Real Estate Trends

How did we get here?

When we review the past few years and where we are today, it is incredible how much things have changed on so many levels.  The real estate market and how people view real estate holdings is the most noticeable change post-pandemic.  Who would have thought when the country was under lockdown beginning March of 2020 that real estate values would end up doubling or tripling over the next few years?  In an effort to combat an inevitable slump in the economy, the Federal Funds rate was lowered to 0% to 0.25% on March 16, 2020.  This brought interest rates down to historically low levels which helped a much larger buyer pool to qualify for a second home purchase.  In Mammoth, the noticeable level of buying interest began in May and June of 2020, with unprecedented demand in 2021 when seemingly every new listing had multiple offers that drove prices way over the asking.  People just decided that they had to have a second, third, fourth or fifth home and with Mammoth being only a 5-hour relatively easy drive from Los Angeles, “the Mountains were calling” more than ever.  The need to get out of the city and the very strict lockdowns put Mammoth on everyone’s radar.  Although Mammoth started becoming popular with the advent of the Ikon pass, the pandemic put Mammoth on the map, which has undeniably changed the area forever.  It appears that people have to have a piece of the mountains in their real estate holdings now more than ever.  The pandemic buying frenzy continued through summer of 2022, which coincided with the interest rate hikes.   

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Fall in the Sierras & Ski Season Opener

This has been a beautiful fall season in the Eastern Sierra with warm temperatures and vibrant fall colors throughout the region.  Tourism has stayed consistent with occupancy levels ranging in the mid-40% midweek and mid-50% during weekends. Cooler temperatures have finally hit the area and the 10-day forecast shows highs in the low to mid-50s and lows in the low to mid-20s. This is great snow-making weather just in time for the Mammoth Mountain ski season opener on November 11^th, 2022.  The Mountain will have a winter kick-off party at Main Lodge to celebrate.

Mammoth CRC & Ice-Skating Rink

The Town is finishing up the construction of the massive Mammoth Lakes Community Recreation Center, which will include an Olympic sized ice-skating rink.  The 20,000 SF arena will operate year-round and will offer additional recreational opportunities during the summer months with durable sport tiles to cover the ice-skating rink. There will also be several electric vehicle charging stations and ample parking.  The development is located within the Mammoth Creek Park area off Old Mammoth Road and close to the Stove Restaurant. The official “Ribbon-Cutting” opening ceremony will take place at some point this coming winter season 2022/2023 once the development is finished.  In the meantime, the existing ice-skating rink will re-open Thanksgiving weekend...

As of today, January 6, 2021, the Mammoth Lakes Real Estate Market has a total of 4 condos, 6 homes and 8 lots for sale.  These are historically the lowest inventory numbers Mammoth has ever seen.  Typical inventory levels prior to the pandemic in a “normal” market for this time of year would include approximately 50 to 60 condos, 40-50 homes and around 45 lots.  Out of the 4 condos currently on the market, there are offers on three, which means we could actually drop to nothing for sale within the next few days.   

In May of 2020, during the lockdowns, Mammoth Lakes had roughly a total of 85 condos, 27 homes and 30 lots on the market.  Going back to end of November 2019, there was a total of 61 condos, 62 homes and 42 vacant land listings.  Clearly the pandemic has created very strong demand to own real estate in resort areas such as Mammoth Lakes, which is only 4-square miles with limited supply in a normal market. When the pandemic hit, it seemed that most buyers were looking to substitute travel, dining and entertainment with a second home.  Only a few hours from L.A. and San Diego, Mammoth has become the perfect “drive to” getaway.  People could work remotely, while enjoying the outdoor recreational opportunities.  Initially, condos were in high demand, which could provide a second home with the opportunity to generate rental income once things would return...

As of today, November 26, 2020, the Mammoth real estate market continues to experience record low inventory levels.  At the moment, there are only 32 condos (of which 9 are Westin Monache listings), 22 houses, and 39 lots on the market. New listings seem to be trickling onto the market at a much slower pace than they were over the summer.  It is hard to estimate what the real estate market will do next year.  It is clear that for the time being, sellers seem to be holding onto their properties. 

Back in March, I would have never guessed that the demand for Mammoth properties was going to sky rocket the way that it has.  It seemed likely that tourism would be off the charts this summer because Mammoth has always been a convenient “drive to destination”, but the buying frenzy that occurred was similar to the Intrawest days back in the early 2000s.  

