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As we enter September 2021, the Mammoth Lakes real estate market continues to be hot seller’s market. What does that mean?  Simply put, it means there are more buyers than sellers.  The difference I see today as compared to the last few months is buyers are getting tired.  Buyer fatigue is caused by losing out more than once in multiple offer situations.   Many buyers have decided to take a break and re-enter the market at a later time.  This could be seen as good news for both buyers and sellers.  For buyers, there are fewer people competing for the same few properties.   The good news for sellers is inventory is nowhere near normal levels so if your property is priced right, there are still buyers looking.

This article highlights the numbers you need to know about the Mammoth Lakes real estate market, what it means if you are thinking about buying or selling, and where to get help moving toward your real estate goals this year. 

What’s Happening in the Mammoth Lakes Real Estate Market?

It is helpful to look at the current market in two different segments:  single family homes and condos/townhomes.  This data is through the end of August 2021.

Mammoth Lakes Condos

• The YTD median sales price for condos through August 31, 2021 is $599,000 which is up approximately 1% over last month and up 26% over 2020.
• The median days on market is 51 days which is down 16 days from 2020.  This time period begins on the day the property is listed and ends when it closes escrow.
• 305 condos have closed escrow through August 31 (average of 38.1 per month) as compared to 2020 where 442 condos sold (average of 36.83 per month).
• There are 27 active condos listed for sale as of September 1 as compared to 41 last month.
• There are 75 pending sales which is the same as the previous month.

Mammoth Lakes Single Family Homes

• The YTD median sales price for single family homes through August 2021is is $1,227,500 which is down 6% over the previous month and up 40% over 2020.
• The median days on market is 60 days which is down 22 days from 2020.  This time period begins on the day the property is listed and ends when it closes escrow.
• 92 single family homes have closed escrow through August 31 (average of 11.5 per month) as compared to 2020 where 133 sold (average of 11.08 per month).
• There are 21 active single-family homes listed for sale on September 1 which is two more than last month.
• There are 19 pending sales as compared to 20 last month.

What Does This Mean for Mammoth Lakes Area Homeowners and Sellers?

If priced right, properties are selling quickly in Mammoth Lakes area.  Note the median days on market for sold properties includes the entire escrow period (30 days on average).  As the numbers indicate, this is a great time to sell.  No one can predict how long this seller’s market will last.  The inventory levels have not increased as expected keeping competition high for the few active listings.  If you are even remotely thinking about selling, contact me for a free consultation and evaluation of your property.  This will include a recommendation for pricing as well as suggestions for preparing your property for sale.  I am reminding sellers that just because this is a seller’s market, we still need to price right.  The properties that price slightly below the current market value are receiving multiple over list price offers.  The properties that are priced too high are just sitting with no showings and no offers.  Not to be harsh, although it is a great time to sell it is not a time to be greedy.  

What Does This Mean for Mammoth Lakes Area Home Buyers?

With such low inventory available in Mammoth Lakes, buyers need to be ready to act quickly when they find a property they are interested in.  Do you have your financials in order?  Do you need a pre-approval letter?  I can connect you with lenders who have a proven track record of success in our area.  Many buyers do not know that not all lenders can lend in certain projects in Mammoth Lakes.  I can help you increase your chances of securing the property of your dreams in this tough market so reach out to me for a free consultation to set you on the right path for achieving your goal of owning property in Mammoth Lakes. 

Conclusion

Many have asked if the real estate market is going to crash.  Specifically, how is today’s market different than the one that caused the 2008 meltdown.  Check out my blog post which directly addresses this question.  

Whether you are a seller or a buyer, there is no doubt you will benefit from teaming with an educated and experienced Realtor® to help you navigate this hot market.  I have created guides to help with both the buying and selling process.  You can access the guides on my website:

Ultimate Mammoth Lakes Sellers Guide

Ultimate Mammoth Lakes Buyers Guide

Notes:

1. All data are sourced from the Mammoth Lakes Board of Realtors. Data for Mammoth Lakes ONLY and not the surrounding areas.
2. *Median price = middle value.  This is used as a good indicator when there is significant data as it minimizes the impact of unusually high or low values and provides a better perspective of the big picture.
3. **Total Available excludes properties under contract/pending which have not yet closed.

