Nationwide home prices continued to inch up in November, according to Lender Processing Services’ (LPS) Home Price Index (HPI) for the month. LPS’ data showed home prices increased to an average $207,000 in November, an increase of 0.5 percent from $206,000 in October. On a year-over-year basis, prices were up 5.1 percent from November 2011’s $197,000.
I hear from friends in Southern California that prices are on the rise and multiple offers over asking price are becoming a reality.
What about here in Mammoth Lakes? The current inventory is as follows as of today:
Total condos listed: 119 (down from 169 in August)
Median price: $374,000 (up from $329,000 in August)
Median days on market: 146 (up from 102 in August)
Single Family Homes:
Total single family homes: 43 (down from 66 in August)
Median price: $1,049,000 (up from $731,950 in August)
Median days on market: 132 (up from 93 in August)
The take away from all of this data? If buying, prices seem to be rising — when you find something you like, be prepared to make an offer. If selling, patience and pricing your property right is important (we are selling off old inventory some of which was not priced appropriately). A qualified real estate agent can help whether you are buying or selling.
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