Activity and interest began to increase in late May, and once nightly rentals were again permitted during the middle of June, many buyers were already pursuing properties on the market.  The trend of writing offers “site unseen” started to gain momentum and became a popular way of securing a property prior to viewing it in person.  Many agents have been using a virtual tour called a ...

As of today, the Mammoth Lakes real estate market has 119 condos, 45 homes and 34 vacant land listings. Activity both around town and in the real estate market continues to be quite busy.  During the past 6 days, a total of 26 properties went under contract.  There was a total of 33 new listings that hit the market leading up to the 4^th of July weekend.  Last week’s inventory count was 114 condos, 43 homes and 34 vacant land listings, which shows the strong demand considering the number of new listings the past few days.  Most of the new listings during the past week were condos.  This sector of the real estate market has the most demand at present.  Homes that are priced below $1 Million and priced around market value in desirable areas within Mammoth seem to go quickly as well.  The higher end homes priced above $1.5 Million are not in demand at the moment.  It appears that most buyers are looking for the opportunity to generate rental income to help offset their costs of ownership and since most homes are located within “residential” zoned areas, you cannot rent them on a short term basis, but with a minimum of 30 days at a time.  There are very few neighborhoods that are zoned “resort” and can be rented out nightly.  Because of this, homes located within neighborhoods like Gray Bear and Graystone are in high demand and sell quickly when they do hit the market.  There was a new listing at Gray Bear a couple of weeks ago which listed higher than the last property that sold in this neighborhood just under a year ago and went under contract with a list price of $1,765,000 within 48 hours of listing.    

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As of today, Monday, April 20^th, the Mammoth Lakes real estate market has a total of 81 condos, 30 homes and 29 lots listed for sale.  Traditionally, around April 15^th, both of the lower elevation lodges at Canyon and Eagle close for the season, and inventory tends to rise.  Due to well-substantiated concerns of the COVID-19 virus spreading to mass proportions within the Mammoth Lakes population, Mammoth Mountain suspended operations until further notice on March 15^th.  It was somewhat of a disappointing season up until the mountain closed with some of the lowest snowfall totals on record.  Everyone was hoping for a “miracle March” and looks like March did turn out to be a snowfall miracle with the Mountain receiving over 10 feet of snow since it suspended operations.  Some of the photos shown here in this blog post taken on April 15^th of the Main Lodge area and Stump Alley Express really capture the “quietness” of the Mountain.  In all of the years that I have lived in Mammoth and started skiing Mammoth when I was 10 years old, I have never experienced the kind of peace, quiet and stillness that can presently be felt, as well as observed.  This is a “once in a lifetime” experience to witness this kind of solitude in what would normally be a time of hustle and bustle, especially after the March storms and spring break in progress.   ...

As of today, Monday, March 23, 2020, the Mammoth Lakes real estate market has a total of 59 properties in escrow, 91 condos on the market, 39 single family homes on the market, and 32 vacant land listings.

As can be expected, the Mammoth Lakes real estate market has slowed dramatically over the past few weeks as the news of COVID-19 has continued to spread worldwide with many new cases in the U.S.  As of today (right now) there are a total of 379,375 confirmed cases worldwide of which 45,346 are in the U.S.  Out of the confirmed cases in the U.S., California has a total of 2,134.  California’s current total population of residents is 39,937,489, which has grown from 38.95 Million in 2015.  With such a large population in California and fearing disaster without containment of the virus, on March 19^th, 2020, Governor Newsom ordered all California residents to stay home.  The order is in place until further notice. It covers the whole state of California, “and it exempts activity as needed to maintain continuity of operation of the federal critical infrastructure sectors, critical government services, schools, childcare, and construction, including housing construction.”  As of March 19^th, the Town of Mammoth Lakes Health Department has asked that all non-residents not come to Mammoth until further notice, which is expected to be until at least April 30^th.  With that said, there are no hotels or properties that are taking reservations in an effort to support the executive order.  You can read about the details of the executive order by ...

Tourism remains strong despite the diminishing snow pack and limited terrain on the Mountain.  This has been a very cold and dry winter so far.  Ski season started out with some pretty good storms laying down a great base, which, unfortunately the pattern didn’t last long.  It would be hard to imagine what the terrain open for skiing and riding would be like without those storms that got the season going. I can recall that around Thanksgiving, many people were wondering if Mammoth would get hit hard again like it did last year.  It doesn’t appear that this is the case (so far) this year.  You never know what March and April can bring, so we will wait patiently in the meantime.    