Download the September market update.

As of June 1, 2021, the Mammoth Lakes real estate market continues to be hot seller’s market.  What does that mean?  Simply put, it means there are more buyers than sellers.  I continue to receive new buyer calls daily and there are not a lot of options for them.  If/when they do find a property they like, there or multiple offers and often over list price.  The good news for buyers is inventory is slowing increasing which means more options.  The good news for sellers is inventory is nowhere near normal levels so you will continue to have less competition.

In this post, we are going to highlight the numbers you need to know about the Mammoth Lakes real estate market, what it means if you are thinking about buying or selling, and where to get help moving toward your real estate goals this year.

What’s Happening in the Mammoth Lakes Real Estate Market?

It is helpful to look at the current market in two different segments:  single family homes and condos/townhomes.  This data is through the end of May 2021.

Condos

• The YTD median sales price for condos through April 30, 2021is $565,500 which is up almost 3% over last month and up 22% over 2020.
• The median days on market is 49 days which is down 18 days from 2020.  This time period begins on the day the property is listed and ends when it closes escrow.
• 198 condos have closed escrow (average of 39.6 per month) as compared to 2020 where 442 condos sold (average of 37 per month).
• There are 47 active condos listed for sale as compared to 45 for the previous month.
• There are 66 pending sales which is down 15% from last month.

Single Family Homes

• The YTD median sales price for single family homes through May 2021is is $1,500,000 which is flat over the previous month and up 71% over 2020.
• The median days on market is 62 days which is down 20 days from 2020.  This time period begins on the day the property is listed and ends when it closes escrow.
• 54 single family homes have closed escrow (average of 10.8 per month) as compared to 2020 where 133 sold (average of 11 per month).
• There are 20 active single-family homes listed for sale as compared to 17 last month.
• There are 14 pending sales as compared to 13 last month. 

What Does This Mean for Mammoth Lakes Area Homeowners and Sellers?

If priced right, properties are selling quickly in Mammoth Lakes area.  Note the median days on market for sold properties includes the entire escrow period (30 days on average).  As the numbers indicate, this is a great time to sell.  No one can predict how long this seller’s market will last.  The inventory levels have not increased as expected keeping competition high for the few active listings.  If you are even remotely thinking about selling, contact me for a free consultation and evaluation of your property.  This will include a recommendation for pricing as well as suggestions for preparing your property for sale.  I am reminding sellers that just because this is a seller’s market, we still need to price right.  The properties that price slightly below the current market value are receiving multiple over list price offers.  The properties that are priced too high are just sitting there with no showings and no offers.  Not to be harsh, although it is a great time to sell it is not a time to be greedy.  Greedy sellers have property that is just sitting and getting no showings or offers.

What Does This Mean for Mammoth Lakes Area Home Buyers?

With such low inventory available in Mammoth Lakes, buyers need to be ready to act quickly when they find a property they are interested in.  Do you have your financials in order?  Do you need a pre-approval letter?  I can connect you with lenders who have a proven track record of success in our area.  Many buyers do not know that not all lenders can lend in certain projects in Mammoth Lakes.  I can help you increase your chances of securing the property of your dreams in this tough market so reach out to me for a free consultation to set you on the right path for achieving your goal of owning property in Mammoth Lakes.  

Conclusion

Many have asked if the real estate market is going to crash.  Specifically, how is today’s market different than the one that caused the 2008 meltdown.  Check out my blog post which directly addresses this question.  

Whether you are a seller or a buyer, there is no doubt you will benefit from teaming with an educated and experienced Realtor® to help you navigate this hot market.  I have created guides to help with both the buying and selling process.  You can access the guides on my website:

Ultimate Mammoth Lakes Sellers Guide

Ultimate Mammoth Lakes Buyers Guide

Notes:

1. All data are sourced from the Mammoth Lakes Board of Realtors. Data for Mammoth Lakes ONLY and not the surrounding areas.
2. *Median price = middle value.  This is used as a good indicator when there is significant data as it minimizes the impact of unusually high or low values and provides a better perspective of the big picture.
3. **Total Available excludes properties under contract/pending which have not yet closed.

