Seven full months into 2021 and the Mammoth Lakes real estate market continues to be hot seller’s market. What does that mean? Simply put, it means there are more buyers than sellers. I continue to receive new buyer calls daily and there are not a lot of options for them. If/when they do find a property they like, there or multiple offers and often over list price. The good news for buyers is inventory is slowing increasing which means more options. The good news for sellers is inventory is nowhere near normal levels so you will continue to have less competition.
In this article, we are going to highlight 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 the end of July 2021.
Mammoth Lakes Condos
- The YTD median sales price for condos through July 31, 2021 is $590,000 which is up approximately 1% over last month and up 22% over 2020.
- The median days on market is 50 days which is down 17 days from 2020. This time period begins on the day the property is listed and ends when it closes escrow.
- 271 condos have closed escrow through July 31 (average of 38.7 per month) as compared to 2020 where 442 condos sold (average of 36.83 per month).
- There are 41 active condos listed for sale as of August 1 as compared to 44 for the previous month.
- There are 75 pending sales which is up 7% from last month.
Mammoth Lakes Single Family Homes
- The YTD median sales price for single family homes through July 2021is is $1,310,000 which is down 12% over the previous month and up 50% over 2020.
- The median days on market is 40 days which is down 42 days from 2020. This time period begins on the day the property is listed and ends when it closes escrow.
- 84 single family homes have closed escrow through July 31 (average of 12 per month) as compared to 2020 where 133 sold (average of 11.08 per month).
- There are 19 active single-family homes listed for sale on August 1 which is one less than the previous month.
- There are 20 pending sales as compared to 26 last month.
What Does This Mean for Mammoth Lakes Area Homeowners and Sellers?
If priced right, properties are selling quickly 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. The inventory levels have not increased as expected keeping competition high for the few active listings. If you are even remotely thinking about selling, contact me for a free consultation and evaluation of your property. This will include a recommendation for pricing as well as suggestions for preparing your property for sale. I am reminding sellers that just because this is a seller’s market, we still need to price right. The properties that price slightly below the current market value are receiving multiple over list price offers. The properties that are priced too high are just sitting with no showings and no offers. Not to be harsh, although it is a great time to sell it is not a time to be greedy.
What Does This Mean for Mammoth Lakes Area Home Buyers?
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. Do you have your financials in order? Do you need a pre-approval letter? I 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. I 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.
Many have asked if the real estate market is going to crash. Specifically, how is today’s market different than the one that caused the 2008 meltdown. Check out my blog post which directly addresses this question.
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.