Mammoth Lakes Market Update – July 31, 2014

There are several different data points to review when answering this question including median price, days on market and total inventory sold.

Below is a snapshot of the last three years closed transactions in Mammoth Lakes and January through July of 2014.

So far in 2014, the price of condos continues to increase and is higher than the median for the previous three year period.    As of July 31, 2014 the median condo price is trending 15+% over 2013. The median days on market dropped yet again the condo category in July.  Keep in mind the median days on the market is calculated from the date of the listing to the close of escrow — with an average escrow being 30 days, properties are under contract in a little over two weeks.

The price of single family homes and the days on market have both stayed relatively flat in 2014.

While this information is useful in observing trends, the current inventory must also be considered.  Below is a snapshot of the available properties available today:

If you are interested in buying or selling, a qualified Realtorâ can provide the relevant data for your specific neighborhood or area of interest.

*Median Price = Is the middle value for a range of values. This 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.