As of May 1, 2021, the Mammoth Lakes real estate market continues to be hot seller’s market.  What does that mean?  Simply put, it means there are more buyers than sellers.  I continue to receive new buyer calls daily and there are not a lot of options for them.  If/when they do find a property they like, there or multiple offers and often over list price.  The good news for buyers is inventory is slowing increasing which means more options.  The good news for sellers is inventory is nowhere near normal levels so you will continue to have less competition.

In this post, we are going to highlight the numbers you need to know about the Mammoth Lakes real estate market, what it means if you are thinking about buying or selling, and where to get help moving toward your real estate goals this year.

What’s Happening in the Mammoth Lakes Real Estate Market?

It is helpful to look at the current market in two different segments:  single family homes and condos/townhomes.  This data is through the end of March 2021.

Condos

• The YTD median sales price for condos through April 30, 2021 is $565,500 which is up almost1% over last month and up 19% over 2020.
• The median days on market is 50 days which is down 17 days from 2020.  This time period begins on the day the property is listed and ends when it closes escrow.
• 156 condos have closed escrow (average of 39 per month) as compared to 2020 where 442 condos sold (average of 37 per month).
• There are 45 active condos listed for sale as compared to 31 for the previous month (45% increase).
• There are 76 pending sales which is the same as last month.

Single Family Homes

• The YTD median sales price for single family homes through April 30, 2021is is $1,500,000 which is down 6% as compared to last month and up 71% over 2020.
• The median days on market is 73 days which is up 9 days from 2020.  This time period begins on the day the property is listed and ends when it closes escrow.
• 41 single family homes have closed escrow (average of 10.25 per month) as compared to 2020 where 133 sold (average of 11 per month).
• There are 17 active single-family homes listed for sale which is the same as last month.
• There are 13 pending sales as compared to 16 last month (23% increase).

What Does This Mean for Mammoth Lakes Homeowners and Sellers?

If priced right, properties are metaphorically flying off the shelves in the Mammoth Lakes area.  As the numbers indicate, this is a great time to sell.  No one can predict how long this seller’s market will last.  As predicted last month, there has been a slight increase in inventory in the last 30 days.  More inventory means more competition.  More competition means fewer buyers for your property.

If you are even remotely thinking about selling, contact me for a free consultation and evaluation of your property.  This will include a recommendation for pricing as well as suggestions for preparing your property for sale.

I am reminding sellers that just because this is a seller’s market, we still need to price right.  The properties that price slightly below the current market value are receiving multiple over list price offers.  The properties that are priced too high are just sitting there with no showings and no offers.  Now is a good time to sell but not to be greedy.

What Does This Mean for Mammoth Lakes Home Buyers?

With such low inventory available in Mammoth Lakes, buyers need to be ready to act quickly when they find a property they are interested in.  Do you have your financials in order?  Do you need a pre-approval letter?

I can connect you with lenders who have a proven track record of success in our area.  Many buyers do not know that not all lenders can lend in certain projects in Mammoth Lakes.  I can help you increase your chances of securing the property of your dreams in this tough market so reach out to me for a free consultation to set you on the right path for achieving your goal of owning property in Mammoth Lakes.  

Conclusion

Many have asked if the real estate market is going to crash.  Specifically, how is today’s market different than the one that caused the 2008 meltdown.  Check out my blog post which directly addresses this question.  

Many have asked if the real estate market is going to crash.  Specifically, how is today’s market different than the one that caused the 2008 meltdown.  Check out my blog post which directly addresses this question.

Whether you are a seller or a buyer, there is no doubt you will benefit from teaming with an educated and experienced Realtor® to help you navigate this hot market.  I have created guides to help with both the buying and selling process.  You can access the guides on my website:

The Ultimate Home Sellers Guide

The Ultimate Home Buyers Guide 

Notes:

1. All data are sourced from the Mammoth Lakes Board of Realtors. Data for Mammoth Lakes ONLY and not the surrounding areas.
2. *Median price = middle value.  This is used as a good indicator when there is significant data as it minimizes the impact of unusually high or low values and provides a better perspective of the big picture.
3. **Total Available excludes properties under contract/pending which have not yet closed.

