Mammoth Lakes Real Estate Market Update August 2024
August 3, 2024
Market Update
August 3, 2024
Market Update
In July, Mammoth Lakes real estate shifted from a "sellers' market" to a "balanced" market, marked by an equilibrium between home supply and buyer demand. A balanced market typically has about 5-6 months of inventory, but currently, there are around 7 months available. This environment allows for modest price appreciation and equal negotiating power for buyers and sellers, with properties taking moderate time to sell.
As of 2024, condo sales are up 28% compared to the same period in 2023, with prices stable but longer selling times (15% longer). Single-family homes (SFH) have seen a 23% increase in sales, with prices up about 2% and selling 12% slower. Overall, inventory for both condos and SFH is rising as of August 2024, aligning with the 10-year average but still below pre-pandemic levels.
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