The Mammoth Lakes real estate market continues to stabilize as we enter September. After a crazy couple of years, locally it is no longer a sellers’ market and things are more balanced. In a balanced market buyers tend to place reasonable offers on homes and sellers tend to accept them. In most cases, homes remain on the market for a moderate amount of time — neither lagging for months nor getting snapped up in mere hours or days. Home prices remain stable or grow at a steady pace. Although pricing and days on market are more stable locally, the YTD median sold price for both condos and single-family homes is up. Interestingly, September 2022 inventory is approximately half of what it was September 2019 (pre-COVID).
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 August 2022.
Condos
- The YTD median sales price for condos sold through August 2022 is $795,000 which is up 30% over 2021 and down $5,000 from the previous month.
- The median days on market YTD is 49 days which is down 3 days from 2021. This time-period begins on the day the property is listed and ends when it closes escrow.
- 234 condos have closed escrow so far in 2022 (29 per month) as compared to 2021 when the average was 38 per month. Assuming the trend continues, the result will be 31% fewer condo sales for 2022.
- There are 61 active condos listed for sale as of September 1 compared to 74 last month. There were only 3 condos listed in January 2022. While inventory is up from earlier this year, it is down from pre-COVID levels (September 2019 there were 129 condos listed for sale).
- There are 44 pending sales on September 1 as compared to 36 last month.
Single-Family Homes
- The YTD median sales price for single-family homes through August 2022 is $1,230,000 which is up approximately 15% over 2021 and the same as last month.
- The median days on market is 64 days which is the same as last month and down from 70 days in 2021.
- 61 single-family homes closed escrow through August 2022 (7.6 per month) which is down from 11 average monthly in 2021. Assuming the trend continues, 45% fewer homes will sell in 2022.
- There are 26 active single-family homes listed for sale on September 1 which is up from 32 last month and 10 in January. September 2019 (pre-COVID) inventory was 69.
- There are 12 pending sales on September 1 which is down from 9 last month.
What Does This Mean for Mammoth Lakes Area Homeowners and Sellers?
It is important to have realistic expectations when selling your property. Mammoth Lakes is a different market than other areas in California which are mostly focused on full-time owner-occupied properties. This is mostly a second home market and as we transition to a more balanced market, sellers should not expect multiple over asking price offers. While properties are still selling, most are taking longer than they did in the last 24 months. If you are even remotely thinking about selling, contact our team to schedule a no obligation Property Playbook & Strategy session. With the right strategy and patience, we will get your property sold.
What Does This Mean for Mammoth Lakes Area Home Buyers?
Inventory is slowing increasing which means more options. It does not mean there are “deals” to be had – note the average sold price is still up over 2021. Even with more inventory, buyers still need to be prepared prior to making any offers in this market. Do you have your financials in order? Do you need a pre-approval letter? We can connect you with lenders who have a proven track record of success in our area. Lending rules have changed on many condo projects in Mammoth. Many buyers do not know that not all lenders can lend in certain projects in Mammoth Lakes. We 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
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. We 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:
- All data are sourced from the Mammoth Lakes Board of Realtors. Data for Mammoth Lakes ONLY and not the surrounding areas.
- *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.
- **Total Available excludes properties under contract/pending which have not yet closed.
It appears the Mammoth Lakes real estate market is finally be back to “normal.” After a crazy couple of years of the “COVID market,” things are finally settling down. Locally it is no longer a sellers’ market and things are more balanced. In a balanced market buyers tend to place reasonable offers on homes and sellers tend to accept them. Homes remain on the market for a moderate amount of time — neither lagging for months nor getting snapped up in mere hours or days. Home prices remain stable, or grow at a steady pace. When reviewing the data through July 31, 2022, the volume of both condos and single-family homes are on track to match 2019 volume.
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 July 31, 2022.
Condos
- The YTD median sales price for condos sold through July 2022 is $800,000 which is up 30% over 2021 and the same as last month.
- The median days on market YTD is 49 days which is down 3 days from 2021. This time-period begins on the day the property is listed and ends when it closes escrow.
- 218 condos have closed escrow so far in 2022 (31 per month) as compared to 2021 where the average was 38 per month. Assuming the trend continues, the result will be 20% fewer condo sales for 2022. This would be consistent with 2019 sales.
- There are 74 active condos listed for sale as of August 1 which is the same as July 1. Frequent readers of this report may recall when there were only 3 condos listed in January 2022.
- There are 36 pending sales on August 1 as compared to 40 last month.
Single-Family Homes
- The YTD median sales price for single-family homes through July 2022 is $1,230,000 which is up approximately 15% over 2021 and down $80k from last month.
- The median days on market is 64 days which is the same as last month and down from 70 days in 2021.