Heading into some of the busiest peak winter periods in Mammoth, the projected tourism doesn’t seem to be too concerned about the lack of snow.  Year over year, the tourism numbers just keep increasing, as Mammoth Mountain and The Lakes basin gain in popularity.  Everyone seems to want a piece of Mammoth, and owning a property that can generate some income to offset costs of ownership.  This could explain...

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...

The past few days have seen much cooler temperatures and high winds in the Eastern Sierra.  This is the time of year when the distinct and noticeable change from summer to fall arrives.  The pine trees shed their brown needles, the Aspens start to turn colors, and the countdown to ski season opener begins.  I enjoy the transition into fall when football games are back on and the town becomes quiet and peaceful after the busy summer season.  The transition from summer to fall brings a great time of year for colorful and scenic fall hikes.  Some of the wonderful areas to experience vibrant fall colors are Rock Creek Lake, the Coldwater Canyon trails, Mammoth Crest trail, Mammoth Rock trail, June Lake, Virginia Lakes, Lundy Lake, etc.   The temperatures are cooler, the colors brighter, no mosquitos, and the sun angle creates a beautiful shimmer on the lakes, which can be seen from above on most trails with lake views.  Having just returned from Del Mar for a few days last week, the weather there was unusually cool and overcast for early September.  It wasn’t the best beach weather, but the ocean temperatures were very warm at 78 degrees.  The water was warmer than the air temperature.  This definitely made me wonder what kind of an effect the warm ocean temperatures may have on our winter precipitation, and prompted me to do some research about what is currently forecasted. 

Although we’ve all probably realized over the past few years that...

As we approach Labor Day weekend, the unofficial end of summer in Mammoth Lakes, it’s hard to believe how quickly it went by.  This summer started off warmer than usual on or around June 1^st and stayed very warm throughout the subsequent weeks.  The fires that burned in the vicinity brought unwanted smoke into the Town of Mammoth Lakes, which made outdoor activity difficult for extended periods of time.  However, tourism remained strong and healthy this summer, which seems to be the new “norm”.   The temporary Yosemite park closure, due to fire threats, also brought many first-time visitors to Mammoth as a result.  With added recreational options such as stand up paddle boarding rentals, E Bike rentals, kayak rentals and a variety of other activities, this mountain resort was teeming with activity and happy campers.

Typically, the fall like temperatures begin around the first week of September, followed by a few bursts of “Indian summer” warmer temperature, which can occur in October.  We should begin to see the first traces of fall colors in the next couple of weeks.  As we begin the transition into fall, the excitement of ski season around the corner is evident.  This is the time of year when slope side or ski in, ski out properties become more popular. ...

As of today, August 1, 2018, the Mammoth Lakes real estate market has a total of 108 condos, 43 homes and 54 vacant land listings.  On August 1^st last year, we had a total of 80 condos, 52 homes and 42 lots on the market.  So, the inventory is higher this year for condos, lower for homes, and higher for vacant land listings.  Real estates sales in Mammoth Lakes remain consistent, but have slowed slightly from last year.  It is my opinion that the demand was higher last year because prices were lower, we had a record year of snowfall and KSL & Aspen Skiing Company (now called “Alterra Mountain Company”) announced their acquisition of Mammoth Mountain on April 12, 2017.  The new ownership is keeping any future development plans very quiet.  The renovations currently underway in Canyon Lodge are said to include an escalator and other upgrades to the food service and bar areas, but nothing as substantial as what some of the mountain employees thought a few months ago.  The ski lockers will remain.  With regard to Eagle Lodge, it is rumored that Alterra didn’t like the previous approved plans, so they will look to begin again with a new set of architectural plans and concept (much needed).  They do plan to invest a substantial amount in upgrading the Mountain lodges and on-mountain operations over the coming years.  As the Ikon pass will most likely bring more crowds to the area, any improvement to the lodges and infrastructure to handle larger crowds would be highly beneficial and appreciated by the winter visitor. 

Since the announcement of the new ownership, many sellers have been listing at higher prices (north...

