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

Mammoth Lakes Single Family Homes

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 July 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 article, 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 June 2021.

Mammoth Lakes Condos

Mammoth Lakes Single Family Homes

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.  Over priced properties are 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 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

Currently ListedCondos
Median* Price$575,000
↓DOWN from $610,000 in April
Median* Days on Market37
↑UP from 27 in April
Total Available on May 1**47
↑UP from 45 in April

Single Family Homes

Currently ListedSingle Family Homes
Median* Price$974,750
↓DOWN from $1,099,000 in April
Median* Days on Market50
↑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:

  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.

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 9/30/20 2019 2018 2017 2016 2015 2014
Median* Sold Price $480,000 $450,000 $402,500 $349,900 $299,750 $305,000 $292,500
Median* Days on Market 70 84 69 70 117 113 89
Total Condos SOLD 272 387 348 407 304 271 269

After the slow-down in March through May, the data is now reflecting the increase in activity over the last four months. Through September 2020, the median condo price is up nearly 7% over 2019. If we annualize YTD 2020 condos sold, we are on track to sell 7% fewer condos than in 2019. Condos are selling 20% faster than in 2019 (down 14 days).

Single Family Homes

Through 9/30/20 2019 2018 2017 2016 2015 2014
Median* Sold Price $815,000 $767,625 $890,000 $750,000 682,500 694,400 $619,000
Median* Days on Market 92 113 113 131 132 165 145
Total SF Homes Sold 85 94 87 95 98 91 85

Through September 2020, the median price of single family homes sold is up 6% over 2019. Annualizing YTD 2020 single family homes sold, we are on track to sell 20% more in 2020 as compared to 2019. Single family homes are also selling 22% 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:

Currently Listed Condos Single-Family Homes
Median Price* $417,500

DOWN from $445,000 in September

$1,198,000

DOWN from $1,295,000 in September

Median Days on Market* 45

UP from 39 in September

39

DOWN from 60 in September

Total Available March 1** 42

DOWN from 65 in September

33

SAME as September

*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 8/31/20 2019 2018 2017 2016 2015 2014
Median* Sold Price $490,000 $450,000 $402,500 $349,900 $299,750 $305,000 $292,500
Median* Days on Market 70 84 69 70 117 113 89
Total Condos SOLD 187 387 348 407 304 271 269

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 8/31/20 2019 2018 2017 2016 2015 2014
Median* Sold Price $785,000 $767,625 $890,000 $750,000 682,500 694,400 $619,000
Median* Days on Market 92 113 113 131 132 165 145
Total SF Homes Sold 62 94 87 95 98 91 85

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:

Currently Listed Condos Single-Family Homes
Median Price* $445,000

DOWN from $421,950 in August

$1,295,000

UP from $1,162,500 in August

Median Days on Market* 39

DOWN from 53 in August

60

DOWN from 65 in August

Total Available March 1** 65

DOWN from 94 in August

33

DOWN from 40 in August

*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 7/31/20 2019 2018 2017 2016 2015 2014
Median* Sold Price $464,000 $450,000 $402,500 $349,900 $299,750 $305,000 $292,500
Median* Days on Market 73 84 69 70 117 113 89
Total Condos SOLD 139 387 348 407 304 271 269

After the slow-down in March through May, the data is starting to reflect the increase in activity over the last 45-60 days. Through July 2020, the median condo price is slightly up over 2019 (3%). If we annualize YTD 2020 condos sold, we are on track to sell 60% fewer condos in 2019, but I do not think this trend is accurate as 25% of all condos sold in 2020 were closed in July. Condos are selling 14% faster than in 2019 (down 11 days).

Single Family Homes

Through 7/31/20 2019 2018 2017 2016 2015 2014
Median* Sold Price $750,000 $767,625 $890,000 $750,000 682,500 694,400 $619,000
Median* Days on Market 95 113 113 131 132 165 145
Total SF Homes Sold 51 94 87 95 98 91 85

Through July 2020, the median price of single family homes sold is relatively flat (about 2% variance) as compared to 2019. If we annualize YTD 2020 single family homes sold, we are on track to sell approximately 8% less compared to 2019, but I think this trend will shift since 24% of the YTD homes sold closed in July. Single family homes are also selling 18% more quickly in 2020 than 2019 (down 18 days).

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

Currently Listed Condos Single-Family Homes
Median Price* $421,950

DOWN from $443,500 in July

$1,162,500

UP from $1,157,000 in July

Median Days on Market* 53

DOWN from 57 in July

65

UP from 53 in July

Total Available March 1** 94

DOWN from 116 in July

40

DOWN from 42 in July

*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 6/30/20 2019 2018 2017 2016 2015 2014
Median* Sold Price $452,500 $450,000 $402,500 $349,900 $299,750 $305,000 $292,500
Median* Days on Market 89 84 69 70 117 113 89
Total Condos SOLD 100 387 348 407 304 271 269

Through June 2020, the median condo price is relatively flat as compared to 2019. If we annualize YTD 2020 condos sold, we are on track to sell 51% fewer condo than in 2019, and those that do sell are taking 5% longer (up 7 days). Of course, this trend is not reliable due to the current COVID-19 crisis.

Single Family Homes

Through 6/30/20 2019 2018 2017 2016 2015 2014
Median* Sold Price $735,000 $767,625 $890,000 $750,000 682,500 694,400 $619,000
Median* Days on Market 126 113 113 131 132 165 145
Total SF Homes Sold 39 94 87 95 98 91 85

Through June 2020, the median price of single family homes sold is slightly up (about 4%) as compared to 2019. If we annualize YTD 2020 single family homes sold, we are on track to sell approximately 12% less as compared to 2019, and those that do sell are taking 11% longer (up 13 days). Of course, this trend is not reliable due to the current COVID-19 crisis.

