Mammoth Lakes Real Estate Market Update October 2024

September 2024 marked the third consecutive month of a balanced real estate market in Mammoth Lakes.

A balanced market occurs when there’s a healthy equilibrium between the supply of homes and buyer demand. Neither buyers nor sellers hold a clear advantage, making it an ideal time for both parties to engage in real estate transactions.

Typically, a balanced market is defined by 5-6 months of inventory, meaning if no new listings were added, it would take about 5-6 months to sell all current properties. Currently, we have around 6 months of inventory, which still leans toward balance but reflects a slightly higher supply. In this environment, prices usually appreciate at a modest, sustainable rate, and negotiating power is fairly equal for buyers and sellers. Properties tend to stay on the market for a moderate amount of time—longer than in a seller’s market but quicker than in a buyer’s market—creating optimal conditions for both.

Here’s a snapshot of the Mammoth Lakes real estate market so far in 2024:

• The number of condo sales are consistent with the same period in 2023. Prices are down 2% and condos are taking about 23% longer to sell.
• The number of single-family home (SFH) sales is consistent with the same period last year. Prices are up about 5%, and the time on market is up 34%.
• Inventory for both condos and single-family homes saw a significant rise in August and then started to decline in September. The decline continues as we enter October.

Take a deeper look by clicking on the FLIP BOOK above.