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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

Single-Family Homes

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:

  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.

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

Single-Family Homes

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:

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

As we enter the second 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

Single-Family Homes

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:

  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.

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

Single-Family Homes

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:

  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.

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

Single-Family Homes

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:

  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.

Nobody wants to overpay for a house, and people tend to focus on negotiating as low of a purchase price as possible when they actually buy a house. And of course they want to make sure the interest rate on the mortgage they take at that time is as low as possible too. This all makes total sense to do, of course. But, once all of that is done, many homeowners kind of “set it and forget it”, and never look at whether they could be paying even less for their house once they own it.

According to this CNBC article, Black Knight (a mortgage data provider) says that over 5 million homeowners just missed out on their chance to refinance to a better rate. Rising interest rates have just knocked all of those people out of the running to save some money on their house.

The good news is that according to Black Knight’s analysis and metrics, there are still 5.9 million homeowners who are in a position to save money, despite the rising rates. Their data indicates that more than a million borrowers could save at least $400 per month, and 661,000 homeowners could save more than $500 per month.

So, if you haven’t recently refinanced, you may want to do yourself a favor and look into it. You could be paying more per month for your house than you need to, and ultimately more for your house than you need to. Capitalize on the increased equity you might have due to the sharp rise in home values in the past couple of years, and the still record low mortgage rates, before either shifts too much for it to benefit you.

When doing your research, make sure you consider and analyze the costs of doing the refinance, and that you aren’t getting sold on doing one when it doesn’t actually make sense.

The Takeaway:

Before speaking to a lender, consult with a local real estate agent about the current market value of your house, the lenders will want to know this information. But also speak to the agent about your short and long term goals with the house, as this will affect the advice an agent gives you, and whether or not it makes sense for you to refinance at all. Then you can truly weigh whether the savings are worth doing, given the costs to do so, and your future housing plans.

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.

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

Currently ListedCondos
Median* Price$610,000
↓DOWN from $719,000 in March
Median* Days on Market27
↑UP from 15 in March
Total Available on May 1**45
↑UP from 31 in March

Single Family Homes

Currently ListedCondos
Median* Price$1,099,000
↓DOWN from $1,165,000 in March
Median* Days on Market32
↑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:

  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.
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