- 64 single-family homes closed escrow through July 2022 (8 per month) which is down from 11 average monthly in 2021. Assuming the trend continues, the result will be 37% fewer home sales for 2022. This would be consistent with 2019 sales.
- There are 32 active single-family homes listed for sale on August 1 which is up from 31 last month and 10 in January.
- There are 9 pending sales on August 1 which is down from 10 last month.
What Does This Mean for Mammoth Lakes Area Homeowners and Sellers?
It is important to have realistic expectations when selling your property. Mammoth Lakes is a different market than other areas in California which are mostly focused on full-time owner-occupied properties. This is mostly a second home market and as we transition to a more balanced market, sellers should not expect multiple over asking price offers. While properties are still selling, most are taking longer than they did in the last 24 months. If you are even remotely thinking about selling, contact our team to schedule a no obligation Property Playbook & Strategy session. With the right strategy and patience, we will get your property sold.
What Does This Mean for Mammoth Lakes Area Home Buyers?
Inventory is increasing which means more options. It does not mean there are “deals” to be had – note the average sold price is still up over 2021. Even with more inventory, buyers still need to be prepared prior to making any offers in this market. Do you have your financials in order? Do you need a pre-approval letter? We can connect you with lenders who have a proven track record of success in our area. Lending rules have changed on many condo projects in Mammoth. Many buyers do not know that not all lenders can lend in certain projects in Mammoth Lakes. We 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
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:
- All data are sourced from the Mammoth Lakes Board of Realtors. Data for Mammoth Lakes ONLY and not the surrounding areas.
- *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.
- **Total Available excludes properties under contract/pending which have not yet closed.
As we enter the second half of 2022, there is a definite shift from a sellers market to a balanced market. The data shows sold prices are still up in 2022 as compared to 2021. However, as we compare the current market to previous months in 2022, the “days on market” is increasing (i.e. properties are taking longer to sell), inventory is increasing (i.e. more competition/choices) and the median list price is decreasing. This shift started in late April and became more evident as we moved through June. This does not appear to be a market correction, but rather a market stabilization. In other words, things appear to be returning to “normal.” As a matter of fact, based on the 2022 YTD volume, both condos and single family homes are on track to be the same as 2019.
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 June 30, 2022.
Condos
- The YTD median sales price for condos sold through June 2022 is $800,000 which is up 30% over 2021and down from $801,250 last month.
- The median days on market YTD is 47 days which is down 5 days from 2021. This time period begins on the day the property is listed and ends when it closes escrow.
- 189 condos have closed escrow so far in 2022 (31.5 per month) as compared to 2021 where the average was 38 per month. Assuming the trend continues, the result will be 20% fewer condo sales for 2022. This would be consistent with 2019 sales.
- There are 74 active condos listed for sale as of June 1 as compared to 59 on June 1. Inventory is up month over month in 2022. Frequent readers of this report may recall when there were only 3 condos listed in January 2022.
- There are 40 pending sales on July 1 as compared to 51 last month.
Single-Family Homes
- The YTD median sales price for single-family homes through June 2022 is $1,310,000 which is up approximately 15% over 2021 and down from $1,330,000 in the previous month.
- The median days on market is 64 days which is down from 70 days in 2021.
- 48 single-family homes closed escrow through June 2022 (8 per month) which is down from 11 average monthly in 2021. Assuming the trend continues, the result will be 37% fewer home sales for 2022. This would be consistent with 2019 sales.
- There are 31 active single-family homes listed for sale on July 1 which is up from 21 last month and 10 in January.
- There are 10 pending sales on July 1 which is up from 9 last month.
What Does This Mean for Mammoth Lakes Area Homeowners and Sellers?
It is important to have realistic expectations when selling your property. Mammoth Lakes is a different market than other areas in California which are mostly focused on full-time owner occupied properties. This is mostly a second home market and as we transition to a more balanced market, sellers should not expect multiple over asking price offers. While properties are still selling, most are taking longer than they did in the last 24 months. If you are even remotely thinking about selling, contact our team to schedule a no obligation Property Playbook & Strategy session. With the right strategy and patience, we will get your property sold.
What Does This Mean for Mammoth Lakes Area Home Buyers?
Inventory is increasing which means more options. It does not mean there are “deals” to be had – note the average sold price is still up over 2021. Even with more inventory, buyers still need to be prepared prior to making any offers in this market. Do you have your financials in order? Do you need a pre-approval letter? We can connect you with lenders who have a proven track record of success in our area. Lending rules have changed on many condo projects in Mammoth. Many buyers do not know that not all lenders can lend in certain projects in Mammoth Lakes. We 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
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:
- All data are sourced from the Mammoth Lakes Board of Realtors. Data for Mammoth Lakes ONLY and not the surrounding areas.