As we enter the second quarter of 2021, the Mammoth Lakes real estate market continues to be hot.  What does that mean?  Simply put, it means there are more buyers than sellers.  I am answering new buyer calls daily but there are not a lot of options for them.  If/when they do find a property they like, there are multiple offers and often over the list price.  Some people think a seller’s market is easy for a Realtor® and quite frankly it is actually very challenging. It is my job to help formulate an offer that may be more appealing to the seller.   The good news is, historically we see an increase in inventory around this time of the year and although the last year has been anything but typical, it does appear inventory levels are slowing rising.

In this post, I will highlight the numbers you need to know about the Mammoth Lakes real estate market, what it means if you are thinking about buying or selling, and where to get help to move towards achieving your real estate goals this year.  

What’s Happening in the Mammoth Lakes Real Estate Market?

It is helpful to look at the current market in two different segments: single family homes and condos. This data reflects the quarter from January 1 through March 31.

Condos

• The median sales price in the first quarter of 2021 is $525,000 which is up about 1% over last month and up 10.5% over last year ($475,000 in 2020).
• The median days on market is 48 days which is down 19 days as compared to 2020.  This time period begins on the day the property is listed and ends when it closes escrow.
• 116 condos have closed escrow (average of 38 per month) as compared to an average of 37 per month for all of 2020.   
• There are 31 active condos listed for sale as compared to 19 for the previous month (63% increase).
• There are 76 pending sales as compared to 81 last month (6% decrease).  These are properties under contract that have not yet closed escrow.  

Single Family Homes

• The median year to date sales price is $1,600,000 which is up nearly 7% over last month and up 82.8% over last year ($875,000 in 2020).
• The median days on market is 96 days which is up 14 days.  This time period begins on the day the property is listed and ends when it closes escrow.
• 29 single family homes have closed escrow (average of 9.6 per month) as compared to an average of 11 per month in 2020.
• There are 17 active single family homes listed for sale as compared to 15 for the previous month (12% increase).
• There are 16 pending sales as compared to 13 last month (23% increase). These are properties under contract that have not yet closed escrow.  

What Does This Mean for Mammoth Lakes Homeowners and Sellers?

As the numbers indicate, this is a great time to sell.  No one can predict how long this seller’s market will last.  Historically, we see an increase in inventory after spring break.  More inventory means more competition.  More competition means fewer buyers for your property.   Nothing is typical about this year and only time will tell whether the inventory actually does increase.  I can say for certain that I have received more calls from potential sellers in the last week than I did all of March. If you are even remotely thinking about selling, contact me for a free consultation and evaluation of your property.  This will include a recommendation for pricing as well as suggestions for preparing your property for sale.  I am reminding sellers that just because this is a seller’s market, there are still some small things that can be done to prepare your home for listing which could result in a higher sales price.  This could be as simple as rearranging furniture, changing light bulbs, decluttering or minor repairs.  I can also recommend great local resources for any work that may need to be completed prior to listing. 

What Does This Mean for Mammoth Lakes Home Buyers?

With such low inventory available in Mammoth Lakes, buyers need to be ready to act quickly when they find a property they are interested in.  Do you have your financials in order?  Do you need a pre-approval letter?  I can connect you with lenders who have a proven track record of success in our area.  Many buyers do not know that not all lenders can lend in certain projects in Mammoth Lakes.  What are your must-have features?  I can help you increase your chances of securing the property of your dreams in this tough market so reach out to me for a free consultation to set you on the right path for achieving your goal of owning property in Mammoth Lakes.  

Conclusion

Many have asked if the real estate market is going to crash.  Specifically, how is today’s market different than the one that caused the 2008 meltdown.  Check out my blog post which directly addresses this question.  

Whether you are a seller or a buyer, there is no doubt you will benefit from teaming with an educated and experienced Realtor® to help you navigate this hot market.  I have created guides to help with both the buying and selling process.  You can access the guides on my website:

The Ultimate Home Sellers Guide

The UltimateHome Buyers Guide 

Notes:

1. All data are sourced from the Mammoth Lakes Board of Realtors.
2. *Median price = middle value.  This is used as a good indicator when there is significant data as it minimizes the impact of unusually high or low values and provides a better perspective of the big picture.
3. **Total Available excludes properties under contract/pending which have not yet closed.

There are several different data points to review when analyzing the current state of the Mammoth Lakes real estate 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 in Mammoth Lakes. Note that this report doesn’t include any of the outlying areas beyond Mammoth Lakes.

