Mammoth Lakes Real Estate Market Update – March 2020

March 4, 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 2/29/20	2019	2018	2017	2016	2015	2014	2013
Median* Sold Price	$439,000	$450,000	$402,500	$349,900	$299,750	$305,000	$292,500	$265,000
Median* Days on Market	103	84	69	70	117	113	89	105
Total Condos SOLD	51	387	348	407	304	271	259	345

In 2019, condo prices were up 12% over year-end 2018. Approximately 11% more condos sold in 2019 and those that did sell took 21% longer (up 15 days) to sell than in 2018. It is too early to identify 2020 trends.

Single-Family Homes

	Through 2/29/20	2019	2018	2017	2016	2015	2014	2013
Median* Sold Price	$807,000	$767,625	$890,000	$750,000	$682,500	$694,400	$619,000	$580,000
Median* Days on Market	143	96	113	131	132	165	145	103
Total SF Homes Sold	16	94	87	95	98	91	85	90

In 2019 single family home prices were down approximately 16% from year-end 2018. Approximately 8% more single family homes sold in 2019. Those that did sell sold about 17% faster (down 17 days) than in 2018. It is too early to identify 2020 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*	$472,000 UP from $459,500 in February	$1,189,000 UP from $1,125,000 in February
Median Days on Market*	28 DOWN from 47 in February	129 DOWN from 165 in February
Total Available March 1**	64 UP from 58 in February	47 DOWN from 49 in February

*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.

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