At the end of the first quarter, there appears to be a small shift in both pricing and days on Market for condos and single-family homes in Mammoth Lakes. The big metric to watch is the number of active listings and this number is trending slightly up for combined inventory month over month since January (up for condos and flat for single-family homes). The bottom line remains the same as the past several months – low inventory is selling for higher prices and more quickly than in previous years.
This article highlights 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 moving toward 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/ townhomes. This data is through March 31, 2022.
Condos
- The YTD median sales price for condos sold the first quarter of 2022 is $775,000 which is up 27% over 2021.
- The median days on market YTD is 48 days which is down 4 days from 2021. This time period begins on the day the property is listed and ends when it closes escrow.
- 93 condos have closed escrow so far in 2022 (31 per month) as compared to 2021 where the average was 38 per month.
- There are 35 active condos listed for sale as of April 1 as compared to 19 on March 1.
- There are 52 pending sales on April 1 as compared to 61 last month.
Single-Family Homes
- The YTD median sales price for single-family homes through the first quarter of 2022 is $1,225,000 which is up approximately 6% over 2021.
- The median days on market is 71 days which is down from 113 days in 2021. This time period begins on the day the property is listed and ends when it closes escrow.
- 27 single-family homes closed escrow in the first two months of 2022 (9 per month) which is down from 11 average monthly in 2021.
- There are 16 active single-family homes listed for sale on April 1 which is the same as last month.
- There are 11 pending sales on April 1 which is down from 12 last month.
What Does This Mean for Mammoth Lakes Area Homeowners and Sellers?
If priced right, properties are selling quickly and for over asking price in Mammoth Lakes area. Note the median days on market for sold properties includes the entire escrow period (30 days on average). As the numbers indicate, this is a great time to sell. No one can predict how long this seller’s market will last. Low inventory generally makes for a seller’s market but this could change with increasing interest rates, changing lending policies on second/vacation homes and geopolitical events. If you are even remotely thinking about selling, contact our team to schedule a no obligation
Property Playbook & Strategy session.
What Does This Mean for Mammoth Lakes Area Home Buyers?
Buyers in this market need 3 skills: patience, perseverance, and the ability to act quickly. Patience is needed since there are not many properties available and when they are listed, sellers do not always seem to have a sense of urgency to respond. Making offers on multiple properties and losing to a higher offer also requires perseverance. 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 – this often means being willing/able to make an offer without seeing the property in person first. Do you have your financials in order? Do you need a pre-approval letter? We 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. We 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
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:
Notes:
- All data are sourced from the Mammoth Lakes Board of Realtors®. Data for Mammoth Lakes ONLY and not the surrounding areas.
- *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.
- **Total Available excludes properties under contract/pending which have not yet closed.
