2014 Mammoth Lakes Real Estate Market Review

Village at Mammoth CondosThe Mammoth Lakes real estate market seems to have quieted down in 2014 compared with 2013.  In the homes, condos and lots categories, there were a total of 350 closed sales from January 1, 2014 through December 31, 2014.  In comparison, 2013 had a total of 462 closed sales for the same period in all 3 categories combined.  This represents a 24% decrease year over year in closed transactions.  Below is a breakdown by year for days on market, list prices and closed sales prices for homes, condos and lots.    

2014 – Days on Market and List Prices
In 2014, collectively for all three categories, the average days on market were 169, highest days on market: 2296, lowest number of days on market: 0, and median days on market were 99.  The average list price was $467,208, highest: $3,750,000, lowest: $89,000, median: $359,450 and total combined list price for all 3 categories was $163,522,973. 

2013 – Days on Market and List Prices
In 2013, collectively for all three categories, the average days on market were 172, highest days on market: 1765, lowest number of days on market: 0, and median days on market were 105.  The average list price was $435,741, highest: $2,750,000, lowest: $72,000, median: $332,250 and total combined list price for all 3 categories was $201,312,471. 

2014 Closed Sales Data
In 2014, the average closed sales price was $443,565, highest closed sale: $3,250,000, lowest closed sale: $90,000, median closed sales: $350,000 and a total combined closed sales volume of $155,247,762.  This represents a 20% drop in closed sales volume compared with 2013. 

2013 Closed Sales Data
In 2013, the average closed sales price was $419,199, highest closed sale: $2,771,000, lowest closed sale: $82,000, median closed sales: $317,350 and a total combined closed sales volume of $193,670,301. 

2014 Closed Condo Sales
There were a total of 250 closed condo sales in 2014.  The average days on market were 155, high: 2,296, low: 0, and median: 89 days on market.  The average list price was $364,438, highest list price: $1,500,000, lowest list price: $89,000, median list price: $302,500 and total combined list price was $91,109,542.  The average closed condo sales price was $349,770, highest closed sale: $1,300,000, lowest closed sale: $100,000, median closed sales price: $292,500, and a total volume of $87,442,683 in closed condo sales. 

2014 Closed Residential (Homes) Sales
For home sales in Mammoth, there were a total of 83 closed sales.  The average days on market were 175, highest number of days on market: 919, lowest days on market: 33, and median days on market: 143.  The average list price for home in Mammoth was $812,060, the highest list price: $3,750,000, lowest list price: $300,000, median list price: $659,000 and a total list price volume of $67,401,062.  The average closed home sale in Mammoth was $762,061, highest closed sale: $3,250,000, lowest closed sale: $317,000, median closed sale: $622,000 and a total closed sales volume of $63,251,079.

2014 Closed Vacant Land Sales
There were a total of 18 vacant land sales in Mammoth Lakes.  The average days on market were 333, highest number of days on market: 1,862, lowest number of days on market: 53, and median days on market: 183.  The average list price for vacant land listings was $283,187, highest list price: $650,000, lowest list price: $85,000, median list price: $211,500 and total combined list price volume was $5,097,369.  The average closed vacant land sale was $256,611, highest closed sale: $550,000, lowest closed sale: $65,000, median closed sale: $195,000 and a total closed sales volume of $4,619,000.

In summary, there were significantly fewer transactions, but values were moderately higher.  The inventory was also low for most of the year despite a poor snow season.  What this shows is that many Mammoth Lakes owners are more or less “standing pat”.  On a brighter note, because of the lack of inventory, the hopeful promise of a better winter 2015 season, and year-round tourism steadily increasing, Mammoth Lakes could begin to see significant future value appreciation.     

For questions regarding Mammoth lakes real estate market trends, property listings or to schedule a showing, please feel free to contact me. 

Verena Robinson, Broker & Owner
CA BRE 01512209
Mammoth Lakes Resort Realty
Tel: (760) 924-8521
verena@mammothlakesresortrealty.com

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