Mammoth Lakes Market Conditions

As of today, December 13, 2022, the Mammoth Lakes real estate market has a total of 41 condos, 10 houses and 9 lots on the market.  Inventory continues to be very low with fluctuating supply and demand.  Mammoth Mountain has reported a storm total of 130 inches so far this season.  The most recent storms the past couple of weekends have brought some 60” of new snow with very cold temperatures, which is making great snow conditions for early season skiing and riding. This Saturday, December 17^th is the annual “Night of Lights” celebration at Canyon Lodge.  The fireworks should be spectacular and with all the new snow, quite a crowd is expected.  I have heard from Mammoth Lakes Tourism and various rental agencies that they are near 100% booked.  The holidays are sure to bring in record crowds over the next few weeks.

Recently, Mammoth Lakes was voted the “Best Ski Town” in North America in the “2022 USA Today 10Best Readers’ Choice Travel Award contest”.   The top ten included: 1. Mammoth Lakes 2. Banff 3. North Conway 4. Stowe 5. Banner Elk 6. Park City 7. Jackson Hole 8. Telluride 9. Aspen 10. Ketchum.  Although, Mammoth Mountain arguably has the best skiing terrain in North America with long seasons and many fun off-mountain recreational options, it isn’t as accessible nor developed as some of the other well-known resorts named above.  There are great plans to improve the infrastructure and Town amenities in the future, but Mammoth does have a way to go...

As of today, January 25, 2022, the Mammoth Lakes real estate market has a total of 19 condos with an average list price of $1,003,315.00, 6 homes with an average list price of $3,847,316.00, and 10 lots with an average list price of $1,113,200.00 on the market.  Is the bubble about to burst??  Nothing lasts forever as we all know… To put it in perspective, prior to the pandemic, looking at the end of 2019 (a normal year), we had roughly 61 condos, 62 homes and 42 vacant land listings on the market.  In May of 2020, we had roughly 85 condos, 27 homes and 30 vacant land listings.  This goes to show just how low the inventory has gotten, which has driven the prices sky-high with unprecedented demand and almost no selection. 

The very recent and sudden increase in inventory mainly applies to the condo sector of the market that was quickly approaching “zero” inventory a couple of weeks ago.  This increase in inventory seems to coincide with uncertainty in the financial markets and the looming talk of an inevitable rise in interest rates to combat inflation.  For the first time in months, the spot price of gold has risen dramatically from the $1,700 per ounce range to the mid $1,800 price today, and is expected to go higher.  This indicates consumer apprehension about the economy, rising inflation, and geo-political uncertainty.  Even though consumer sentiment still remains very high, the recent...

At the moment, the Mammoth Lakes real estate market has a total of 25 condos, 19 homes and 30 lots listed for sale.  At this time last year, we had 64 condos, 49 homes and 27 lots on the market.  The Mammoth Lakes real estate market continues to see strong demand for homes and condos.  However, some resistance to increasing prices is evident.  As demand began to surge last summer and exploded into a buying frenzy by late summer and early fall, sellers realized that they could test the market by increasing list prices above the most recent closed sale.  It seemed that buyers were willing to pay much higher prices versus recent sales, especially within the Snowcreek development.  Many of the condos within Snowcreek that listed at market value were then bid up far over the asking price with sometimes as many as ten offers on the table. 

Others listed far over the last comparable sale and sat on the market for a few weeks before selling close to asking.  This was the case for many condos with larger floorplans, covered parking or private garages, views, setting and outdoor spaces.  Buyers were also focused on the Village at Mammoth condos and any condos located within the resort areas, close to the amenities and potential for lucrative rental income.  The four most popular areas were (and continue to be): Village, Golf, Meadow, and Ski, which commanded the most sales at increasing prices.  Although this dynamic is still present...

With beautiful weather and warmer temperatures, the snow is melting away on the lower elevation trails, Daffodils are beginning to bloom around town, and the deer have made their way back for the season.  Like most locals, I am very much looking forward to summer, which is my favorite time of year in Mammoth.  Many of the condo complexes are beginning their post winter cleanup of debris, raking the grounds, firing up the irrigation systems, and getting things ready for summer.  Although there is still quite a bit of snow in the upper elevations, there are a few great early season hikes that are very enjoyable until other higher trails become accessible after the snow melts. Things still remain very quiet in town as businesses are still closed until further notice.  Lodging falls under that category as well.  Many second homeowners have been enjoying their properties here in Mammoth and making the best of their quarantine/stay at home order.  This has actually made it feel less like a ghost town, seeing people out walking their dogs, hiking, biking, running, out driving around, and getting some fresh air. 

Earlier this afternoon, Governor Newsom stated that “California will begin opening in the next week”.  This phase two of reopening will allow for some California businesses...

