December 3, 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 Nov 30) |
2012 |
2011 |
Median Price |
$259,000 |
$244,000 |
$242,000 |
Median Days on Market |
103 |
123 |
98 |
Total Condos SOLD |
314 |
299 |
309 |
Single Family Homes |
2013 (as of Nov 30) |
2012 |
2011 |
Median Price |
$575,000 |
$575,000 |
$560,000 |
Median Days on Market |
103 |
181 |
120 |
Total SF Homes SOLD |
88 |
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 |
$379,900 |
$754,000 |
Median Days on Market |
100 |
101 |
Total Available as of 11/30 |
109 Relatively flat all of 2013 |
52 Relatively flat all of 2013 |
In summary, both condos and single family homes are selling more quickly than 2012 and at a higher price. Although inventory levels have been low throughout 2013, total sales of both condos and single family homes will surpass totals for the previous two years.
What does this mean to you? Prices are trending slightly up. People interested in buying should increase their search and also need to be ready to move quickly when the right property is identified. Sellers can expect to get more than they would have last year at this time. Of course, there is no crystal ball. Will the upward trend continue? Time will tell.
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