birthday @noahdach

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