Mammoth Lakes Real Estate Market Update – November 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 10/31/20 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | |
| Median* Sold Price | $487,500 | $450,000 | $402,500 | $349,900 | $299,750 | $305,000 | $292,500 |
| Median* Days on Market | 70 | 84 | 69 | 70 | 117 | 113 | 89 |
| Total Condos SOLD | 352 | 387 | 348 | 407 | 304 | 271 | 269 |
Through October 2020, the median condo price is up 8% over 2019. If we annualize year-to-date 2020 condos sold, we are on track to sell 9% more condos than in 2019. Condos are selling 20% faster than in 2019 (down 14 days).
Single Family Homes
| Through 10/31/20 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | |
| Median* Sold Price | $839,999 | $767,625 | $890,000 | $750,000 | 682,500 | 694,400 | $619,000 |
| Median* Days on Market | 90 | 113 | 113 | 131 | 132 | 165 | 145 |
| Total SF Homes Sold | 101 | 94 | 87 | 95 | 98 | 91 | 85 |
Through October 2020, the median price of single family homes sold is up 9% over 2019. Annualizing year-to-date 2020 single family homes sold, we are on track to sell nearly 30% more in 2020 as compared to 2019. Single family homes are also selling 25% faster in 2020 than in 2019 (down 23 days).
The current inventory provides an indication of potential activity. Below is a snapshot of current listings:
| Currently Listed | Condos | Single-Family Homes |
| Median Price* | $474,500
UP from $417,500 in October |
$1,749,000
UP from $1,198,000 in October |
| Median Days on Market* | 37
DOWN from 45 in October |
64
UP from 39 in October |
| Total Available on Nov. 1** | 38
DOWN from 42 in October |
28
DOWN from 33 in October |
*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.
