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At the end of the first quarter, there appears to be a small shift in both pricing and days on Market for condos and single-family homes in Mammoth Lakes.  The big metric to watch is the number of active listings and this number is trending slightly up for combined inventory month over month since January (up for condos and flat for single-family homes).  The bottom line remains the same as the past several months – low inventory is selling for higher prices and more quickly than in previous years.

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 March 31, 2022.

Condos

  • The YTD median sales price for condos sold the first quarter of 2022 is $775,000 which is up 27% over 2021.
  • The median days on market YTD is 48 days which is down 4 days from 2021.  This time period begins on the day the property is listed and ends when it closes escrow.
  • 93 condos have closed escrow so far in 2022 (31 per month) as compared to 2021 where the average was 38 per month.
  • There are 35 active condos listed for sale as of April 1 as compared to 19 on March 1.  
  • There are 52 pending sales on April 1 as compared to 61 last month.

Single-Family Homes

  • The YTD median sales price for single-family homes through the first quarter of 2022 is $1,225,000 which is up approximately 6% over 2021.
  • The median days on market is 71 days which is down from 113 days in 2021.  This time period begins on the day the property is listed and ends when it closes escrow.
  • 27 single-family homes closed escrow in the first two months of 2022 (9 per month) which is down from 11 average monthly in 2021.
  • There are 16 active single-family homes listed for sale on April 1 which is the same as last month.
  • There are 11 pending sales on April 1 which is down from 12 last month.

What Does This Mean for Mammoth Lakes Area Homeowners and Sellers?

If priced right, properties are selling quickly and for over asking price in Mammoth Lakes area.  Note the median days on market for sold properties includes the entire escrow period (30 days on average).  As the numbers indicate, this is a great time to sell.  No one can predict how long this seller’s market will last.   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.    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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Sonja recently helped me purchase a condo. My experience with her was only positive. She's knowledgeable, thorough and friendly. She is the consummate professional and the standard to which I would hold any real estate agent. - Alexander R.

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Open House This Weekend! Come see this incredible property for yourself!

44 Wagon Wheel Drive
Sunday, October 2
4 PM - 6:30 PM

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Time isn’t always on your side, especially if you’re trying to time the real estate market.

Some homeowners postponed selling while they waited for prices to hit their peak. Here’s why you shouldn’t wait any longer:

💲The market is unpredictable — even experts can’t guarantee what it will do next!
☑️ You could pay more to buy your next home the longer you delay.
🤝 It’s still a great time to sell, but rising mortgage rates are beginning to slow down demand.

You can’t control the real estate market — but you can control when you put your home up for sale 🏡

Contact us to start a conversation about the right time to make your move.

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BIG bright windows are the main attraction in this spacious 2 bed/2 bath condo in St. Anton. This complex is next door to Canyon Lodge – one of the shortest walks of any Mammoth location! Come see this condo today and get ready for the best winter season of your life!

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Thursday, September 29
9 AM - 11 AM

Stop by and tour 3 amazing Mammoth Lakes Properties tomorrow!!!

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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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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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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!

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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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