2018 Mammoth Lakes Real Estate Market Review
Mammoth Mountain received two feet of snow last night and more is expected off and on over the next 10 days. Accumulations will make conditions excellent heading into peak ski season! The much-needed snowfall is a welcome sight, which will also create expanded recreational opportunities for snow shoeing, cross country skiing, skate skiing, and back country skiing and riding. This past holiday season was one of the busiest on record for the Town of Mammoth Lakes (the week before and after Christmas). This may be as a result of the Ikon pass, and the attention it has brought to Mammoth Mountain, or it may be the result of social media. Nothing is more effective in bringing exposure to an area as posting photos of having fun in the mountains. It’s is my theory that more people are discovering Mammoth not only because of the advertising that Mammoth Lakes Tourism is doing, but also because of the use of social media and sharing experiences on line. This is great for our local economy, which depends on tourism to survive. The more people that come to Mammoth, demand will likely increase for lodging. There is a huge inventory of mid-range type resort condos to choose from around town, but there is a shortage of condos to rent in and around the Village at Mammoth. With the upcoming development of the YotelPAD condos at the corner of Minaret and Main Street, a luxury boutique hotel across the street from White Mountain Lodge on Minaret, and the Hillside Highlands luxury townhome development on Hillside Drive, there will be expanded lodging options from efficient luxury (YotelPAD) to super high-end (Hillside Highlands Townhomes). It is exciting to see the development that is currently under construction around the Village or coming in the next few years.
As of today, January 6, 2019, the Mammoth Lakes real estate market has a total of 36 homes, 90 condos and 48 vacant land listings on the market. Inventory is fairly low, which can be expected for this time of the year during ski season. These numbers will only continue to decrease as we head into February, which is the busiest and most productive month of the year for real estate sales in Mammoth. Let’s take a look at what the real estate market has done in 2018 vs. 2017. There was in increase in property values in 2018, but less closed sales for homes and condos vs. 2017. Below is a recap of closed sales for condos and homes in 2018 and 2017 to show the percentage increase in values for 2018.
2018 Total Single-Family Home Sales
There was a total of 79 closed sales for single family homes in Mammoth Lakes priced between $355,000 and $4,725,000. Days on market were: Highest=874, lowest=36, average=176 and median=127. List prices were: Highest=$6,795,000 (Greyhawk luxury home), lowest=$380,000, average=$1,182,478, median=$970,000 and total combined list prices for closed single family homes was $93,415,778. Sold prices were: Highest=$4,725,000 (Greyhawk luxury home), lowest=$355,000, average=$1,085,436, median=$920,000, and total combined sales volume for single family homes was $85,749,485.
2017 Total Single-Family Home Sales
There was a total of 87 closed sales for single family homes in Mammoth Lakes priced between $410,000 and $3,160,000. Days on market were: Highest=674, lowest=25, average=187 and median=139. List prices were: Highest=$3,300,000 (Luxury custom home in the Bluffs), lowest=$405,000, average=$986,246, median=$799,000 and total combined list prices for closed single family homes was $85,803,486. Sold prices were: Highest=$3,160,000 (Luxury custom home in the Bluffs), lowest=$410,000 ($5,000 over the list price), average=$952,512, median=$775,000, and total combined sales volume for single family homes was $82,868,575.
2018 Total Condo Sales
There was a total of 349 closed sales for condos in Mammoth Lakes priced between $189,000 and $1,700,000. Days on market were: Highest=725, lowest=0, average=93 and median=69. List prices were: Highest=$1,700,000 (for a Stonegate luxury townhome), lowest=$189,000, average=$462,438, median=$412,000 and total combined list prices for closed condo sales was $161,391,009. Sold prices were: Highest=$1,575,000 (Stonegate luxury townhome), lowest=$182,000, average=$452,508, median=$400,000, and total combined volume for condo sales was $157,925,308.
2017 Total Condo Sales
There was a total of 410 closed sales for condos in Mammoth Lakes priced between $104,680 and $1,299,000. Days on market were: Highest=950, lowest=0, average=118 and median=71. List prices were: Highest=$1,299,000 (Juniper Crest luxury townhome), lowest=$104,680, average=$409,260, median=$358,000 and total combined list prices for closed condo sales was $167,796,714. Sold prices were: Highest=$1,160,000 (Juniper Crest luxury townhome), lowest=$104,680, average=$397,400, median=$350,000, and total combined volume for condo sales was $162,934,127.
In summary, there were fewer home sales in 2018 vs. 2017, but the combined sales volume for single family homes in 2018 was higher than 2017, as were median home prices. In 2017, the median home price was $775,000, and in 2018 that figure grew to $920,000, which indicates an 18% increase in single-family home values during 2018. There was a decrease in the number of closed condo sales in 2018 (349) vs. 2017 (410), a difference of 61 closed sales. However, the median sales price is higher in 2018 with $400,000 vs. $350,000 in 2017. This also indicates an increase in condo values of 14% in 2018.
If you would like to request a link to view condos or homes tailored to your specific property criteria, or if you have questions, please feel free to contact me directly.
Thanks for reading and enjoy the great winter snow conditions on the Mountain!
Verena Robinson, CA DRE 01512209
Mammoth Lakes Resort Realty
Office direct 760.924.8521