Mammoth Lakes Market Update – October 31, 2014

November 3, 2014

Real Estate

Mammoth Lakes Market Update – October 31, 2014

There are several different data points to review when analyzing the current status of the local real estate market including median price, days on market and total inventory sold. Below is a snapshot of the last three years closed transactions in Mammoth Lakes and January through October 2014.

Condos	2014 (as of 10/30)	2013	2012	2011
Median* Price	$300,000	$265,000	$244,000	$242,000
Median* Days on Market	86	105	123	98
Total Condos SOLD	195	345	299	309

Single Family Homes	2014 (as of 10/30)	2013	2012	2011
Median* Price	$617,000	$575,000	$575,000	$560,000
Median* Days on Market	147	103	181	120
Total SF Homes SOLD	76	91	91	75

In the condo market, the sold price for condos through October 2013 is up approximately 12% as compared to 2013. The days on market has dropped significantly for condos but the total number of condos sold is down nearly 45% over the same period in 2013.

The sold price of single family homes has remained relatively flat during the first 10 months of 2014 while the median days on market is down nearly 17%. The total number of single family homes sold is trending downward and is 65% less than the same period in 2013.

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	$367,250 Down from $369,500 in Sept	$924,000 Up from $704k in August
Median* Days on Market	79 Down from 99 in Sept	124 Up from 81 in June
Total Available as of Sept 30	144 Up from 130 in Sept	71 Down from 82 in June

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.

For previous articles, visit www.sonjabush.com