After a very rainy month of May, June has started off with warm temperatures and more gorgeous weather to follow in the long-range forecast.  Temperatures will be in the mid-70s over the next 10 days, with plenty of sunshine and blue skies.  It’s definitely feeling like summer is here!  May rains have turned foliage and fauna bright green, and wild flowers are beginning to bloom in the hills and meadows with snow covered peaks in the background.  Summer is my favorite time of year in Mammoth Lakes.  I remember years ago, it was all about winter and skiing for me.  After living in Mammoth for almost twenty years, I have come to appreciate all four seasons and what each one offers.  Each season brings something special: Spring brings blooms and the return of the birds singing, summer brings flowers, lush landscapes and herds of deer around town, fall brings vibrant colors and the anticipation of ski season around the corner, and winter brings the excitement of snow and skiing/riding the mountain. 

Summer in Mammoth Lakes is a special time of year, which attracts more and more visitors each year.  The hiking, mountain biking, fishing, golf, tennis, summer festivals, and of course, the breathtaking scenery and pleasant temperatures are some of the reasons why people enjoy coming to Mammoth during this short season.  There is something so peaceful about being in nature...

How is the Mammoth Lakes real estate market doing in comparison to its 2006 peak of the market prices?  The short answer is: Still a way to go to catch up to those property values. 

Some background on what spurred the price increase in property values during Mammoth’s 2006 peak of the market prices.  Back in the early 90s, you could buy a 1 & loft, 1-bath condo for around $70,000 (in town). During the period between 1996 and 2000, real estate property values roughly doubled in price.  Up until Intrawest came to town in the late 1990s with big plans, Mammoth looked much different.  There was no “Village at Mammoth”, Village gondola, we still had “Warming Hut 2” and the chairs were all numbered and in much need of some upgrades. 

Intrawest completed construction on the first condo development, Juniper Springs Lodge, in 1999.  This was the official start on their development plans in Mammoth that would drastically raise property values in the years to follow.  The additional developments that followed Juniper Springs Lodge were: Sunstone in 2000, Mammoth Green & Eagle Run in 2002, Juniper Crest I & II in 2004/2005, Cabins at Crooked Pines in 2005 and Solstice in 2006.  While the new Eagle Lodge condo developments were being completed, the Village at Mammoth broke ground in 2000 with the first of the buildings (White Mountain Lodge) completed in 2001, Lincoln House in 2003 and Grand Sierra Lodge in 2004.  When Starwood Capital Group LLC announced the purchase of Mammoth Mountain in 2005, prices skyrocketed to historic levels. 

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Many of you may have already heard about the acquisition of Mammoth Mountain by KSL/Crown Family, who also just purchased Deer Valley in Utah.  The KSL/Crown company will come up with a new name and brand for the new partnership with a growing portfolio of ski resorts in North America.  Similar to Vail’s “Epic Pass”, eventually, Mammoth passholders will most likely have access to the conglomerate of ski resorts owned by KSL/Crown, which include:  Aspen Highlands, Colorado, Aspen Mountain, Colorado, Buttermilk, Colorado, Snowmass Ski Area, Colorado, Alpine Meadows, California, Bear Mountain Resort, California, Blue Mountain, Ontario, June Mountain, California, Mammoth, California, Snow Summit, California, Snowshoe, West Virginia, Squaw Valley, California, Steamboat Ski & Resort Corporation, Colorado, Stratton, Vermont, Tremblant, Quebec, and Winter Park Resort, Colorado.  As Mammoth is discovered by more people because of the new ownership and other resorts under their umbrella, perhaps this will drive more demand to owning real estate and prices will continue to rise. 

The current inventory levels have increased over the past couple of weeks, however, inventory levels are still quite low for late August.  There are 58 homes on the market, 85 condos and 46 lots.  Inventory for this time of year is usually double the amount for condos, which have been very popular under the $500K price point during spring and early to mid-summer months.  As of today, there are a total of 16 homes, 53 condos and 3 vacant land listings...

The skiing and opportunity for winter recreation have been incredible so far this winter season.  The mountain has gotten so much snow that even some of the expert runs now seem to be accessible for many skiers and boarders for the first time in years.  In all of the 17 years I’ve lived in Mammoth, I can’t recall this amount of snow by February 19^th.  The storm track seems to continue to be active into the long range forecast.  Mammoth Mountain now reports having the most snow in the country, which is not a stretch of the truth at all…  Check out “On the Snow’s” reporting of the most snowfall for U.S. ski resorts showing Mammoth Mountain at the top with 350” at the summit.  

