Mammoth Lakes Current Property Values

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 why condo sales keep increasing at a much higher rate vs. single family home sales.

There have been very few luxury home sales in Mammoth over the past year and the trend seems to be favoring the potential for income within the limited supply of homes, which can be rented nightly (legally). The enclave of new homes built over the past few years at Gray Bear show a huge demand for homes that can rent out nightly.  These homes were being sold with preconstruction prices of around $1.3 Million on average, and the latest resale at Gray Bear closed for $1,730,000 with furnishings.  As mentioned in previous blog posts, for those of you reading this post and unaware of the zoning laws prohibiting nightly rentals for homes located in “residential” areas, these are the only neighborhoods in Mammoth that allow nightly rentals: Gray Bear, Graystone, Lodestar/Crooked Pines, Juniper Ridge and Altis.  Any other homes that are located within “residential” zoned areas cannot be rented for a period of less than thirty days at a time.  There is a Town ordinance in place that prohibits short-term rentals in the “residential” zoned areas, and if the Town of Mammoth Lakes discovers that a homeowner is illegally renting out their home on a short-term basis, they will impose hefty fines.  Many people who are new to the market and considering a purchase in Mammoth seem to have the intention of doing short term rentals with a future purchase of a single-family home until they learn about the zoning and regulations.    

There are a number of condo developments that will feel more like a home and provide some adequate square footage vs. the traditional condo unit in town.  The Villas at Obsidian, currently under construction, will offer a great floor plan with a large living space on the second floor, only one shared wall in common with the neighboring unit, 2,988 square feet, either 3 or 4 bedrooms with 3.5 baths, and a tandem 2-car garage.  The golf course location also provides for a great setting and this is the only gated condo/townhome community in Mammoth.  These units will have the ability to generate lucrative income and are zoned “resort” for nightly or short-term rentals.  Other developments that would feel more like a single-family home are: Stonegate (luxury condos that are stand-alone units), Altis, which is located above the Bridges condos in the Eagle Lodge area, The Pointe town homes on the corner of Minaret and Chateau Road, which are spacious and have private 2-car garages, Timbers on the Sierra Star golf course, Tennis Village, etc. All of these are zoned “resort” and can legally be rented out nightly or short term. If a condo is located within an area that is zoned “residential”, then the CC&Rs will not allow rentals of less than 30 days at a time.  Most of the condo developments in Mammoth that would be attractive for a potential purchase and rental income potential are located within “resort” zoned areas such as at the ski slopes, adjacent to the ski slopes, the golf courses, the meadow and the Village.   

According to the data in the charts below pulled directly from the MLS, property values for condos continue to be on the rise, whereas single family homes have slightly decreased in value.  In reviewing the 4^th quarter closed sales for single-family homes and condos, the demand for condos increased from 87 in 2018 to 111 in 2019.  Single-family home sales are down in the 4^th quarter of 2019 vs. 4^th quarter of 2018.  Below are detailed charts showing 2019 vs. 2018 for both condo and home sales in the 4^th quarter.

4^th quarter condo sales in 2019 = 111

 
4^th quarter condo sales in 2018 = 87

 
4^th quarter single-family home sales in 2019 = 18

 
4^th quarter single-family home sales in 2018 = 22

 
If you would like to receive a PDF of the Mammoth Lakes zoning map or would like to receive a link to view current active inventory based on your property specifications, please feel free to contact me directly.

Thanks for reading.

Verena Robinson, Broker/Owner
CA DRE 01512209
Mammoth Lakes Resort Realty
verena@mammothlakesresortrealty.com