Mammoth Lakes Real Estate Market Update – March 2019

March 1, 2019

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 eight years of transactions closed and current inventory.

Condos

	Through 2/28/19	2018	2017	2016	2015	2014	2013	2012
Median* Sold Price	$434,500	$402,500	$349,900	$299,750	$305,000	$292,500	$265,000	$244,000
Median* Days on Market	65	69	70	117	113	89	105	123
Total Condos SOLD	45	348	407	304	271	259	345	299

In summary, condos sold at roughly 15% higher price in 2018 and in about the same amount of time on market as 2017. The total number of condos sold was down approximately 17% in 2018. Although early in 2019, median price is trending up nearly 8%.

Single-Family Homes

	Through 2/28/19	2018	2017	2016	2015	2014	2013	2012
Median* Sold Price	$799,000	$890,000	$750,000	$682,500	$694,400	$619,000	$580,000	$575,000
Median* Days on Market	158	113	131	132	165	145	103	181
Total SF Homes Sold	13	87	95	98	91	85	90	91

At the end of 2018, the median price of single-family homes was up 19% over 2017. The median days on market decreased 15% and the total properties sold was down 9%. In summary, fewer single-family homes sold in 2018 – those that did sell moved more quickly and at a higher price. The volume so far in 2019 is not sufficient to identify any trends.

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

Currently Listed	Condos	Single-Family Homes
Median Price*	$469,000 DOWN from $498,888 in Feb	$991,500 UP from $988,000 in Feb
Median Days on Market*	66 NO CHANGE from Feb	106 DOWN from 123 in Feb
Total Available on March 1**	94 DOWN from 103 in Feb	38 UP from 37 in Feb

*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.