Mammoth Lakes Real Estate Market Update – May 2019

May 21, 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 4/30/19	2018	2017	2016	2015	2014	2013	2012
Median* Sold Price	$427,250	$402,500	$349,900	$299,750	$305,000	$292,500	$265,000	$244,000
Median* Days on Market	91	69	70	117	113	89	105	123
Total Condos SOLD	106	348	407	304	271	259	345	299

At the end of April 2019, condo prices are up approximately 6% over year-end 2018. Fewer condos are selling so far in 2019 (trending down 8% over 2018) and those that do sell are taking 30% longer to sell.

Single-Family Homes

	Through 4/30/19	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	140	113	131	132	165	145	103	181
Total SF Homes Sold	30	87	95	98	91	85	90	91

At the end of April 2019, single family home prices are down 11% from year-end 2018. Based on the first four months of 2019, the market is trending to sell about the same number of homes. Those that do sell are taking approximately 25% longer to sell.

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

Currently Listed	Condos	Single-Family Homes
Median Price*	$449,000 DOWN from $469,000 in April	$949,000 DOWN from $995,000 in April
Median Days on Market*	55 DOWN from 73 in April	74 DOWN from 116 in April
Total Available on May 1**	95 UP from 89 in April	43 UP from 34 in April

*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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