There are several different data points to review when answering this question including median price, days on market and total inventory sold. Below is a snapshot of the last two years closed transaction in Mammoth Lakes and 2013 so far.

Condos  

2013 (as of 5/20)

2012

2011

Median   Price

$267,000

$244,000

$242,000

Median   Days on Market

109

123

98

Total Condos SOLD

128

299

309

Single   Family Homes

2013 (as of 5/20)

2012

2011

Median   Price

$599,900

$575,000

$560,000

Median   Days on Market

104

181

120

Total SF Homes SOLD

32

91

75

While this information is useful in observing trends, the current inventory must also be considered.  Below is a snapshot of the available properties available today:

CURRENTLY LISTED

Condos

Single Family Homes

Median   Price

$349,000

$897,450

Median   Days on Market

90

185

Total   Available Today

106

46

In summary, both condos and single family homes are selling more quickly and at a higher price in 2013 than in the previous two years. The number of single-family home sales are trending similar to 2012. Inventory levels for condos is low (down 12% from January). Single family home inventory is relatively flat so far this year. Based on actual closed sales so far this year, the trend indicates there will be more condos sold this year than last. Of course, inventory is needed to continue the trend.
What does this mean to you? Prices are trending up. Buyers interested in buying should increase their search and identify a property before prices go higher. This may be challenging with the limited inventory. Sellers can expect to get more than they would have last year. Of course, there is no crystal ball. Mammoth Lakes has historically followed Orange County and San Diego by 6-8 months. These areas are still in a upward cycle. Will the upward trend continue? Time will tell. My advice, if you find something you love, then now is the time to make that offer.
For previous articles, visit www.sonjabush.com

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