- *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.
- **Total Available excludes properties under contract/pending which have not yet closed.
It has been a seller’s market for the last 18+ months in Mammoth Lakes. At the end of May 2022, there appears to be a shift to a more balanced market. The data shows sold prices are still up in 2022 as compared to 2021. However, as we compare the current market to previous months in 2022, the “days on market” is increasing (i.e. properties are taking longer to sell), inventory is increasing (i.e. more competition/choices) and the median list price is decreasing. This is by no means a market correction, it can be characterized as a market stabilization.
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 May 31, 2022.
Condos
- The YTD median sales price for condos sold through May 2022 is $801,250 which is up 30% over 2021.
- The median days on market YTD is 47 days which is down 5 days from 2021. This time period begins on the day the property is listed and ends when it closes escrow.
- 165 condos have closed escrow so far in 2022 (33 per month) as compared to 2021 where the average was 38 per month.
- There are 59 active condos listed for sale as of May 1 as compared to 33 on May 1. Inventory is up month over month in 2022. Frequent readers of this report may recall when there were only 3 condos listed in January 2022.
- There are 51 pending sales on May 1 as compared to 52 last month.
Single-Family Homes
- The YTD median sales price for single-family homes through May 2022 is $1,330,000 which is up approximately 15% over 2021 and down from $1,415,000 in the previous month.
- The median days on market is 64 days which is down from 70 days in 2021.
- 40 single-family homes closed escrow through May 2022 (8 per month) which is down from 11 average monthly in 2021.
- There are 21 active single-family homes listed for sale on June 1 which is up from 19 last month and 10 in January.
- There are 9 pending sales on June 1 which is down from 10 last month.
What Does This Mean for Mammoth Lakes Area Homeowners and Sellers?
It is important to have realistic expectations when selling your property. Mammoth Lakes is a different market than other areas in California which are mostly focused on full-time owner occupied properties. This is mostly a second home market and as we transition to a more balanced market, sellers should not expect multiple over asking price offers. While properties are still selling, most are taking longer than they did in the last 24 months. If you are even remotely thinking about selling, contact our team to schedule a no obligation Property Playbook & Strategy session. With the right strategy and patience, we will get your property sold.
What Does This Mean for Mammoth Lakes Area Home Buyers?
Inventory is increasing which means more options. That being said, buyers still need to be prepared prior to making any offers in this market. Do you have your financials in order? Do you need a pre-approval letter? We 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. We 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
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:
- All data are sourced from the Mammoth Lakes Board of Realtors. Data for Mammoth Lakes ONLY and not the surrounding areas.
- *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.
- **Total Available excludes properties under contract/pending which have not yet closed.
At the end of April 2022, there appears to be a shift in the market. The data shows sold prices are still up in 2022, days on market are down and inventory is still low. That being said, my personal observations show a slightly different reality as we move into May. Listings are getting few showings and offers are coming slower. In the first quarter of 2022 most new listings would get multiple offers within the first couple days of being listed. Starting mid-April this has changed. What is the reason for this shift? Having discussed this with other local Realtors®, there are a few theories. Partially this can be attributed to the normal slow down during shoulder season (the slow time in Mammoth Lakes from May – June). Could the rising interest rates and concerns about the economy also play a role? Whatever the reason, it will be interesting to see how the second quarter unfolds.
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 April 30, 2022.
Condos
- The YTD median sales price for condos sold through April 2022 is $800,000 which is up 30% over 2021.
- The median days on market YTD is 47 days which is down 5 days from 2021. This time period begins on the day the property is listed and ends when it closes escrow.
- 127 condos have closed escrow so far in 2022 (32 per month) as compared to 2021 where the average was 38 per month.
- There are 33 active condos listed for sale as of May 1 as compared to 35 on April 1.
- There are 51 pending sales on May 1 as compared to 52 last month.
Single-Family Homes
- The YTD median sales price for single-family homes through April 2022 is $1,415,000 which is up approximately 23% over 2021.
- The median days on market is 68 days which is down from 70 days in 2021. This time period begins on the day the property is listed and ends when it closes escrow.
- 33 single-family homes closed escrow through April 2022 (8 per month) which is down from 11 average monthly in 2021.
- There are 19 active single-family homes listed for sale on May 1 which is up from 16 last month.
- There are 10 pending sales on May 1 which is down from 11 last month.
What Does This Mean for Mammoth Lakes Area Homeowners and Sellers?
