WOW! Is it February already? As reported last month, last year was one for the real estate record books both nationally and in Mammoth Lakes. Based on the data for January, 2022 seems to be off to a similar start. After record low inventory levels for both single family homes and condos the last two months, local inventory is slightly increasing as we move further into 2022. There are 18 listings as of February 1 as compared to 13 this time last month (condos SFH combined).
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 January 31, 2022.
- The YTD median sales price for condos sold in January is $801,250 which is up 31% over 2021. With only one month of data, the median data will have more meaning as we move through the year.
- The median days on market for January is 51 days which is down 1 day from 2021. This time period begins on the day the property is listed and ends when it closes escrow.
- 29 condos have closed escrow in January as compared to 2021 where the average was 38 per month.
- There are 18 active condos listed for sale as of February1 as compared to 3 on January 1.
- There are 64 pending sales as compared to 59 last month.
Single Family Homes
- The YTD median sales price for single family homes January was $950,000 which is up 40% over 2021. With only one month of data, the median data will have more meaning as we move through the year.
- The median days on market is 13 days which is up 43 days from 2021. This time period begins on the day the property is listed and ends when it closes escrow.
- 11 single family homes closed escrow in January which is the same as the average monthly in 2021.
- There are 10 active single-family homes listed for sale on February 1 which is the same as last month.
- There are 12 pending sales which is the same as 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. If inventory levels and interest rates remain low, prices will remain high. Historically, there is an increase in inventory after Spring Break – I recommend listing prior to this increase of inventory and take advantage of low competition. 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 – 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
While the real estate market continues to be hot in Mammoth Lakes and nationally, there are signs the market may be more balanced as we move further into 2022. For a national look at the state of real estate in 2022, check out our latest blog post
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:
- 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.