Mammoth Lakes Real Estate Market Today

August 27, 2013

Real Estate

There are several different data points to review when evaluating the current real estate market including median price, days on market and total inventory sold. Below is a snapshot of the last two years closed transaction in Mammoth Lakes and 2013 so far.

Condos	2013 (as of 8/27)	2012	2011
Median Price	$256,500	$244,000	$242,000
Median Days on Market	106	123	98
Total Condos SOLD	216	299	309

Single Family Homes	2013 (as of 8/27)	2012	2011
Median Price	$634,500	$575,000	$560,000
Median Days on Market	104	181	120
Total SF Homes SOLD	54	91	75

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	$349,000	$699,500
Median Days on Market	78	88
Total Available Today 8/27	143 up from 106 in May	70 up from 46 in May

In summary, both condos and single family homes are selling more quickly than 2012 and at a higher price than in the previous two years. Inventory levels are finally increasing after very low levels during the first half of 2013. Based on actual closed sales so far this year, the trend indicates there will be more condos sold this year than last. The increased inventory appears to support this trend.

What does this mean to you? Prices are trending up. People interested in buying should increase their search and identify a property before prices go higher. Sellers can expect to get more than they would have last year at this time. Of course, there is no crystal ball. Mammoth Lakes has historically followed Orange County and San Diego by 6-8 months. These areas are still in a upward cycle. Will the upward trend continue? Time will tell. My advice, if you find something you love, then now is the time to make that offer.