Real Estate Trends

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...

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...

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...

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...

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...

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...

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...

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. ...

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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Great weather continues to grace Mammoth Lakes and the Eastern Sierra.  Some much-welcome thunderstorms have been hitting almost every afternoon, bringing sporadic rain showers and slightly cooler afternoon temperatures.  Thanks to this much-needed rainfall, Mammoth is looking just beautiful with green golf courses and blooming meadows.   Speaking of the weather, the “El Nino” talk is beginning to spread with a favorable prognosis for a strong El Nino to hit this coming winter.  Read about the most current ENSO Diagnostic Discussion here. 

Along with the 4^th of July fireworks came an explosion in the Mammoth Lakes real estate inventory.  Our inventory increased to 214 condos, 75 homes, and 55 lots over the weekend.  Although there was quite a bit of interest and showings for homes and condos, not much serious activity resulted.  As we get deeper into the summer season, the sales will begin to pick up and probably absorb some of the inventory.   This typically happens in August.  Although activity in the real estate market has been shy in...

As we approach the 4^th of July weekend, the weather should continue to be beautiful with highs around 74 degrees and scattered afternoon thunderstorms.  The past week has brought some much-needed rainfall in the afternoons bringing out new wildflowers and greener grass around town and in the backcountry. 

Our inventory has really begun to increase, mainly in the condo sector of the real estate market.  As of today, June 30, 2015, we have 201 condos, 69 homes, and 53 vacant land listings in Mammoth Lakes.  Activity is beginning to pick up with increased website traffic, inquiries, showing appointment requests, and offers being presented.  This is customary for this time of year, and we should really see an increase in the number of pending sales (currently at only 50 for all property types in Mammoth) in the coming weeks.  There is a great selection of properties currently available on the market, but this mainly applies to condos and townhomes.  The single-family home sector of the Mammoth real estate market is still somewhat limited, or it is evident that sellers are listing their properties higher and higher.  Will buyers be willing to pay the higher prices over the summer season?  This will be interesting to see and I will provide a recap of the single-family home sales at the end of this summer. In the meantime, take a look at what Tom DiChristopher of CNBC's Realty Check has to say about the real estate market in general.  
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Summer has arrived in Mammoth Lakes.  Temperatures have been very warm over the past week or so, the Aspens are lush and green, and wildflowers are in bloom.  Summer is one of the best and most beautiful times of the year to visit Mammoth and experience all of the wonderful natural resources this mountain resort sanctuary has to offer.  What an amazing lifestyle Mammoth Lakes provides year round for the recreational enthusiast or nature lover looking to escape the hustle and bustle of the ever-growing urban sprawl in the major Southern and Northern California cities.  Only a 5-hour drive from Los Angeles and you can escape the crowded freeways, city streets, and sidewalks to connect with this natural paradise.  Having just returned from Buenos Aires, Argentina, I found myself with a renewed appreciation and gratitude for this beautiful area I’m so fortunate to live and work in. 

When I review what is happening in the real estate market in other areas of California as well as nationwide, I have to scratch my head and wonder how such a beautiful (and small) resort area like Mammoth Lakes can still remain in relatively low demand with only slight appreciation in property values (sporadic).  ...

As of today, April 20, 2015, the Mammoth Lakes MLS shows a total of 165 condos, 62 homes and 51 vacant land listings on the market.  The Mammoth real estate market has been pretty quiet in general with a few new listings trickling onto the market, a few cancelled listings withdrawn from the MLS, and a few new pending sales.  I had expected to see an explosion of new listings starting to hit the market around this time, but that isn’t really happening.

This was our fourth consecutive drought year with the 2015/2015 season being the worst.  Perhaps sellers feel that they’ve weathered the lack of storms, a very slow to rebound resort market, and incredibly restrictive lending conditions (among other disappointments in the Town of Mammoth) over the past several years, that they can wait it out longer.  If sellers have been able to make it through all of this adversity, it’s quite possible that they will wait until demand increases or the weather changes (bringing much anticipated normal snowfall over the next few years).  If this is the case, the great deals that buyers are waiting for – reduced prices – may not materialize.  Only those sellers, who are truly motivated and need to sell, will be the select few that may discount their properties below current market value.  From what I am noticing in the MLS, we aren’t seeing drastic price reductions or a flood of new inventory.  The real estate market in Mammoth seems to be somewhat neutral at the moment.

One of the questions that buyers frequently ask is when the best time of year to buy property in Mammoth is.  It used to be between April and mid-summer, which is when inventory would rise and...

As of today, April 2, 2015, the Mammoth Lakes real estate market has a total of 54 homes, 161 condos, and 48 lots on the market.  There are not very many properties in escrow at this time, only 51 total, which includes “pending”, “back-up” and “contingent short sale” classifications.  

