As we enter the last quarter of 2021, 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. In thhe last two months I have noticed buyers are getting tired. Buyer fatigue is caused by losing out more than once in multiple offer situations. Many buyers have decided to take a break and re-enter the market at a later time. This could be seen as good news for both buyers and sellers. For buyers, there are fewer people competing for the same few properties. The good news for sellers is inventory is nowhere near normal levels so if your property is priced right, there are still buyers looking.
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 the end of September 2021.
- The YTD median sales price for condos through September 30, 2021 is $595,000 which is down $5,000 from last month and up 26% over 2020.
- The median days on market is 51 days which is down 16 days from 2020. This time period begins on the day the property is listed and ends when it closes escrow.
- 351 condos have closed escrow through September 30 (average of 39 per month) as compared to 2020 where 442 condos sold (average of 36.83 per month).
- There are 17 active condos listed for sale as of October 1 as compared to 27 on September 1.
- There are 69 pending sales which down from 75 last month.
Single Family Homes
- The YTD median sales price for single family homes through September 2021 is $1,224,000 which is down 6% over the previous month and up 40% over 2020.
- The median days on market is 62 days which is down 24 days from 2020. This time period begins on the day the property is listed and ends when it closes escrow.
- 105 single family homes have closed escrow through September 30 (average of 11.67 per month) as compared to 2020 where 133 sold (average of 11.08 per month).
- There are 25 active single-family homes listed for sale on September 1 which is four more than last month.
- There are 13 pending sales as compared to 19 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.