August 9, 2015
Real Estate
There are several different data points to review when evaluating the local real estate market including median price, days on market and total inventory sold. Below is a snapshot of the last four years closed transactions in Mammoth Lakes and what has happened through July 2015.
Condos | YTD thru
July 2015 |
2014 |
2013 |
2012 |
2011 |
Median* Sold Price |
$312,500 |
$292,500 |
$265,000 |
$244,000 |
$242,000 |
Median* Days on Market |
92 |
89 |
105 |
123 |
98 |
Total Condos SOLD | 134 | 259 | 345 | 299 | 309 |
Single Family Homes |
YTD thru
July 2015 |
2014 |
2013 | 2012 | 2011 |
Median* Sold Price |
$875,000 |
$615,000 |
$575,000 |
$575,000 |
$560,000 |
Median* Days on Market |
204 |
145 |
103 | 181 | 120 |
Total SF Homes SOLD | 42 | 85 | 91 | 91 | 75 |
In the condo category the median days on market is comparable to 2014. The trend indicates 12% fewer overall sales while the median sales price is 7% higher than 2014.
In the single family home category median days on market is up 40% so far in 2015. The trend also indicates 16% fewer home sales while the median price is 42% higher. Note: of the 42 single family homes sold so far in 2015, 26 of them were over $1,000,000).
Of course there is still plenty of time in 2015 for these trends to shift. 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 | $359,450
Up from $359,000 in May |
$769,000
Down from $949,000 in May |
Median* Days on Market | 96
Up from 92 in May |
100
Up from 78 in May |
Total Available as of August 9 | 202
Up from 193 in May |
95
Up from 77 in May |
If you are interested in buying or selling, a qualified Realtorâ can provide the relevant data for your specific neighborhood or area of interest.
*Median Price = Is the middle value for a range of values. This 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.
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