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

Currently Listed Condos Single-Family Homes
Median Price* $443,500

UP from $429,000 in June

$1,157,000

DOWN from $1,190,000 in June

Median Days on Market* 57

DOWN from 82 in June

53

DOWN from 100 in June

Total Available March 1** 116

UP from 90 in June

42

UP from 33 in June

*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 5/31/20 2019 2018 2017 2016 2015 2014
Median* Sold Price $457,000 $450,000 $402,500 $349,900 $299,750 $305,000 $292,500
Median* Days on Market 96 84 69 70 117 113 89
Total Condos SOLD 92 387 348 407 304 271 269

Through May 2020, the median condo price is relatively flat (less than 2% variance) as compared to 2019. If we annualize YTD 2020 condos sold, we are on track to sell 43% fewer condo than in 2019, and those that do sell are taking 15% longer (up 12 days). Of course, this trend is not reliable due to the current COVID-19 crisis.

Single-Family Homes

Through 5/31/20 2019 2018 2017 2016 2015 2014
Median* Sold Price $757,500 $767,625 $890,000 $750,000 682,500 694,400 $619,000
Median* Days on Market 143 113 113 131 132 165 145
Total SF Homes Sold 34 94 87 95 98 91 85

Through May 2020, the median price of single-family homes sold is relatively flat (less than 2% variance) as compared to 2019. If we annualize YTD 2020 single family homes sold, we are on track to sell 13% less as compared to 2019, and those that do sell are taking 27% longer (up 30 days). Of course, this trend is not reliable due to the current COVID-19 crisis.

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

Currently Listed Condos Single-Family Homes
Median Price* $429,000

DOWN from $444,000 in May

$1,190,000

UP from $1,124,000 in May

Median Days on Market* 82

UP from 74 in May

100

DOWN from 148 in May

Total Available March 1** 90

UP from 74 in May

33

UP from 30 in May

*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 4/30/20 2019 2018 2017 2016 2015 2014 2013
Median* Sold Price $439,000 $450,000 $402,500 $349,900 $299,750 $305,000 $292,500 $265,000
Median* Days on Market 97 84 69 70 117 113 89 105
Total Condos SOLD 89 387 348 407 304 271 259 345

Through April 2020, the median condo price is down 2.5% compared to 2019. If we annualize YTD 2020 condos sold, we are on track to sell 44% fewer condo than in 2019, and those that do sell are taking 15% longer (up 13 days). Of course, this trend is not reliable due to the current COVID-19 crisis.

Single-Family Homes

Through 4/30/20 2019 2018 2017 2016 2015 2014 2013
Median* Sold Price $780,000 $767,625 $890,000 $750,000 $682,500 $694,400 $619,000 $580,000
Median* Days on Market 148 113 113 131 132 165 145 103
Total SF Homes Sold 31 94 87 95 98 91 85 90

Through April 2020, the median price of single-family homes sold is relatively flat (less than 2% variance) as compared to 2019. If we annualize YTD 2020 single family homes sold, we are on track to sell the same number as in 2019, and those that do sell are taking 30% longer (up 35 days). Of course, this trend is not reliable due to the current COVID-19 crisis.

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

Currently Listed Condos Single-Family Homes
Median Price* $444,000

DOWN from $449,900 in April

$1,124,000

DOWN from $1,123,000 in April

Median Days on Market* 74

UP from 46 in April

148

UP from 127 in April

Total Available March 1** 74

DOWN from 87 in March

30

DOWN from 35 in April

*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 3/31/20 2019 2018 2017 2016 2015 2014 2013
Median* Sold Price $450,000 $450,000 $402,500 $349,900 $299,750 $305,000 $292,500 $265,000
Median* Days on Market 97 84 69 70 117 113 89 105
Total Condos SOLD 77 387 348 407 304 271 259 345

Through the first quarter of 2020, condo prices are flat as compared to 2019. If we annualize first quarter of 2020 condos sold, we are on track to sell 26% fewer condo than in 2019, and those that do sell are taking 15% longer (up to 13 days). Of course, this trend is not reliable due to the current COVID-19 crisis.

Single-Family Homes

Through 3/31/20 2019 2018 2017 2016 2015 2014 2013
Median* Sold Price $780,000 $767,625 $890,000 $750,000 $682,500 $694,400 $619,000 $580,000
Median* Days on Market 139 96 113 131 132 165 145 103
Total SF Homes Sold 25 94 87 95 98 91 85 90

Through the first quarter of 2020, single family home sales are relatively flat (less than 2% variance) as compared to 2019. If we annualize the first quarter of 2020 single family homes sold, we are on track to sell approximately 6% more single family homes than in 2019, and those that do sell are taking 23% longer (up to 26 days). Of course, this trend is not reliable due to the current COVID-19 crisis.

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

Currently Listed Condos Single-Family Homes
Median Price* $449,900

DOWN from $472,000 in March

$1,123,000

DOWN from $1,189,000 in March

Median Days on Market* 46

UP from 28 in March

127

DOWN from 129 in March

Total Available March 1** 87

UP from 64 in March

35

DOWN from 47 in March

*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 PDF report.

We use cookies and tracking technology in connection with your activities on our website. By viewing and using our website, you consent to our use of cookies and tracking technology in accordance with our Privacy Policy.