Mammoth Lakes Real Estate Market Conditions
The Mammoth Lakes real estate market seems to be slowly gaining momentum with recent closed sales in the high-end luxury market, and a steady demand for properties hitting the market at or slightly above market value. Buyers are clearly leaning towards highly upgraded condos or homes with views, plenty of light and upgrades in the resort areas.
The Creek House development, which is phase 7 of Snowcreek, has seen increased sales activity for these high-end luxury townhomes. There are currently only two left: Unit 1513 with 3 bedrooms, 2.5 baths, 2-car garage and 2184 square feet, priced at $735,900, and unit 1316 with 3 bedrooms, 3.5 baths, 2-car garage and 2244 square feet, priced at $825,000. Snowcreek Phase V saw it's highest closed sale in a few years, 817 Fairway Circle recently closed at $1,090,000. The last sale to close over this amount was May 30th, 2007 for $1,257,000.
The Graystone at Sierra Star luxury development located on the 16th fairway of the Sierra Star golf course has seen some very good demand for these uniquely zoned "resort" homes. This small development consisting of seven Craftsman-style homes, are one of the very few areas in Mammoth, which allows for "nightly rentals" or "short-term rentals" with the "resort" zoning. Most of the subdivisions in Mammoth that are zoned "residential", do not allow for short-term rentals less than 30 days or more. Out of the seven Graystone luxury homes, only lot seven is currently still available. This home is located at the corner of West Bear Lake Road and Minaret Road. The home is priced at $997,500 and will have 4 bedrooms, 3.5 baths, attached 2-car garage with 2250 square feet. What a great opportunity to purchase brand-new construction with quality Craftsman-style architecture on Mammoth's only championship golf course! And, as an investment, which will generate rental income, owning a home in Mammoth can make sense on a lot of different levels -- lifestyle, personal enjoyment, and tax savings from a depreciation standpoint.
The Mammoth Lakes real estate market continues to see a low inventory of condos, homes and lots for sale. Typically, the late spring/summer will see a large increase in inventory for all three categories. After having such a dismal ski season, it was anticipated that we would see a ton of inventory hitting the market after Canyon & Eagle Lodges closed for the season, but that just hasn't been the case. Property owners seem to be holding onto their properties for the time being.
Current active inventory as follows: 120 active condos with an average of 147 days on market and an average list price of $337,000; 62 active homes with an average of 158 days on market and an average list price of $759,000; and 50 active vacant land listings with an average of 441 days on market and an average list price of $399,000.
For the period between May 18, 2014 and June 18, 2014, a total of 80 new listings ranging in price between $125,000 and $1.6 Million, 76 price reductions ranging in price between $130,000 and $1,950,000, and 51 closed sales ranging in price between $139,000 and $3,250,000. Closed sales for the period had an average of 176 days on market with an average list price of $432,789, and an average sold price of $404,737 (for Mammoth Lakes and surrounding areas).
Summer is in full swing. Be sure to check the visitmammoth.com website to see the calendar events, concerts and art shows in the coming weeks.
Verena Robinson, Broker
CA BRE License #01512209
Mammoth Lakes Resort Realty
Tel. (760) 924-8521