Mammoth Lakes Real Estate Market Update – October 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 9/30/20 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | |
| Median* Sold Price | $480,000 | $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 | 272 | 387 | 348 | 407 | 304 | 271 | 269 |
After the slow-down in March through May, the data is now reflecting the increase in activity over the last four months. Through September 2020, the median condo price is up nearly 7% over 2019. If we annualize YTD 2020 condos sold, we are on track to sell 7% fewer condos than in 2019. Condos are selling 20% faster than in 2019 (down 14 days).
Single Family Homes
| Through 9/30/20 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | |
| Median* Sold Price | $815,000 | $767,625 | $890,000 | $750,000 | 682,500 | 694,400 | $619,000 |
| Median* Days on Market | 92 | 113 | 113 | 131 | 132 | 165 | 145 |
| Total SF Homes Sold | 85 | 94 | 87 | 95 | 98 | 91 | 85 |
Through September 2020, the median price of single family homes sold is up 6% over 2019. Annualizing YTD 2020 single family homes sold, we are on track to sell 20% more in 2020 as compared to 2019. Single family homes are also selling 22% more quickly in 2020 than 2019 (down 21 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* | $417,500
DOWN from $445,000 in September |
$1,198,000
DOWN from $1,295,000 in September |
| Median Days on Market* | 45
UP from 39 in September |
39
DOWN from 60 in September |
| Total Available March 1** | 42
DOWN from 65 in September |
33
SAME as September |
*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.
