Mammoth Lakes Real Estate Market Update

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.

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 than 2012 and at a higher price than in the previous two years.   After a slight increase over the summer, inventory  levels  are low and relatively flat for 2013. Based on actual closed sales so far this year,  the trend indicates there will be more condos sold this year than last and about the same number of single family homes.   Inventory is needed 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 an 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.