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As we enter the 4th quarter of 2022, Mammoth Lakes inventory continues to decline while days on the market is increasing. Pricing is down slightly from historic highs in 2021 but still higher than pre-COVID levels. Over the longer-term, I believe the supply of homes for sale will remain below historic averages, and I say this for one simple reason: mortgage rates. In 2020 a record number of households refinanced their homes to take advantage of the mortgage rates that had plummeted, and in 2021 over 6 million home buyers locked in mortgages with rates averaging below 3 percent. This includes many Mammoth Lakes second homeowners. I do not expect the number of homes for sale will get back to normalized levels in the mid-term as many potential sellers will decide not to sell as, if they did, they would lose the “never seen before, and likely never to be seen again” mortgage rate that they currently have. As expected, this uptick in rates has once again sidelined many potential buyers. Of course, there will be sellers who want to cash-out, do a 1031 exchange or need to sell because of death or divorce. I believe listing activity may be tight for a long time and if the supply remains below the level of demand, the prices will hold. As for sale prices, I still believe — as do almost all economists — that the median home price next year will hold consistent with 2022, but there will be a significant drop in the volume of sales.

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 September 2022.

Condos

  • The YTD median sales price for condos sold through September 2022 is $775,000 which is up 26% over 2021 and down $20,000 from August.
  • The median days on market YTD is 50 days which is down 2 days from 2021. Days on market for condos sold in September was 67. This time-period begins on the day the property is listed and ends when it closes escrow.
  • 269 condos have closed escrow so far in 2022 (29 per month) as compared to 2021 when the average was 38 per month. Assuming the trend continues, the result will be 31% fewer condo sales for 2022 (equal to pre-COVID levels).
  • There are 48 active condos listed for sale as of October 1 compared to 61 last month. There were only 3 condos listed in January 2022 and inventory steadily increased month over month until it started to decline in August.  While inventory is up from earlier this year, it is down from pre-COVID levels (March 2019 there were 94 condos listed for sale).
  • There are 45 pending sales on October 1 as compared to 44 last month.

Single-Family Homes

  • The YTD median sales price for single-family homes through September 2022 is $1,225,000 which is up approximately 15% over 2021 and down $5,000 from last month.
  • The median days on market is 64 days which is the same as last month and down from 70 days in 2021.  Days on market for single family homes sold in September was 97.
  • 69 single-family homes closed escrow through September 2022 (7.6 per month) which is down from 11 average monthly in 2021. Assuming the trend continues, 45% fewer homes will sell in 2022 (equal to pre-COVID levels). 
  • There are 16 active single-family homes listed for sale on October 1 which is down from 26 last month and up from 10 in January. March 2019 (pre-COVID) inventory was 38.
  • There are 9 pending sales on September 1 which is down from 12 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?

Although inventory is on the decline and so are the numbers of buyers, this means less competition. It does not mean there are “deals” to be had (note the average sold price is still up over 2021) but pricing is stabilizing and most often selling at or below list price.  If you are not a cash buyer, contact a lender in advanced to get pre-approved and make sure you understand the different options available as the interest rates continue to increase. We can connect you with lenders who have a proven track record of success in our area and creative options (ie possible seller buy-down of your rate for the first 2-3 years).  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.  

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. We 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

There are a few different scenarios for homeowners that are struggling to make their mortgage payments or are “underwater” on their homes (and owe more than what it’s worth)—including short sales and foreclosures. While we don’t see many of either in Mammoth Lakes, this may be helpful for those outside the area.

Read More in my blog... Link in Bio...

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Make finding your flashlights easier in a power outage by wrapping glow in the dark tape around the handle. I love simple hacks!

Saved me on more than one occasion!

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Steps to The Village at Mammoth and Canyon Lodge gondola, this totally updated Westin Monache one-bedroom condo is ready for you to enjoy or start renting out today!
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And you know what the A in Zillow stands for, right?!

