Mammoth Lakes Real Estate Market Update

The first half of 2013 has been a roller coaster ride as far as home prices and the number of listings we have seen in the Mammoth Lakes area.  Average listing prices are down while median sales prices in Mammoth are up.

So, how is the market in Mammoth Lakes? 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 two years closed transaction in Mammoth Lakes and 2013 so far.

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:

In summary, both condos and single family homes are selling more quickly and at a higher price in 2013 than in the previous two years.   The total number of sales is trending similar to 2012.  Inventory levels  for condos is low (down 12% from January).   Single family home inventory is relatively flat so far this year.   Based on actual closed sales so far this year, the trend indicates there will be more condos sold this year than last.   Of course, inventory is needed to continue the trend.

Mammoth Lakes has historically followed Orange County and San Diego by 6-8 months.  These areas are still in an upward cycle.   The average price per square foot in Anaheim, CA is up 19.1 percent compared to this time last year.  The median home sales price in Anaheim increased 22.4 percent compared to this time last year as well.  Mammoth Lakes saw an increase of 0.1% in median home sales prices compared to this time last year.  With Mammoth about 6-8 months behind Anaheim and Orange County, California, an upswing may well be indicated here as well.

According to the National Association of Realtors, national sales are up from a year ago in median-priced homes and higher-priced homes.  Sales in the lowest priced category were down in the West, South, and Northeast due to limited inventory in this price range.    The national gain in median home prices is the best year-over-year performance in over seven years according to the latest quarterly report by the National Association of Realtors.  Will the upward trend continue?  Time will tell.

What does this mean to you?  Prices are trending up.  Anyone interested in buying should increase their search and identify a property before prices go higher.    This may be challenging with the limited inventory.  Sellers can expect to get more than they would have last year.    Of course, there is no crystal ball.  My advice, if you find something you love now is the time to make that offer.

For other articles written by Sonja Bush, visit www.sonjabush.com

Sonja Bush is a licensed California real estate broker.  As a Broker Associate with Mammoth Village Properties located at The Village in Mammoth, Sonja works with buyers and sellers in the Eastern Sierra.  Sonja can be reached at [email protected] or www.sonjabush.com.