Mammoth Lakes Real Estate Market Update – May 2020

May 6, 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 4/30/20	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	97	84	69	70	117	113	89	105
Total Condos SOLD	89	387	348	407	304	271	259	345

Through April 2020, the median condo price is down 2.5% compared to 2019. If we annualize YTD 2020 condos sold, we are on track to sell 44% fewer condo than in 2019, and those that do sell are taking 15% longer (up 13 days). Of course, this trend is not reliable due to the current COVID-19 crisis.

Single-Family Homes

	Through 4/30/20	2019	2018	2017	2016	2015	2014	2013
Median* Sold Price	$780,000	$767,625	$890,000	$750,000	$682,500	$694,400	$619,000	$580,000
Median* Days on Market	148	113	113	131	132	165	145	103
Total SF Homes Sold	31	94	87	95	98	91	85	90

Through April 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 the same number as in 2019, and those that do sell are taking 30% longer (up 35 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*	$444,000 DOWN from $449,900 in April	$1,124,000 DOWN from $1,123,000 in April
Median Days on Market*	74 UP from 46 in April	148 UP from 127 in April
Total Available March 1**	74 DOWN from 87 in March	30 DOWN from 35 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.

Download the report.