housing marketThere are several different data points to review when answering this question including median price, days on market and total inventory sold.

 

Below is a snapshot of the last three years closed transactions in Mammoth Lakes and January through July of 2014.

Condos 2014 (as of 7/31) 2013 2012 2011
Median* Price $310,000 $265,000 $244,000 $242,000
Median* Days on Market 84 105 123 98
Total Condos SOLD 127 345 299 309
Single Family Homes 2014 (as of 7/31) 2013 2012 2011
Median* Price $661,000 $575,000 $575,000 $560,000
Median* Days on Market 147 103 181 120
Total SF Homes SOLD 45 91 91 75

 

So far in 2014, the price of condos continues to increase and is higher than the median for the previous three year period.    As of July 31, 2014 the median condo price is trending 15+% over 2013. The median days on market dropped yet again the condo category in July.  Keep in mind the median days on the market is calculated from the date of the listing to the close of escrow — with an average escrow being 30 days, properties are under contract in a little over two weeks.

The price of single family homes and the days on market have both stayed relatively flat in 2014.

While this information is useful in observing trends, the current inventory must also be considered.  Below is a snapshot of the available properties available today:

CURRENTLY LISTED Condos Single Family Homes
Median* Price $349,000Up from $324,975 in June $704,000Down  from $727k in June
Median* Days on Market 72Down from 79 in June 81Up from 79 in June
Total Available July 31 132Down from 152 in June 82Down from 86 in June

 

If you are interested in buying or selling, a qualified Realtorâ can provide the relevant data for your specific neighborhood or area of interest.

*Median Price = Is the middle value for a range of values. This 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.

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