According to the April Zillow Real Estate Market Reports, national home values rose 0.7 percent in April to a Zillow Home Value Index of $147,300. This is the largest monthly increase in home values since January 2006, and it makes April the second month in a row in which home values climbed up.
Great news for the national market. But what is happening here in Mammoth Lakes? Interestingly the data from the first quarter of this year is pretty consistent with what the numbers look like today. The numbers fluctuate daily but have remained fairly constant:
- Total active listings: 179 (exact number reported in March)
- Median price: $329,000 (exactly what was reported in March)
- Median days on market: 121 (down from 152 days in March)
Residential (single family homes):
- Total active listings: 73 (up from 58 in March)
- Median price: $700,000 (down from $775k in March)
- Median days on market: 110 (down from 147 days in March)
While the number of listings and median prices seem to be flat, the median days on market has decreased significantly overall. Is this a seasonal trend or have we hit bottom? Time will tell. The take away from the data for buyers, if you find something you love….have your finances in order and be prepared to make an offer. If you are thinking of selling, you might be able to sell a little quicker.
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