Mammoth Lakes Real Estate Market Update – June 2020
There are several different data points to review when analyzing the current market including median price, days on market and total inventory sold. Below is a snapshot of the last several years of transactions closed and current inventory.
Condos
| Through 5/31/20 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | |
| Median* Sold Price | $457,000 | $450,000 | $402,500 | $349,900 | $299,750 | $305,000 | $292,500 |
| Median* Days on Market | 96 | 84 | 69 | 70 | 117 | 113 | 89 |
| Total Condos SOLD | 92 | 387 | 348 | 407 | 304 | 271 | 269 |
Through May 2020, the median condo price is relatively flat (less than 2% variance) as compared to 2019. If we annualize YTD 2020 condos sold, we are on track to sell 43% fewer condo than in 2019, and those that do sell are taking 15% longer (up 12 days). Of course, this trend is not reliable due to the current COVID-19 crisis.
Single-Family Homes
| Through 5/31/20 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | |
| Median* Sold Price | $757,500 | $767,625 | $890,000 | $750,000 | 682,500 | 694,400 | $619,000 |
| Median* Days on Market | 143 | 113 | 113 | 131 | 132 | 165 | 145 |
| Total SF Homes Sold | 34 | 94 | 87 | 95 | 98 | 91 | 85 |
Through May 2020, the median price of single-family homes sold is relatively flat (less than 2% variance) as compared to 2019. If we annualize YTD 2020 single family homes sold, we are on track to sell 13% less as compared to 2019, and those that do sell are taking 27% longer (up 30 days). Of course, this trend is not reliable due to the current COVID-19 crisis.
The current inventory provides an indication of potential activity. Below is a snapshot of current listings:
| Currently Listed | Condos | Single-Family Homes |
| Median Price* | $429,000
DOWN from $444,000 in May |
$1,190,000
UP from $1,124,000 in May |
| Median Days on Market* | 82
UP from 74 in May |
100
DOWN from 148 in May |
| Total Available March 1** | 90
UP from 74 in May |
33
UP from 30 in May |
*Median Price is the middle value for a range of values and is a good indicator to use when there is significant data. It minimizes the impact of unusually high or low values and gives a better perspective of the big picture.
**Total Available excludes properties currently under contract.
