Mammoth Lakes Real Estate Market Update – June 2020

June 2, 2020

Real Estate

There are several different data points to review when analyzing the current market including median price, days on market and total inventory sold. Below is a snapshot of the last several years of transactions closed and current inventory.

Condos

	Through 5/31/20	2019	2018	2017	2016	2015	2014
Median* Sold Price	$457,000	$450,000	$402,500	$349,900	$299,750	$305,000	$292,500
Median* Days on Market	96	84	69	70	117	113	89
Total Condos SOLD	92	387	348	407	304	271	269

Through May 2020, the median condo price is relatively flat (less than 2% variance) as compared to 2019. If we annualize YTD 2020 condos sold, we are on track to sell 43% fewer condo than in 2019, and those that do sell are taking 15% longer (up 12 days). Of course, this trend is not reliable due to the current COVID-19 crisis.

Single-Family Homes

	Through 5/31/20	2019	2018	2017	2016	2015	2014
Median* Sold Price	$757,500	$767,625	$890,000	$750,000	682,500	694,400	$619,000
Median* Days on Market	143	113	113	131	132	165	145
Total SF Homes Sold	34	94	87	95	98	91	85

Through May 2020, the median price of single-family homes sold is relatively flat (less than 2% variance) as compared to 2019. If we annualize YTD 2020 single family homes sold, we are on track to sell 13% less as compared to 2019, and those that do sell are taking 27% longer (up 30 days). Of course, this trend is not reliable due to the current COVID-19 crisis.

The current inventory provides an indication of potential activity. Below is a snapshot of current listings:

Currently Listed	Condos	Single-Family Homes
Median Price*	$429,000 DOWN from $444,000 in May	$1,190,000 UP from $1,124,000 in May
Median Days on Market*	82 UP from 74 in May	100 DOWN from 148 in May
Total Available March 1**	90 UP from 74 in May	33 UP from 30 in May

*Median Price is the middle value for a range of values and is a good indicator to use when there is significant data. It minimizes the impact of unusually high or low values and gives a better perspective of the big picture.

**Total Available excludes properties currently under contract.

Download the report.