Mammoth Lakes Real Estate Market Update

October 30, 2013

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 two years closed transaction in Mammoth Lakes and 2013 so far.

Condos	2013 (as of Oct 29)	2012	2011
Median Price	$251,750	$244,000	$242,000
Median Days on Market	104	123	98
Total Condos SOLD	286	299	309

Single Family Homes	2013 (as of Oct 29)	2012	2011
Median Price	$592,500	$575,000	$560,000
Median Days on Market	101	181	120
Total SF Homes SOLD	80	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	$389,900	$659,950
Median Days on Market	87	126
Total Available Today 09/29	117 Relatively flat all of 2013	56 Slightly higher than 2013 average

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 low and have stayed 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.