Mammoth Lakes Real Estate Market Update – April 2021

As we enter the second quarter of 2021, the Mammoth Lakes real estate market continues to be hot.  What does that mean?  Simply put, it means there are more buyers than sellers.  I am answering new buyer calls daily but there are not a lot of options for them.  If/when they do find a property they like, there are multiple offers and often over the list price.  Some people think a seller’s market is easy for a Realtor® and quite frankly it is actually very challenging. It is my job to help formulate an offer that may be more appealing to the seller.   The good news is, historically we see an increase in inventory around this time of the year and although the last year has been anything but typical, it does appear inventory levels are slowing rising.

In this post, I will highlight the numbers you need to know about the Mammoth Lakes real estate market, what it means if you are thinking about buying or selling, and where to get help to move towards achieving your real estate goals this year.  

What’s Happening in the Mammoth Lakes Real Estate Market?

It is helpful to look at the current market in two different segments: single family homes and condos. This data reflects the quarter from January 1 through March 31.

Condos

• The median sales price in the first quarter of 2021 is $525,000 which is up about 1% over last month and up 10.5% over last year ($475,000 in 2020).
• The median days on market is 48 days which is down 19 days as compared to 2020.  This time period begins on the day the property is listed and ends when it closes escrow.
• 116 condos have closed escrow (average of 38 per month) as compared to an average of 37 per month for all of 2020.   
• There are 31 active condos listed for sale as compared to 19 for the previous month (63% increase).
• There are 76 pending sales as compared to 81 last month (6% decrease).  These are properties under contract that have not yet closed escrow.  

Single Family Homes

• The median year to date sales price is $1,600,000 which is up nearly 7% over last month and up 82.8% over last year ($875,000 in 2020).
• The median days on market is 96 days which is up 14 days.  This time period begins on the day the property is listed and ends when it closes escrow.
• 29 single family homes have closed escrow (average of 9.6 per month) as compared to an average of 11 per month in 2020.
• There are 17 active single family homes listed for sale as compared to 15 for the previous month (12% increase).
• There are 16 pending sales as compared to 13 last month (23% increase). These are properties under contract that have not yet closed escrow.  

What Does This Mean for Mammoth Lakes Homeowners and Sellers?

As the numbers indicate, this is a great time to sell.  No one can predict how long this seller’s market will last.  Historically, we see an increase in inventory after spring break.  More inventory means more competition.  More competition means fewer buyers for your property.   Nothing is typical about this year and only time will tell whether the inventory actually does increase.  I can say for certain that I have received more calls from potential sellers in the last week than I did all of March. If you are even remotely thinking about selling, contact me for a free consultation and evaluation of your property.  This will include a recommendation for pricing as well as suggestions for preparing your property for sale.  I am reminding sellers that just because this is a seller’s market, there are still some small things that can be done to prepare your home for listing which could result in a higher sales price.  This could be as simple as rearranging furniture, changing light bulbs, decluttering or minor repairs.  I can also recommend great local resources for any work that may need to be completed prior to listing. 

What Does This Mean for Mammoth Lakes Home Buyers?

With such low inventory available in Mammoth Lakes, buyers need to be ready to act quickly when they find a property they are interested in.  Do you have your financials in order?  Do you need a pre-approval letter?  I can connect you with lenders who have a proven track record of success in our area.  Many buyers do not know that not all lenders can lend in certain projects in Mammoth Lakes.  What are your must-have features?  I can help you increase your chances of securing the property of your dreams in this tough market so reach out to me for a free consultation to set you on the right path for achieving your goal of owning property in Mammoth Lakes.  

Conclusion

Many have asked if the real estate market is going to crash.  Specifically, how is today’s market different than the one that caused the 2008 meltdown.  Check out my blog post which directly addresses this question.  

Whether you are a seller or a buyer, there is no doubt you will benefit from teaming with an educated and experienced Realtor® to help you navigate this hot market.  I have created guides to help with both the buying and selling process.  You can access the guides on my website:

The Ultimate Home Sellers Guide

The UltimateHome Buyers Guide 

Notes:

1. All data are sourced from the Mammoth Lakes Board of Realtors.
2. *Median price = middle value.  This is used as a good indicator when there is significant data as it minimizes the impact of unusually high or low values and provides a better perspective of the big picture.
3. **Total Available excludes properties under contract/pending which have not yet closed.