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At the end of April 2022, there appears to be a shift in the market.  The data shows sold prices are still up in 2022, days on market are down and inventory is still low.   That being said, my personal observations show a slightly different reality as we move into May.  Listings are getting few showings and offers are coming slower.  In the first quarter of 2022 most new listings would get multiple offers within the first couple days of being listed.  Starting mid-April this has changed.  What is the reason for this shift?  Having discussed this with other local Realtors®, there are a few theories.  Partially this can be attributed to the normal slow down during shoulder season (the slow time in Mammoth Lakes from May – June).  Could the rising interest rates and concerns about the economy also play a role?  Whatever the reason, it will be interesting to see how the second quarter unfolds.

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 April 30, 2022.

Condos

  • The YTD median sales price for condos sold through April 2022 is $800,000 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.
  • 127 condos have closed escrow so far in 2022 (32 per month) as compared to 2021 where the average was 38 per month.
  • There are 33 active condos listed for sale as of May 1 as compared to 35 on April 1.  
  • 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 April 2022 is $1,415,000 which is up approximately 23% over 2021.
  • The median days on market is 68 days which is down from 70 days in 2021.  This time period begins on the day the property is listed and ends when it closes escrow.
  • 33 single-family homes closed escrow through April 2022 (8 per month) which is down from 11 average monthly in 2021.
  • There are 19 active single-family homes listed for sale on May 1 which is up from 16 last month.
  • There are 10 pending sales on May 1 which is down from 11 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 Southern California.  While there is still demand for properties and low inventory, pricing your property right is critical.  Most buyers know that properties in Mammoth are selling over list price.  By pricing your property too high, it will just sit on the market.    Low inventory generally makes for a seller’s market but this could change with increasing interest rates, changing lending policies on second/vacation homes and geopolitical events.   If you are even remotely thinking about selling, contact our team to schedule a no obligation Property Playbook & Strategy session.  

What Does This Mean for Mammoth Lakes Area Home Buyers?

Buyers in this market need 3 skills:  patience, perseverance, and the ability to act quickly.  Patience is needed since there are not many properties available and when they are listed, sellers do not always seem to have a sense of urgency to respond.  Making offers on multiple properties and losing to a higher offer also requires perseverance.   If you have lost on previous offers, stick with it.  Other buyers are frustrated and have moved to the sidelines which means less competition for you.  With such low inventory available in Mammoth Lakes, buyers need to be ready to act quickly when they find a property they are interested in – this often means being willing/able to make an offer without seeing the property in person first.  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.

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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!

Properties Link Below:
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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!

Check out an early video tour now on our YouTube!

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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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What is your favorite season in Mammoth Lakes? #destinationmammoth #visitmammoth ...

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The Destination Real Estate team will definitely volunteer for the cause.

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In a study published in July 2015, a team of psychologists concluded that "having 10 more trees in a city block, on average, improves health perception in ways comparable to an increase in annual personal income of $10,000 and being 7 years younger."

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Today is the inaugural Mammoth Tuff, a gravel ride event offering two distances to riders with unforgettable views of surrounding areas and culminating with a party in The Village!

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This single family home in Sunny Slopes received multiple offers within days of being listed. This 4 bedroom+loft home sits on 1/4 acre lot and feels so private while offering great views of Mt. Wheeler and Sierra Crest off of the front deck. I co-listed this with the amazing Heidi Vetter with June Lake properties and it was fun working as a team! Thank you to our sellers for allowing us to help you make this happen and special thanks to the listing agent, Zuleyka Farnes with Mammoth Sierra Properties, escrow company, Inyo Mono and Shelly Logeman & Toni McGraw with CrossCountry mortgage for bringing this one together! @side_realestate

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You’ve probably been hearing in the news lately that the real estate market is “shifting.” Well, according to this realtor.com article, many economists feel that we’ve moved from shifting into a “balanced” market. In other words, it’s not really a sellers’ market or a buyers’ market.

More information in my blog!
Link in Bio...

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