At the end of April 2022, there appears to be a shift in the market. The data shows sold prices are still up in 2022, days on market are down and inventory is still low. That being said, my personal observations show a slightly different reality as we move into May. Listings are getting few showings and offers are coming slower. In the first quarter of 2022 most new listings would get multiple offers within the first couple days of being listed. Starting mid-April this has changed. What is the reason for this shift? Having discussed this with other local Realtors®, there are a few theories. Partially this can be attributed to the normal slow down during shoulder season (the slow time in Mammoth Lakes from May – June). Could the rising interest rates and concerns about the economy also play a role? Whatever the reason, it will be interesting to see how the second quarter unfolds.
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 April 30, 2022.
- The YTD median sales price for condos sold through April 2022 is $800,000 which is up 30% over 2021.
- The median days on market YTD is 47 days which is down 5 days from 2021. This time period begins on the day the property is listed and ends when it closes escrow.
- 127 condos have closed escrow so far in 2022 (32 per month) as compared to 2021 where the average was 38 per month.
- There are 33 active condos listed for sale as of May 1 as compared to 35 on April 1.
- There are 51 pending sales on May 1 as compared to 52 last month.
- The YTD median sales price for single-family homes through April 2022 is $1,415,000 which is up approximately 23% over 2021.
- The median days on market is 68 days which is down from 70 days in 2021. This time period begins on the day the property is listed and ends when it closes escrow.
- 33 single-family homes closed escrow through April 2022 (8 per month) which is down from 11 average monthly in 2021.
- There are 19 active single-family homes listed for sale on May 1 which is up from 16 last month.
- There are 10 pending sales on May 1 which is down from 11 last month.
What Does This Mean for Mammoth Lakes Area Homeowners and Sellers?
It is important to have realistic expectations when selling your property. Mammoth Lakes is a different market than Southern California. While there is still demand for properties and low inventory, pricing your property right is critical. Most buyers know that properties in Mammoth are selling over list price. By pricing your property too high, it will just sit on the market. 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. If you have lost on previous offers, stick with it. Other buyers are frustrated and have moved to the sidelines which means less competition for you. 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.
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.