Mammoth Lakes Real Estate Market Conditions August 8, 2017
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 8th, 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.
Despite the consistent influx of new condo listings, the inventory remains rather steady at 80 condos, indicating a healthy demand. There have been a few desirable residential/single family home new listings during the past couple of weeks, and that inventory count also remains rather steady due to healthy demand in this sector of the market. Since there is such a shortage of homes for sale in desirable areas such as Mammoth Slopes (between the Village and Canyon Lodge) and in the Eagle Lodge project area, we are seeing multiple offers on some of these new listings. Buyers are showing that they are willing to pay higher prices over the closed sales comps if the property has the right characteristics or fits personal preferences. I haven’t had the opportunity to use this phrase since late 2006, but “we are now in a seller’s market”. It has been a strong buyer’s market for many years – since 2007, which was the start of the financial crisis. Property values recovered slightly in 2013 after reaching the bottom of the market in 2012 (specific to Mammoth Lakes). Prices have continued to increase gradually over the years. In running the sales volume for 2006, property values are still down from the peak of the market prices, but only slightly at around 15%. The most noticeable increase in prices has occurred this year. Given the current real estate trends, prices are likely to continue increasing over the next couple of years. With that said, in reviewing a comparison for the period of January 1 – August 1 of 2016 and 2017, the following data shows an overwhelming demand for the condo sector of the market priced under $500K (both years). Home sales are very similar and vacant land also similar with the exception of higher end lot sales this year vs. last.
January 1, 2017 – August 1, 2017 condo sales analysis: A total of 229 closed sales for the period. 185 of these closed sales were for condos priced at $500,000 and under. This was obviously the “hot” sector of the market during the first seven months of the year. The remaining 44 condos sold between $500,000+ and $1,087,000. The average days on market for condos was 128 and median days on market was 79. The highest sales price for a condo was $1,087,000, low was $104,680, average was $370,539, median was $320,000, and total sales volume was $85,853,452.
January 1, 2016 – August 1, 2016 condo sales analysis: In comparison to last year for the same period, a total of 162 condos sold, which is 67 less than the same period this year. Out of the 162 condos sold, 135 sold for under $500,000. Again, this is a very popular price point for the condo segment of the market. The difference being the significant increase in sales volume this year vs. last. The remaining 27 condos sold between $500,000 and $890,000. The average days on market was 162, median days on market was 122, highest sold price was $890,000, lowest sold price was $131,000, average sales price was $334,334, median sales price was $287,500 and total sold sales volume was $54,162,188.
January 1, 2017 – August 1, 2017 home sales analysis: A total of 43 homes sold during the first seven months of the year. Out of the 43, 17 sold under $600,000, 13 sold between $600,000 and $825,000, and the remaining 13 sold between $1,025,000 and $1,999,900. Average days on market for the period was 168, median days on market was 132, highest sold price was $1,999,900, lowest sold price was $230,000, average price was $833,797, median price was $690,000, and total sales volume was $35,853,300.
The new construction house located at 88 Bridges Lane in the Greyhawk Homes neighborhood (ski in, ski out) sold for $1,999,900/$776.66 PSF, which is one the highest paid prices per square foot for a single-family home in Mammoth.
Just down the street from this property is a new listing located at 54 Bridges Lane on the market for $6,795,000. This amazing home features over 6,700 SF of living space with 5 bedrooms, 5 baths, unobstructed “forever” views down the valley, and the finest materials throughout. This spectacular home is priced at $1,001 per square foot and was built in 2011. It may actually sell quickly given the looming interest in this property.
January 1, 2016 – August 1, 2016 home sales analysis: For the same period last year, a total of 45 homes sold, which is 2 more than this year. Out of the 45 closed sales, 19 sold below $600,000, 12 sold between $622,000 and $990,000, and the remaining 14 sold between $1,000,000 and $2,050,000. Average days on market was 219, median days on market was 169, highest sold price was $2,050,000, lowest sold price was $255,000, average sales price was $838,585, median price was $685,500, and total sales volume for homes was $37,736,367.
Vacant land sales analysis: January 1, 2017 to August 1, 2017 had a total of 13 lot sales of which 4 sold between $575,000 and $1,475,000. For the same period last year, 10 vacant land listings sold of which only one sold over $379,000 at $1,250,000 for a Juniper Ridge lot (ski in, ski out residential neighborhood above Eagle Express chairlift).
For questions, to request a list of properties on the market tailored to your specific criteria or to schedule a property showing, please feel free to contact me directly.
Thanks for reading.
Verena Robinson, CA BRE #01512209
Mammoth Lakes Resort Realty
126 Old Mammoth Road – by appointment only
(760) 924-8521 direct