As September approaches, the Mammoth lakes real estate market is stabilizing. It is now a buyers’ market, and it has been for the past couple of years. Buyers tend to make reasonable offers and sellers accept them in a balanced market. Most homes stay on the market for a reasonable amount of time. They are not lagging for months or getting snapped up in a matter of hours or days. Prices for homes continue to rise or remain steady. Although prices and days on the market are generally more stable, the median sold price for condos and single-family homes has increased over the past year. The September 2022 inventory is about half what it was in September 2019 (pre COVID).
What’s happening in the Mammoth Lakes Real Estate Market.
It’s helpful to consider the market in two segments: condos/townhomes and single-family homes. These data are valid through August 2022.
- The YTD median condo sales price through August 2022 was $795,000, which is an increase of 30% over 2021 but down by $5,000 from the previous month.
- The median days on the market YTD is 49, which is 3 days less than 2021. This time period begins the day that the property is listed, and ends when it closes in escrow.
- In 2022, 234 condos closed escrow (29 per monthly) compared to the average of 38 per month in 2021. If the trend continues, there will be 31% less condo sales in 2022.
- As of September 1, there were 61 condos for sale, compared with 74 last month. In January 2022, there were only 3 condos for sale. Although inventory is higher than it was earlier in the year, it is still lower than pre-COVID levels (September 2019, there were 129 condos for sale).
- On September 1, there are 44 pending sales, compared with 36 last month.
- The YTD median single-family home sales price through August 2022 was $1,230,000. This is an increase of approximately 15% over 2021 but the same as last month.
- Median days on market are 64 days, which is the same as last monday and down from 70 days 2021.
- Through August 2022, 61 single-family homes were closed escrow (7.6 per monthly), which is down from the 11 average monthly closing in 2021. If the trend continues, there will be 45% less homes sold in 2022.
- On September 1, there were 26 single-family homes for sale, up from 32 in January and 10. September 2019 inventory (pre-COVID), was 69.
- On September 1, there are 12 pending sales, which is lower than the 9 reported last month.
What does this mean for Mammoth Lakes Area homeowners and sellers?
Realistic expectations are important when you sell your property. Mammoth Lakes has a unique market, as it is not like other areas of California that are primarily focused on fully-owner-occupied properties. This market is primarily a second home market. Sellers should expect multiple offers over the asking price as it transitions to a more balanced market. Although properties are still selling, they are selling slower than in the past 24 months. Contact our team if you are thinking of selling – we will schedule a complimentary Property Playbook & Strategy session. We will sell your property with the right strategy and patience.
What does this mean for Mammoth Lakes Area home buyers?
There are more options because inventory is decreasing. This does not necessarily mean that there are no “deals”. The average selling price has risen over 2021. Buyers still need to be ready to make offers in this market, even with increased inventory. Are your finances in order? Are you in need of a pre-approval letter We can help you find lenders with a track record of success in this area. Many condo projects in Mammoth have seen lending rules change. Many buyers don’t know that not all lenders are able to lend in Mammoth Lakes projects. To help you achieve your dream of owning property at Mammoth Lakes, we can assist you.
No matter if you’re a seller or buyer, you will reap the benefits of working with an experienced and educated Realtor(r) in order to navigate this hot market.