Mammoth Lakes Real Estate Market Update – September 2020

September 2, 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 8/31/20	2019	2018	2017	2016	2015	2014
Median* Sold Price	$490,000	$450,000	$402,500	$349,900	$299,750	$305,000	$292,500
Median* Days on Market	70	84	69	70	117	113	89
Total Condos SOLD	187	387	348	407	304	271	269

After the slow-down in March through May, the data is starting to reflect the increase in activity over the last 90 days. Through August 2020, the median condo price is up 9% over 2019. If we annualize YTD 2020 condos sold, we are on track to sell 38% fewer condos in 2019, but I do not think this trend is accurate as 45% of all condos sold in 2020 were closed in July and August. Condos are selling 19% faster than in 2019 (down 14 days).

Single Family Homes

	Through 8/31/20	2019	2018	2017	2016	2015	2014
Median* Sold Price	$785,000	$767,625	$890,000	$750,000	682,500	694,400	$619,000
Median* Days on Market	92	113	113	131	132	165	145
Total SF Homes Sold	62	94	87	95	98	91	85

Through August 2020, the median price of single family homes sold is relatively flat (about 2% variance) as compared to 2019. Annualizing YTD 2020 single family homes sold, we are on track to sell approximately the same number of homes in 2020 as compared to 2019, but I think this trend will shift since 37% of the YTD homes sold closed in July and August. Single family homes are also selling 25% more quickly in 2020 than 2019 (down 21 days).

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

Currently Listed	Condos	Single-Family Homes
Median Price*	$445,000 DOWN from $421,950 in August	$1,295,000 UP from $1,162,500 in August
Median Days on Market*	39 DOWN from 53 in August	60 DOWN from 65 in August
Total Available March 1**	65 DOWN from 94 in August	33 DOWN from 40 in August

*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.