As we enter the last month of 2021, the Mammoth Lakes real estate market continues to be a study in microeconomics because of continued low inventory and high demand. The law of supply and demand explains the interaction between the sellers of a resource (ie real estate) and the buyers for that resource. The theory defines the relationship between the price of a given good or product and the willingness of people to either buy or sell it. Generally, as price increases, people are willing to supply more and demand less and vice versa when the prices fall. Interestingly, with prices at near record high currently in Mammoth Lakes, inventory is not increasing.
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 the end of November 2021.
Condos
- The YTD median sales price for condos through November 30, 2021 is $600,000 which is up $5,000 from last month and up 26% over 2020.
- The median days on market is 52 days which is down 15 days from 2020. This time period begins on the day the property is listed and ends when it closes escrow.
- 431 condos have closed escrow through November 2021 (average of 39 per month) as compared to 2020 where 442 condos sold (average of 37 per month).
- There are 11 active condos listed for sale as of December as compared to 12 on November 1. This is a HISTORIC LOW.
- There are 52 pending sales which is the same as last month.
Single Family Homes
- The YTD median sales price for single family homes through November 2021 is $1,150,000 which is the same as last month and up 40% over 2020.
- The median days on market is 64 days which is down 22 days from 2020. This time period begins on the day the property is listed and ends when it closes escrow.
- 120 single family homes have closed escrow through November 30, 2021 (average of 11 per month) as compared to 2020 where 133 sold (average of 11 per month).
- There are 13 active single-family homes listed for sale on November 1 which is 4 less than last month.
- There are 15 pending sales as compared to 10 last month.
What Does This Mean for Mammoth Lakes Area Homeowners and Sellers?
If priced right, properties are selling quickly 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. If inventory levels and interest rates remain low, prices will remain high. If priced right, properties go under contract quickly. Some property owners who want to sell but there is nothing for them to buy or 1031 exchange into. If you are even remotely thinking about selling, contact me for a free consultation and detailed written evaluation of your property. I also have a network of savvy 1031 Exchange experts who can share insights and options that may work for your situation.
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. 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. 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. Although the post is over a year old, it is still relevant today.
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.
