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* 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* 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.