It is important to have realistic expectations when selling your property. Mammoth Lakes is a different market than Southern California. While there is still demand for properties and low inventory, pricing your property right is critical. Most buyers know that properties in Mammoth are selling over list price. By pricing your property too high, it will just sit on the market. Low inventory generally makes for a seller’s market but this could change with increasing interest rates, changing lending policies on second/vacation homes and geopolitical events. If you are even remotely thinking about selling, contact our team to schedule a no obligation Property Playbook & Strategy session.
What Does This Mean for Mammoth Lakes Area Home Buyers?
Buyers in this market need 3 skills: patience, perseverance, and the ability to act quickly. Patience is needed since there are not many properties available and when they are listed, sellers do not always seem to have a sense of urgency to respond. Making offers on multiple properties and losing to a higher offer also requires perseverance. If you have lost on previous offers, stick with it. Other buyers are frustrated and have moved to the sidelines which means less competition for you. 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 – this often means being willing/able to make an offer without seeing the property in person first. Do you have your financials in order? Do you need a pre-approval letter? We 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. We 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
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:
- All data are sourced from the Mammoth Lakes Board of Realtors. Data for Mammoth Lakes ONLY and not the surrounding areas.
- *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.
- **Total Available excludes properties under contract/pending which have not yet closed.
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:
- All data are sourced from the Mammoth Lakes Board of Realtors. Data for Mammoth Lakes ONLY and not the surrounding areas.
- *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.
- **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.
| Currently Listed | Condos |
| Median* Price | $575,000 ↓DOWN from $610,000 in April |
| Median* Days on Market | 37 ↑UP from 27 in April |
| Total Available on May 1** | 47 ↑UP from 45 in April |
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.
| Currently Listed | Single Family Homes |
| Median* Price | $974,750 ↓DOWN from $1,099,000 in April |
| Median* Days on Market | 50 ↑UP from 32 in April |
| Total Available on May 1** | 20 ↑UP from 17 in April |
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:
- All data are sourced from the Mammoth Lakes Board of Realtors. Data for Mammoth Lakes ONLY and not the surrounding areas.
- *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.
- **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.
| Currently Listed | Condos |
| Median* Price | $610,000 ↓DOWN from $719,000 in March |
| Median* Days on Market | 27 ↑UP from 15 in March |
| Total Available on May 1** | 45 ↑UP from 31 in March |
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).
| Currently Listed | Condos |
| Median* Price | $1,099,000 ↓DOWN from $1,165,000 in March |
| Median* Days on Market | 32 ↑UP from 21 in March |
| Total Available on May 1** | 17 No change from prior month |
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:
- All data are sourced from the Mammoth Lakes Board of Realtors. Data for Mammoth Lakes ONLY and not the surrounding areas.
- *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.
- **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.
| Currently Listed | Condos |
| Median* Price | $719,000 ↑UP from $699,000 in February |
| Median* Days on Market | 15 ↑UP from 8 in February |
| Total Available on April 1** | 31 ↑UP from 19 in February |
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.
| Currently Listed | Condos |
| Median* Price | $1,165,000 ↓DOWN from $2,600,000 in February |
| Median* Days on Market | 21 ↓DOWN from 48 in February |
| Total Available on April 1** | 17 ↑UP from 15 in February |
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
Notes:
- All data are sourced from the Mammoth Lakes Board of Realtors.
- *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.
- **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
| Condos | Through 3/1/21 | 2020 | 2019 | 2018 | 2017 | 2016 |
| Median* Sold Price | $520,000 | $475,000 | $450,000 | $402,500 | $349,900 | $299,750 |
| Median* Days on Market | 47 | 67 | 84 | 69 | 70 | 117 |
| Total Condos SOLD | 65 | 442 | 387 | 348 | 407 | 304 |
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:
| CURRENTLY LISTED | CONDOS |
| Median* Price | $699,000 ↑UP from $649,450 in January |
| Median* Days on Market | 8 ↓DOWN from 9 in January |
| Total Available on March 1** | 19 ↑UP from 14 in January |
Download the March 2021 condo market report.
Mammoth Lakes Single Family Homes
| Single-Family Homes | Through 3/1/21 | 2020 | 2019 | 2018 | 2017 | 2016 |
| Median* Sold Price | $1,500,000 | $875,000 | $767,625 | $890,000 | $750,000 | $682,500 |
| Median* Days on Market | 107 | 82 | 113 | 113 | 131 | 132 |
| Total SFH SOLD | 21 | 133 | 94 | 87 | 95 | 98 |
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:
| CURRENTLY LISTED | SINGLE FAMILY HOMES |
| Median* Price | $2,650,000 ↓DOWN from $2,975,000 in January |
| Median* Days on Market | 48 ↑UP from 33 in January |
| Total Available on March 1** | 15 ↑UP from 14 in January |
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.