Mammoth Lakes Real Estate Market Update November 2024

In October 2024, Mammoth Lakes real estate continued to experience a balanced market, defined by approximately 5 months of inventory. This market condition indicates that neither buyers nor sellers hold significant negotiating power, and properties are selling at a steady pace. Homes are staying on the market longer than in a seller’s market, but not as long as in a buyer’s market, contributing to a more stable and sustainable environment for both parties. In general, home prices are appreciating at a gradual rate, and the market is expected to remain stable through the end of the year.

In terms of specific property types, condo sales in 2024 have been consistent with the same period last year, but prices have softened by about 3%, and condos are taking 28% longer to sell. Meanwhile, single-family home sales have seen a modest 2.5% price increase, but with homes taking 23% longer to sell, reflecting a more cautious buyer approach. Inventory trends show a notable spike in August followed by a downward trend starting in September, which may signal a tightening market. This declining inventory could lead to price stability or slight increases in the coming months.

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