As of today, there are 70 condos and 46 homes on the market.  Over the past couple of weeks, the inventory in the condo market has increased by 7 condos and 3 homes, which is minimal given the perceived panic conditions amplified by the media.  In addition to the human tragedy of the Corona virus (COVID-19), the past couple of weeks have been extremely volatile in the financial markets with many people seeing their portfolios give back most of the generous gains in the stock market over the past year.  This massive sell-off was initiated by news of COVID-19 spreading throughout the world and its possible effect on global economic growth.  So, how is this affecting the real estate market in Mammoth, or is it too early to tell?  It appears to be too early to tell what the possible ramifications might be on the Mammoth Lakes real estate market and property values.  Interestingly, website inquiries about active listings are up over the past few days.  MammothLakesResortRealty.com enjoys some of the highest Google rankings for Mammoth Lakes real estate related searches, and as a result, changes in the market (up or down) are easily gauged. 

The turmoil in the financial markets has...

Winter is upon us and Mammoth Mountain is showing an average base depth of between 3.5 to 6.5 feet of snow, which has made the late fall skiing exceptional.  The ample coverage at the top of the mountain has made runs like Wipe Out, Drop out, Paranoids, Scotty’s, Dave’s, etc. feel more like the middle of winter rather than what is customary for late November/early December.  The conditions have been great and uncrowded mid-week.  I remember many years ago that this was the norm for Mammoth most days of the week, uncrowded, no lines and wide-open runs.  Over the past 5-7 years, Mammoth has made its way into the spotlight, and has attracted more and more visitors each year.  This is fantastic for those who own rental condos as owning a condo has never penciled out better.  Even with the increase in prices, the stronger income figures help offset costs of ownership.  The annual Night of Lights event is tomorrow at Canyon Lodge.  The weather is supposed to clear up for tomorrow, but the temperatures will be dropping to around 12 degrees during the early evening hours.  So, if you are planning to go to this spectacular event, make sure to bring layers of warm clothes and gloves! 

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Tourism continues to be on the rise in Mammoth Lakes, which has truly reached the status of a “year- round resort destination”.  It is impressive to see the number of visitors coming to Mammoth throughout the year and also during what was once referred to as “shoulder seasons”.  This was a record snowfall year with record tourism numbers.  It is great to see so many people coming and enjoying the outdoors.  Over the past few years, Fall has become a popular time of year to come and visit Mammoth for the explosive array of fall colors when the Aspen trees begin to turn shades of bright yellow, orange and red.  Fall is in the air and the trees are just now beginning to turn a slight hint of fall colors in town and at the Lakes Basin.  The vibrant fall colors, which are typically at close to “peak” this time of year, are quite late to arrive.  This past summer was also late to get started with cool, rainy and snowy weather until mid-June.  Compared with previous summers, this past summer was quite temperate and cool with warmer temperatures arriving later than usual.  This probably explains why our fall colors haven’t really gotten started yet.  According to this delayed pattern, it’s possible that our winter season may also get off to a late start.  Having lived in Mammoth full-time for almost 20 years, I’ve learned that you can’t predict what the weather will bring in the Eastern Sierra.  Each year seems to be a surprise and anything is possible.  We shall see… 

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Once again, summer is upon us in beautiful Mammoth Lakes!  This is my favorite time of the year, especially after such a long, cold and snowy winter, which lasted through May.  With the warmer temperatures (and even warmer weather on the way), the snow pack is finally beginning to melt.  The streams and creeks are overflowing, and areas like the Snowcreek Meadow Preserve are partially under water, including parts of the Snowcreek golf course.  This will make for a very green and lush landscape in the next couple of months.  Although we all love a good ski/board season, it does make for a very short summer.  Typically, the weather really begins to cool off end of August.  Let’s enjoy it! 

After touring Europe and the Mediterranean for the past month, I have never been so grateful to return home to Mammoth.  This place is paradise…  Although the Mediterranean is stunning, Europe has gotten so crowded since the last time I was there over 20 years ago, which made it hard to appreciate the beauty.  Spring is a popular time to visit Europe, but not yet “high season”.  I couldn’t even imagine what the crowds must be like heading into July and August.  Every place was so crowded that it took away from the experience of being there.  Having visited so many places it was wonderful to return to the peace, serenity, and beauty of a lush and green Mammoth.  No wonder Mammoth is becoming such a popular destination for...

As of today, October 22, 2018, the Mammoth Lakes inventory has a total of 54 homes, 97 condos and 55 lots on the market.  Homes (in general) have been slow to sell with an “average days on market” of 127 for the current active listings in this category. Out of the 54 homes on the market, 19 homes are listed between $380,000 and $800,000, 10 homes are priced between $800,000 and $1 Million, and the remaining 25 homes are priced between $1 Million and $4.395 Million.  There are equally as many homes priced up to $800,000 as there are homes on the market priced between $1 & $2 Million (19 homes), and 7 homes priced between $2 Million and $4.395 Million. During the past couple of weeks, a few of the homes which have been on the market for some time went under contract.  Among these are: 189 Woodcrest Trail listed for $1,995,000, 310 Ranch Road listed for $1,499,000, and 464 Courchevel in the Knolls listed for $1,399,000. Fall is typically the time of year when the mid to upper end of the single-family home market begins to move. 

