WHAT A YEAR! 2021 was another one for the books! A true display of the impact of supply and demand on prices. 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. As illustrated in the charts below, there are only 3 condos and 10 single family homes listed for sale as of January 1, 2022. THIS IS A RECORD LOW.
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 2021.
- The YTD median sales price for condos 2021 is $612,000 which is up $12,000 from last month and up nearly 29% 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.
- 460 condos have closed escrow in 2021 (average of 38 per month) as compared to 2020 where 442 condos sold (average of 37 per month).
- There are 3 active condos listed for sale as of January 1 as compared to 11 on December 1. This is a HISTORIC LOW.
- There are 59 pending sales as compared to 52 last month.
Single Family Homes
- The YTD median sales price for single family homes in 2021 is $1,150,000 which is the same as last month and up 40% over 2020.
- The median days on market is 70 days which is down 12 days from 2020. This time period begins on the day the property is listed and ends when it closes escrow.
- 131 single family homes have closed escrow in 2021 (average of 11 per month) which is nearly the same as 2020 (133 sold).
- There are 10 active single-family homes listed for sale on January 1 which is 3 less than last month.
- There are 12 pending sales as compared to 15 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? 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.
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:
- 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.