market report Archives - Destination Real Estate

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?

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?

Conclusion

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

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.

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

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 the first quarter, there appears to be a small shift in both pricing and days on Market for condos and single-family homes in Mammoth Lakes. The big metric to watch is the number of active listings and this number is trending slightly up for combined inventory month over month since January (up for condos and flat for single-family homes). The bottom line remains the same as the past several months – low inventory is selling for higher prices and more quickly than in previous years.

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 March 31, 2022.

Condos

The YTD median sales price for condos sold the first quarter of 2022 is $775,000 which is up 27% over 2021.
The median days on market YTD is 48 days which is down 4 days from 2021. This time period begins on the day the property is listed and ends when it closes escrow.
93 condos have closed escrow so far in 2022 (31 per month) as compared to 2021 where the average was 38 per month.
There are 35 active condos listed for sale as of April 1 as compared to 19 on March 1.
There are 52 pending sales on April 1 as compared to 61 last month.

Single-Family Homes

The YTD median sales price for single-family homes through the first quarter of 2022 is $1,225,000 which is up approximately 6% over 2021.
The median days on market is 71 days which is down from 113 days in 2021. This time period begins on the day the property is listed and ends when it closes escrow.
27 single-family homes closed escrow in the first two months of 2022 (9 per month) which is down from 11 average monthly in 2021.
There are 16 active single-family homes listed for sale on April 1 which is the same as last month.
There are 11 pending sales on April 1 which is down from 12 last month.

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

If priced right, properties are selling quickly and for over asking price 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. 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. 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

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.

After record low inventory levels for both single family homes and condos the last 3 months, local inventory is increasing as we move further into 2022. There are 35 listings as of February 1 as compared to 18 this time last month (condos and SFH combined).

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 February 28, 2022.

Condos

The YTD median sales price for condos sold the first two months of 2022 is $775,000 which is up 27% over 2021. With only two months of data, the median data will have more meaning as we move through the year.
The median days on market YTD is 50 days which is down 2 days from 2021. This time period begins on the day the property is listed and ends when it closes escrow.
50 condos have closed escrow so far in 2022 (25 per month) as compared to 2021 where the average was 38 per month.
There are 19 active condos listed for sale as of March 1 as compared to 18 on February 1.
There are 61 pending sales on March 1 as compared to 64 last month.

Single Family Homes

The YTD median sales price for single family homes so far in 2022 is $1,025,000 which is down 12% over 2021. With only two months of data, the median data will have more meaning as we move through the year.
The median days on market is 90 days which is down from 113 days in 2021. This time period begins on the day the property is listed and ends when it closes escrow.
17 single family homes closed escrow in the first two months of 2022 (8.6 per month) which is down from 11 average monthly in 2021.
There are 16 active single-family homes listed for sale on March 1 which is 6 more than February 1.
There are 12 pending sales on March 1 which is the same as last month.

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

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. 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

While the real estate market continues to be hot in Mammoth Lakes and nationally, there are signs the market may be more balanced as we move further into 2022. For a national look at the state of real estate in 2022, check out our this blog post.

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.

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.

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 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

The YTD median sales price for condos through June 30, 2021is $582,500 which is up almost 3% over last month and up 23% 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.
227 condos have closed escrow (average of 37.83 per month) as compared to 2020 where 442 condos sold (average of 36.83 per month).
There are 44 active condos listed for sale as compared to 47 for the previous month.
There are 70 pending sales which is down 6% from last month.

Mammoth Lakes Single Family Homes

The YTD median sales price for single family homes through June 2021is is $1,500,000 which is flat over the previous month and up 71% over 2020.
The median days on market is 61 days which is down 21 days from 2020. This time period begins on the day the property is listed and ends when it closes escrow.
63 single family homes have closed escrow (average of 10.5 per month) as compared to 2020 where 133 sold (average of 11.08 per month).
There are 20 active single-family homes listed for sale which is the same as last month.
There are 26 pending sales as compared to 14 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. Over priced properties are just sitting and getting no showings or offers.

What Does This Mean for Mammoth Lakes Area Home Buyers?

Conclusion

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 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?

Conclusion

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.