This year to date, 294 condos have sold with an average of 89 days on market, ranging in sales price from $182,000 up to $1,575,000, with an average sales price of $445,225. Last year for the same period, 339 condos sold with an average of 110 days on market, ranging in price from $104,000 up to $1,087,000, and an average sales price of $389,671.  Condos have been in high demand all year up until recently, which could coincide with rising interest rates, stock market...

The Winter Olympics currently underway in Pyeong Chang showed Shaun White’s hard-earned gold medal victory yesterday in the men’s half pipe competition.  The evolution of talent and skills in the half pipe has reached incredible athletic levels over the last few winter Olympic games.  Winning the gold medal for Shaun was no easy task coming out of a severe fall and injury in New Zealand last October, while training in the half pipe, along with competing against several other extremely talented snow boarders from all over the world.  Shaun White, who invested in Mammoth Mountain a couple of years ago, trains in a variety of places, but most frequently in Mammoth.  The same is true of Chloe Kim, a 17-year old phenom who took home the gold medal for the ladies’ half pipe competition.  Chloe has been training in Mammoth for many years as has Kelly Clark, a Mammoth local who has won 7 gold medals in the Olympics and Winter X Games combined.  Let’s not forget about the summer Olympic athletes that are also Mammoth localsl: Deena Kastor, Olympic medalist and American Record Holder, and Meb Keflezighi, long distance marathon runner and Olympic medalist.  Mammoth Lakes is home to some of the finest athletes in the world and provides an ideal training ground...

We’ve had some gorgeous summer weather in Mammoth Lakes with the exception of this past weekend, with some heavy rains on Saturday during the “Blues and Brews” festival.  The meadows and the foliage are spectacular this year.  Wildflowers of every variety seemed to have popped up after the rainstorm this weekend.  Mammoth Mountain officially closed this weekend for skiing, but the recreation continues with the mountain bike park in full swing.  Warm temperatures are expected to continue (low to mid 70s) over the next 10 days. 
As of today, Tuesday, August 8^th, 2017, the Mammoth Real Estate market has 54 homes, 80 condos and 43 lot listings for sale.  There is currently a total of 47 condos in escrow, 18 homes in escrow, and 3 vacant land listings in escrow.  Condo pending sales data is as follows:  Average days on market at 78, median days on market at 43, highest list price at $1,149,000, lowest list price at $150,000, average list price at $432,280, and total sales volume for condos in escrow at $20,317,200.  Single family homes pending sales data is as follows: Average days on market at 113, median days on market at 53, highest list price at $3,200,000, lowest list price at $274,500 (USFS cabin), average list price at $862,852, median list price at $790,000 and total sales volume of homes in escrow at $14,668,500.  Out of the 3 vacant land listings in escrow, one is located at the Bluffs with a list price of $419,000. 
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It’s now official; Mammoth Mountain Resorts has changed ownership.  KSL Capital Partners (KSL) and Henry Crown and Company (HCC) have completed the purchase, which includes Mammoth Mountain ski area, June Mountain, Bear Mountain and Snow Summit.  KSL and HCC also own Canadian Mountain Holidays (CMH) heli-ski operation, various real estate businesses, Squaw Valley in California, Alpine Meadows in California, Steamboat ski resort in Colorado, Winter Park in Colorado, Blue Mountain in Ontario, Mont Tremblant in Quebec, Stratton Mountain in Vermont, and Snowshoe Mountain Resort in West Virginia.
Along with the completed purchase of Mammoth Mountain resorts, changes to the leadership and management structure have been implemented.  Bryan Traficanti of KSL is now the interim Chief Executive Officer of the new company until the position is filled.  Thomas Marano, Chief Executive Officer of Intrawest resigned, Rusty Gregory, Mammoth Resort’s Chairman and CEO, is now an investor in the new company and will serve on the Board, and become Senior Strategic Advisor to the new company.  Mark Brownlie is the newly appointed President and COO of Mammoth Resorts.
The statement below was released yesterday by the new company’s (KSL & HCC) interim CEO, Bryan Traficanti: “This transaction marks a significant milestone for our company, our guests, and our communities, and we are excited about the opportunities that lie ahead as a result of combining Intrawest, Squaw Valley Ski Holdings, and Mammoth Resorts. “We believe that each resort brings something different to the company, and our goal is to preserve the unique character and culture of each while also building something greater. Supported by affiliates of KSL and HCC, this new organization...