Mammoth Lakes Condos

There is not yet enough data to identify 2021 trends. When comparing 2020 to 2019, the median condo price is up nearly 6%. Approximately 14% more condos sold in 2020 and those sold 25% more quickly than in 2019 (down 18 days).

The current inventory provides an indication of potential activity. Below is a snapshot of current Mammoth Lakes listings:

Download the March 2021 condo market report.

Mammoth Lakes Single Family Homes

There is not yet enough data to identify 2021 trends. When comparing 2020 to 2019, the median price of a single-family homes sold in 2020 is up 14%. Approximately 41% more SFH sold in 2020 and those sold 37% faster (down 31 days).

The current inventory provides an indication of potential activity. Below is a snapshot of current Mammoth Lakes listings:

Download the March 2021 single family home market report.

*Median 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.

There are several different data points to review when analyzing the current state of the Mammoth Lakes real estate 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 in Mammoth Lakes. Note that this report doesn’t include any of the outlying areas beyond Mammoth Lakes.

Mammoth Lakes Condos

There is not yet enough data to identify 2021 trends. When comparing 2020 to 2019, the median condo price is up nearly 6%. Approximately 14% more condos sold in 2020 and those sold 25% more quickly than in 2019 (down 18 days).

The current inventory provides an indication of potential activity. Below is a snapshot of current Mammoth Lakes listings:

Download the year-end 2020 condo report.

Mammoth Lakes Single Family Homes

There is not yet enough data to identify 2021 trends. When comparing 2020 to 2019, the median price of a single-family homes sold in 2020 is up 14%. Approximately 41% more SFH sold in 2020 and those sold 37% faster (down 31 days).

The current inventory provides an indication of potential activity. Below is a snapshot of current Mammoth Lakes listings:

Download the year-end 2020 single family homes report.

*Median 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.

There are several different data points to review when analyzing the current state of the Mammoth Lakes real estate 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 in Mammoth Lakes. Note that this report doesn’t include any of the outlying areas beyond Mammoth Lakes.

Mammoth Lakes Condos

The median Mammoth Lakes condo price is up nearly 6% in 2020 as compared to 2019. Approximately 14% more condos sold in 2020, and those sold 25% more quickly than in 2019 (down 18 days).

The current inventory provides an indication of potential activity. Below is a snapshot of current Mammoth Lakes listings:

Download the year-end 2020 condo report.

Mammoth Lakes Single Family Homes

The median price of single family homes in Mammoth Lakes sold in 2020 is up 14% as compared to 2019. Approximately 41% more single family homes sold in 2020, and those sold 37% faster in 2020 than in 2019 (down 31 days).

The current inventory provides an indication of potential activity. Below is a snapshot of current Mammoth Lakes listings:

Download the year-end 2020 single family homes report.

*Median 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.

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 November 2020, the median condo price is up nearly 7% over 2019. If we annualize year-to-date 2020 condos sold, we are on track to sell 10% more condos than in 2019. Condos are selling 20% faster than in 2019 (down 14 days).

Single Family Homes

Through November 2020, the median price of single family homes sold is up 14% over 2019. Annualizing year-to-date 2020 single family homes sold, we are on track to sell nearly 36% more in 2020 as compared to 2019. Single family homes are also selling 37% faster in 2020 than in 2019 (down 31 days).

The current inventory provides an indication of potential activity. Below is a snapshot of current listings:

*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.

Download the report.

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 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 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:

*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.

Download the report.

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

After the slow-down in March through May, the data is starting to reflect the increase in activity over the last 90 days. Through August 2020, the median condo price is up 9% over 2019. If we annualize YTD 2020 condos sold, we are on track to sell 38% fewer condos in 2019, but I do not think this trend is accurate as 45% of all condos sold in 2020 were closed in July and August. Condos are selling 19% faster than in 2019 (down 14 days).

Single Family Homes

Through August 2020, the median price of single family homes sold is relatively flat (about 2% variance) as compared to 2019. Annualizing YTD 2020 single family homes sold, we are on track to sell approximately the same number of homes in 2020 as compared to 2019, but I think this trend will shift since 37% of the YTD homes sold closed in July and August. Single family homes are also selling 25% 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:

*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.

Download the report.