Although it’s a blessing to have so much snow after the consecutive years of drought (since 2010/2011 ski season), the copious amounts of snow have also brought the Town of Mammoth with the issues of dealing with too much snow all at once.  Although many of the storms have brought feet of snow, some of the storms were above freezing, which brought several inches of rain (on top of the feet of snow) to Mammoth.  This created flooding issues in various complexes around town.  The roads took quite a bit of work to get caught up with snow removal after the powerful series of storms in January that brought feet of snow to Mammoth, but everything seems to be under control at the moment.  The Town has had to start trucking out piles of snow lining the streets around town to keep the option open for emergency snow storage...

As of today, January 26, 2016, the Mammoth Lakes real estate market has a total of 54 homes, 141 condos, and 44 vacant land listings on the market.  The series of snowstorms, which started late November through present, have made the skiing/riding conditions excellent.  As a result, the Town of Mammoth Lakes has enjoyed some of the highest tourism numbers we’ve seen in years (during the winter season), which is great for the local economy.  We have another series of storms coming this Friday through the following week, which should continue to build the great snow pack.

Although the excellent skiing/riding conditions have brought healthy tourism to Mammoth this season, the strong demand for real estate hasn’t quite surfaced yet.  Typically, the winter season coupled with good snowfall creates a buying frenzy from the holidays through spring time.  It appears that even with aggressive price reductions, some properties are still sitting on the market.  Heading into 2015 last year, there seemed to be an obvious shortage of attractive homes on the market along with a more limited inventory of condos and homes.  This year, the inventory seems to be a bit higher, despite the snow we’ve gotten.  There is no question that the uncertainty in the markets (world and stock markets) has played into the apprehension to buy real estate.  As we approach the presidential elections in November, it will be interesting...

As of today, August 22, 2015, the Mammoth Lakes MLS shows a total of 71 homes, 199 condos and 57 lots on the market in Mammoth Lakes only.  Although there have been some sales during the summer season so far, for the most part, the condo market seems to be sitting in comparison with single family homes.  Attractive homes located in desirable locations, upgraded, or offering views, and bright sun light, seem to be in more demand versus condos.  Many buyers are looking at the high costs of the monthly HOA dues (homeowner’s association dues) and prefer to spend more on a house with the extra amount they can finance in place of paying astronomical HOA dues.  However, those buyers who do want to have the option of being able to generate some form of rental income to offset their costs of ownership will lean more towards a condo purchase (which can be rented nightly if allowed in the CC&Rs). 

The majority of buyers who are considering a condo purchase in Mammoth Lakes are asking what type of income can be generated on an annual basis.  Since the bulk of the highest rental income will occur during ski season, if the snow conditions are lacking, then income will also be lacking.  Although there are historical rental income averages to provide prospective buyers with an idea as to what may be expected for income, one can never really “bank on” future earnings.  There are so many variables...

As of today, July 31, 2015, there are a total of 209 condos, 70 homes, and 55 vacant land listings on the market in Mammoth Lakes.  At a quick glance, single family homes priced over $1 Million seem to be in higher demand vs. the condo market of which the majority is sitting.  Vacant land listings also seem to be in higher demand vs. the condo market.  Although there was a healthy demand for homes and condos over the peak winter months along with a shortage of attractive options for buyers, that demand appears to have slowed down significantly over the past few months despite the great selection of properties currently on the market.

It‘s surprising to see that so many properties are sitting and haven’t yet sold.  A few that come to mind are: 189 Woodcrest Trail in Snowcreek Ranch listed for $1,599,000, a vacant land listing in Snowcreek Ranch reduced to $319,500, Snowcreek IV #514 townhome listed for $749,000, The Lodges #1101 2-bedroom, 2.5-bath reduced to $614,900, and Sierra Megeve #25 (2-bedroom, 2-bath and completely remodeled) listed for $425,000.  These are just a few of the many, which come to mind that have been sitting on the market.  Although the home located at 189 Woodcrest Trail is fairly new on the market with just under a month, the setting for this home is unbeatable and could be one of the best lots in Mammoth.  It was recently brought back to the market at a far lower price than where it was listed over the winter at $1,999,999.  

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