Mammoth Lakes Real Estate Market Update – August 2020

August 3, 2020

Real Estate

There are several different data points to review when analyzing the current market including median price, days on market and total inventory sold. Below is a snapshot of the last several years of transactions closed and current inventory.

Condos

	Through 7/31/20	2019	2018	2017	2016	2015	2014
Median* Sold Price	$464,000	$450,000	$402,500	$349,900	$299,750	$305,000	$292,500
Median* Days on Market	73	84	69	70	117	113	89
Total Condos SOLD	139	387	348	407	304	271	269

After the slow-down in March through May, the data is starting to reflect the increase in activity over the last 45-60 days. Through July 2020, the median condo price is slightly up over 2019 (3%). If we annualize YTD 2020 condos sold, we are on track to sell 60% fewer condos in 2019, but I do not think this trend is accurate as 25% of all condos sold in 2020 were closed in July. Condos are selling 14% faster than in 2019 (down 11 days).

Single Family Homes

	Through 7/31/20	2019	2018	2017	2016	2015	2014
Median* Sold Price	$750,000	$767,625	$890,000	$750,000	682,500	694,400	$619,000
Median* Days on Market	95	113	113	131	132	165	145
Total SF Homes Sold	51	94	87	95	98	91	85

Through July 2020, the median price of single family homes sold is relatively flat (about 2% variance) as compared to 2019. If we annualize YTD 2020 single family homes sold, we are on track to sell approximately 8% less compared to 2019, but I think this trend will shift since 24% of the YTD homes sold closed in July. Single family homes are also selling 18% more quickly in 2020 than 2019 (down 18 days).

The current inventory provides an indication of potential activity. Below is a snapshot of current listings:

Currently Listed	Condos	Single-Family Homes
Median Price*	$421,950 DOWN from $443,500 in July	$1,162,500 UP from $1,157,000 in July
Median Days on Market*	53 DOWN from 57 in July	65 UP from 53 in July
Total Available March 1**	94 DOWN from 116 in July	40 DOWN from 42 in July

*Median Price is the middle value for a range of values and is a good indicator to use when there is significant data. It minimizes the impact of unusually high or low values and gives a better perspective of the big picture.

**Total Available excludes properties currently under contract.

Download the report.