Spring has sprung in Mammoth. The long-awaited warmer temperatures, creeks flowing, green grass and flowers are finally here, just in time for Memorial Weekend. The weather should be beautiful with sunny skies in the mornings and thunderstorms in the afternoons over the long weekend. The Town of Mammoth Lakes is reporting a projected occupancy of 80% over the weekend, which is almost as high as peak winter ski season. Both the Sierra Star and Snowcreek golf courses opened this morning and are looking great! After a few months of uncertainty and discussions about the Sierra Star golf course possibly shutting down
for good, it is a welcome sight to see this extremely valuable resort amenity in full operation.
So, what is the Mammoth Lakes real estate market doing? Below are charts with closed sales data for all categories combined and individual categories from January 1st, 2015 through May 27, 2015 (last year), and the same period year-to-date.
January 1, 2015 – May 27, 2015, had a total of 128 closed sales for homes, condos and lots combined. There was a total of 26 closed residential sales (single family homes), 99 condos and 2 lots:
This has been a beautiful fall season so far with gorgeous and vibrant fall colors, and spectacular weather. For those who have never been to Mammoth Lakes during the fall (late September and October), this is probably one of the best times of year to take in the scenery of fall colors and enjoy the peace and tranquility of the mountains without crowds. Mammoth Mountain Ski Area is scheduled to open on November 11th. We have a winter weather advisory in the forecast for this evening and into tomorrow afternoon. Approximately a foot of snow is expected to fall and frigid temperatures to follow this storm over the next few days. This is great news for the ski area, and will more than likely attract some attention for the ski season opener.
As of today, November 1st, the Mammoth Lakes real estate market has a total of 57 homes, 141 condos, and 50 vacant land active listings for sale. The inventory has significantly shrunk over the past few weeks mostly due to several expired listings, a few cancelled listings, new escrows and closed sales. Many sellers have realized that continuing to extend a listing, or have it on the market during what has mostly...
As of today, June 1, 2015, there are a total of 181 condos, 63 homes and 51 vacant land listings on the market in the Mammoth Lakes area. Inventory is slowly increasing as we approach the summer season, which officially kicked off on Memorial Day weekend. Mammoth Mountain ski area is officially closed for the season, but the Sierra Star golf course is now in full swing. The real estate market seems to be picking up with increased interest and inquiries regarding homes and condos on the market. However, the number of properties currently in escrow remains low: Only 38 for all categories combined in the Mammoth Lakes area. As we approach the 4th of July, pending sales and inventory typically tend to increase and with August being one of the busiest months of the year for real estate sales in Mammoth Lakes. Interest rates remain competitive and quite low even for a second home/vacation home property at approximately 3.75% for a 30-year fixed mortgage and 5/1 adjustable rate mortgage at approximately 2.89% annual percentage rate.
Over the past 2 weeks, there have been 49 new listings, 37 price reductions and 14 closed sales (including surrounding areas for all property categories). Below are the Properties in the Spotlight for new inventory in Mammoth for the week of June 1, 2015.
As of today, Friday, May 15, 2015, the Mammoth Lakes real estate market has a total of 165 condos, 63 homes and 49 lots for sale on the Mammoth Lakes MLS. There is only a total of 41 pending sales (properties in escrow) for the Mammoth Lakes area. As springtime progresses, and with Memorial Day weekend just around the corner, the weather in Mammoth continues to be unsettled, which seems to have started on the Fishing day opener with the first measurable snowfall at the lower elevations in quite some time. The 10-day forecast shows off and on rain/snow showers through Saturday, May 23rd. While we’re on the topic of weather, take a look at this interesting May 2015 ENSO forecast blog post from the NOAA Climate.gov website. If they are correct in their prediction of a highly likely and much overdue wet winter up ahead, California could get significant rain and the Sierra Nevada’s (where Mammoth Lakes is located) could get copious amounts of snow. Although it is quite possible that this trend could fizzle out by next winter, let’s hope it continues and develops into a strong pattern!
Foreclosures in the Spotlight
During the past week, the Mammoth Lakes Real Estate market has seen an explosion in new listings with a total of 24 from Monday, March 9th until Sunday, March 15th. Most of these new listings have been condos with a few single-family homes. It isn’t surprising that we are seeing so many new listings hit the market this early after such a dismal ski season. Typically, we don’t see this volume of new listings until after Canyon and Eagle Lodges close for the winter (usually around mid-April), although, that might happen very soon…. Compared with last season, if this “listing” trend continues, it’s apparent that there will be much more inventory and a great selection for buyers to choose from in the coming months. To read about what’s going on in the real estate market nationwide, be sure to visit “Realty Check” by Diana Olick.
Below are my property recommendations for the week: Properties in the Spotlight.
The Lodges #1203 listed for $665,000: This luxurious, yet rustic, 2-bedroom, 2.5-bath condo with an attached one-car garage, and 1,856 square feet of living space, sits right on the Snowcreek Golf Course. This is one of only 3 Plan 1 models in Snowcreek's "The Lodges" with golf course frontage. Extraordinary mountain, golf course and lake views can be seen from almost every room of this single-level,...