After record low inventory levels for both single family homes and condos the last 3 months, local inventory is increasing as we move further into 2022. There are 35 listings as of February 1 as compared to 18 this time last month (condos and SFH combined).
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.
It is helpful to look at the current market in two different segments: single family homes and condos/ townhomes. This data is through February 28, 2022.
- The YTD median sales price for condos sold the first two months of 2022 is $775,000 which is up 27% over 2021. With only two months of data, the median data will have more meaning as we move through the year.
- The median days on market YTD is 50 days which is down 2 days from 2021. This time period begins on the day the property is listed and ends when it closes escrow.
- 50 condos have closed escrow so far in 2022 (25 per month) as compared to 2021 where the average was 38 per month.
- There are 19 active condos listed for sale as of March 1 as compared to 18 on February 1.
- There are 61 pending sales on March 1 as compared to 64 last month.
Single Family Homes
- The YTD median sales price for single family homes so far in 2022 is $1,025,000 which is down 12% over 2021. With only two months of data, the median data will have more meaning as we move through the year.
- The median days on market is 90 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.
- 17 single family homes closed escrow in the first two months of 2022 (8.6 per month) which is down from 11 average monthly in 2021.
- There are 16 active single-family homes listed for sale on March 1 which is 6 more than February 1.
- There are 12 pending sales on March 1 which is the same as 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.
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.
While the real estate market continues to be hot in Mammoth Lakes and nationally, there are signs the market may be more balanced as we move further into 2022. For a national look at the state of real estate in 2022, check out our this blog post.
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.