March 3, 2015
Real Estate
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 four years closed transactions in Mammoth Lakes and what has happened so far in 2015.
Condos | YTD thru Feb. 2015 |
2014 |
2013 | 2012 | 2011 |
Median* Sold Price |
$290,00 |
$292,500 |
$265,000 |
$244,000 |
$242,000 |
Median* Days on Market |
93 |
89 |
105 |
123 |
98 |
Total Condos SOLD | 39 | 259 | 345 | 299 | 309 |
Single Family Homes |
YTD thru
Feb. 2015 |
2014 |
2013 |
2012 |
2011 |
Median* Sold Price |
$915,000 |
$615,000 |
$575,000 |
$575,000 |
$560,000 |
Median* Days on Market |
167 |
145 |
103 |
181 |
120 |
Total SF Homes SOLD | 15 | 85 | 91 | 91 | 75 |
In summary, the number of condos sold is the lowest amount in the last four years (28% less than 2013) while the median price has risen (10% higher than 2013) and days on market has decreased (16% lower than 2013) .
For single family homes, the number of homes has stayed relatively flat while the price and days on market have both increased over 2013 (7% and 40% respectively).
In both categories it is too early to comment on a 2015 trend.
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 | $399,000
Up from $389,000 in Jan. |
$968,000
Up from $924k in Jan. |
Median* Days on Market | 78
Up from 76 in Jan. |
174
Up from 154 in Jan. |
Total Available as of Mar. 1 | 151
Down from 153 in Jan. |
63
Down from 66 in Nov |
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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