With the closing of Eagle Lodge and Canyon Lodge soon to follow, the weather seems to be changing into a mild winter with a projected storm on the way next week, which should be cold enough to bring snow.  There has been much discussion on the news about the non-existent snow pack in the Sierra Nevada Mountains, which is at the lowest in history, along with strict water rationing on the way for the state of California.  Some people are quite concerned that it will never snow again, while others don’t seem to mind and remain interested in owning property in Mammoth.  It has been a strange winter, and in noticing various different species of birds never seen in the area before (along with other parts of California), this could be an indication of possible weather change in the coming months/year.  This has been noticeable not only to me, but to many other people I’ve spoken with lately.  In correlation with animal behavior, although this is hopeful speculation on my part, I have a feeling that the weather is going to change bringing increased precipitation over the late spring, summer and following through into next fall and winter.  Maybe we’ll end up getting enough snow over the next couple of winters to end the drought.  Because the weather has been shifting to such extremes (world-wide), when the weather shifts again, we will most likely have some very intense storms, and Mammoth Mountain will be a winter wonderland again.  This has been the case throughout history.  ...

The Town of Mammoth Lakes appears to be heading into the shoulder season a lot sooner than in previous years.  It feels very quiet in town, along with reduced activity in the real estate market (overall).  Eagle Express (chair 15) has closed for the season due to lack of snow and warm temperatures.  Canyon Express (chair 16) is still running for the time being.  The Mammoth “Cali4nia” passes are now on sale for the 2015/2016 ski season for $689.00, which includes a $100 resort credit.  The pass is good for Mammoth Mountain, June Mountain, Bear Mountain and Snow Summit ski areas.  Coming out of one of the worst drought years on record for Mammoth, I’m going to be optimistic in saying that it can’t get much worse than this.  I am hopeful that next ski season will bring normal snowfall to the Sierra Nevada range, which will help chip away at the severe drought conditions.  NASA reported last week that California has 1 year left of water (at the current levels).   We need the snow to fall in copious amounts not only for recreation, but most important, drinking water and farming. 

As of today, March 24, 2015, there are a total of 162 condos, 55 homes and 49 lots on the market.  During the past week, there were a total of 10 new escrows and pending sales combined and a total of 8...

The Mammoth Lakes real estate market had an increase of 15 new listings, 11 price reductions and 6 closed sales for the past week. 

New listings ranged in price from $135,000 for an upgraded studio at the St. Moritz condos complex up to $1,300,000 for a Craftsman style home in Old Mammoth located at 1 Creek Lane.  This property is located on one of Mammoth’s most coveted neighborhoods, and backs to the Snowcreek Meadow Preserve and flowing creeks.  The recently completed town bike trail system is connected by the new bridge at the Majestic Pines cul-de-sac over to the end of Waterford Street, which is where the Creek Lane property is located (corner of Waterford and Creek Lane).  A summary of the new listings this past week include 1 duplex in the Sierra Valley Sites neighborhood, 2 single family homes, and the rest being condos. 

There were a total of 11 price reductions for the period, mostly in the condo sector of the Mammoth real estate market.  Some of these noteworthy price reductions are: Mammoth West #106, 2-bedroom, 2-bath townhouse at the base of Canyon Lodge, which was reduced to $265,000, Meadowridge #12, remodeled 2-bedroom, 3-bath town house across the street from the Sierra Star golf course and .5 miles to the base of Eagle Express chairlift, was reduced down to $369,000, White Mountain Lodge #2421, 2-bedroom, 2-bath on the 4^th floor in the Village at Mammoth was reduced down to $449,500, Mammoth Green...

As of today, February 24, 2015, there are a total of 151 condos, 50 homes, and 47 vacant land listings on the market in Mammoth Lakes.  During the past week, there were a total of 12 price reductions, several extended listings and a couple of “back on markets”:   A Grand Sierra Lodge 2-bedroom condo listed for $449,000 on the 2^nd floor, and a Westin studio unit on the 6^th floor (with south-facing views overlooking the pool and mountains) listed for $249,000.  Clearly, the lack of snow this ski season has been somewhat of a disappointment for many people, including visitors, prospective buyers and sellers.  The visible increase in new listings and price reductions over the past couple of weeks definitely shows some motivation from sellers who have decided to list or reduce their asking prices sooner than the typical spring time period after Canyon and Eagle lodges close for the season.     

With that said, interest continues to remain very high in Mammoth Lakes real estate.  Buyers are still actively looking at properties online, making inquiries and scheduling showing appointments.  Even though we’ve been through a few drought years, there is still some snow to ski on and it doesn’t change how beautiful this area is and all of the wonderful recreational opportunities it provides.  Everything cycles in life, including the weather.  This drought cycle will come to an end and it will snow heavily in Mammoth Lakes again.  So, we all just have to wait it out and in the meantime, enjoy the beautiful weather!  Check out the Mammoth Lakes Chamber of Commerce...

The 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...