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Here are a few reasons buyers should finally be feeling more optimistic. 🌟

Wondering if it’s the right time for you to buy a home? We’d be happy to talk through the specifics of your situation. Send us a DM today! 📲

#sonjasellsmammoth #destinationmammoth #mammothrealtor #mammothcabin #mammothcondo #mammothrealestate #bestagentinmammoth
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The Mammoth Lakes Ice Rink is officially open! Come join in even more winter fun! Located near the Mammoth Lakes Library.

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Happy Thanksgiving From Beautiful Mammoth Lakes CA!

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Have you watched homes on your street sell for sky-high prices in the past few years?

It’s tempting to aim high when it comes time to sell your home—but proceed with caution.

The market is adapting to rising mortgage rates, and homes simply aren’t selling as fast. Unfortunately, the longer a home is listed, the more buyers’ concerns begin to grow.

Of course, you also don’t want to sell your home for less than it’s worth.

That’s why it’s important to work with a local market expert. We know the ins and outs of the local real estate market and what buyers are willing to pay today.

The good news? If you’ve been in your home for several years, you are likely to have a sizable amount of equity. That means you stand to make a tidy profit. 🤑

Get in touch for a free home value assessment to find out what your home could sell for in today’s market!

📲 760.914.4664
📧 [email protected]

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Mammoth Lakes - Best Ski Town!
Exciting news. Mammoth Lakes has been nominated for Best Ski Town in America in the USA Today 2022 10Best Readers’ Choice travel awards. But also, Clocktower Cellar has been nominated for Best Ski Bar!

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November Market Update!

Link in Bio...

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While I am often accused of being an eternal optimist, there are some valid reasons for having a positive outlook on the current real estate market.

When you’re hearing news about home prices remaining high, and mortgage rates skyrocketing, you might wonder how a real estate agent can possibly claim it’s a great time to buy. Or, on the other hand, you read that sales prices are coming down and it’s taking longer to sell because rates have gone up, it may make you question how agents can claim that it’s a great time to sell.

You might feel like agents always seem to be constantly putting a positive spin on the current real estate market, and think they’re doing it out of self-interest. After all, they only make money if and when someone buys or sells a house, so of course they’d want people to feel like it’s always a great time to buy or sell real estate.

Link to full article in bio.
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"Sonja was so professional and wonderful to deal with. She stepped in when our original realtor bowed out after we drove 5 hours to look at real estate. She stepped in without a single hiccup and then stood by us as we negotiated the purchase price and was with us helping us get the mortgage. She was a full service realtor even doing things not normally done by a realtor. Highly recommend her."

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Curious about what they are building in town near The Stove restaurant?? A new recreation center is coming to Mammoth Lakes! For more check out my blog...

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Sonja is super excited to help her clients sell their St. Anton condo -- they are doing a 1031 exchange and will be buying in another state. The good news is they still own in Mammoth Lakes and will be around for years to come. A local full time resident is the new owner and will call this place home....just in time for the holidays! Thanks to Lauren Tracey and Sierra Escrow.

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How can you get the most money for your home in today’s market? 💰

The real estate market is cooling. But it’s still possible to score a great offer if you follow these tips:

🛠️ Make strategic repairs and improvements
🧹 Declutter and depersonalize
🛋️ Stage your home for success
🧽 Prep for each showing
💸 Price your home correctly from the start

Searching for more home seller strategies to maximize your sale price? Check out our blog post!

🔗 LINK IN BIO

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Mammoth Holiday Tip:
Morrison's is a great dinner option for the whole family. A fan favorite is the Barrumundi.

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OPEN HOUSE!
895 Canyon Blvd #34
Mammoth Lakes, CA 93546

Stop by and check out this condo right next door to Canyon Lodge!
Saturday, November 19
2 PM - 5:30 PM
Hosted by Destination Real Estate REALTOR® Danielle Bauman

Link in bio...

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Save your empty toilet paper rolls and dryer lint for DIY fire starters. Just stuff the tubes with the lint and you've got free kindling for your grill, campfire, or fireplace.

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Check out my latest newsletter for all the Mammoth Lakes real estate updates and information!

Link in bio...

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