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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.

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 March 31, 2022.

Condos

Single-Family Homes

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

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.

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).  

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 February 28, 2022.

Condos

Single Family Homes

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

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.  

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 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.

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