May 7, 2021
Real Estate
As of May 1, 2021, the Mammoth Lakes real estate market continues to be hot seller’s market. What does that mean? Simply put, it means there are more buyers than sellers. I continue to receive new buyer calls daily and there are not a lot of options for them. If/when they do find a property they like, there or multiple offers and often over list price. The good news for buyers is inventory is slowing increasing which means more options. The good news for sellers is inventory is nowhere near normal levels so you will continue to have less competition.
In this post, we are going to highlight the numbers you need to know about the Mammoth Lakes real estate market, what it means if you are thinking about buying or selling, and where to get help moving toward your real estate goals this year.
It is helpful to look at the current market in two different segments: single family homes and condos/townhomes. This data is through the end of March 2021.
Currently Listed | Condos |
Median* Price | $610,000 ↓DOWN from $719,000 in March |
Median* Days on Market | 27 ↑UP from 15 in March |
Total Available on May 1** | 45 ↑UP from 31 in March |
Currently Listed | Condos |
Median* Price | $1,099,000 ↓DOWN from $1,165,000 in March |
Median* Days on Market | 32 ↑UP from 21 in March |
Total Available on May 1** | 17 No change from prior month |
If priced right, properties are metaphorically flying off the shelves in the Mammoth Lakes area. As the numbers indicate, this is a great time to sell. No one can predict how long this seller’s market will last. As predicted last month, there has been a slight increase in inventory in the last 30 days. More inventory means more competition. More competition means fewer buyers for your property.
If you are even remotely thinking about selling, contact me for a free consultation and evaluation of your property. This will include a recommendation for pricing as well as suggestions for preparing your property for sale.
I am reminding sellers that just because this is a seller’s market, we still need to price right. The properties that price slightly below the current market value are receiving multiple over list price offers. The properties that are priced too high are just sitting there with no showings and no offers. Now is a good time to sell but not to be greedy.
With such low inventory available in Mammoth Lakes, buyers need to be ready to act quickly when they find a property they are interested in. Do you have your financials in order? Do you need a pre-approval letter?
I can connect you with lenders who have a proven track record of success in our area. Many buyers do not know that not all lenders can lend in certain projects in Mammoth Lakes. I can help you increase your chances of securing the property of your dreams in this tough market so reach out to me for a free consultation to set you on the right path for achieving your goal of owning property in Mammoth Lakes.
Many have asked if the real estate market is going to crash. Specifically, how is today’s market different than the one that caused the 2008 meltdown. Check out my blog post which directly addresses this question.
Many have asked if the real estate market is going to crash. Specifically, how is today’s market different than the one that caused the 2008 meltdown. Check out my blog post which directly addresses this question.
Whether you are a seller or a buyer, there is no doubt you will benefit from teaming with an educated and experienced Realtor® to help you navigate this hot market. I have created guides to help with both the buying and selling process. You can access the guides on my website:
The Ultimate Home Sellers Guide
The Ultimate Home Buyers Guide
Notes:
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