Mammoth Mountain: Has the Lack of Snow for 2011/2012 Ski Season Affected Real Estate Values?
Typically, this is the time of year when we begin to see an increase (usually pretty significant) in the number of properties hitting the market. Most property owners who contemplate selling will usually wait until after ski season, which is especially true for condo owners. For most complexes, since the bulk of rental income is generated during the months of November through April, once Canyon Lodge and Eagle Express close for the season, traditionally, our inventory increases.
One would think that after the lack of snow Mammoth has seen during the 2011/2012 ski season, there would be a glut of properties hitting the market. However, this has not yet happened. Because we experienced such limited snowfall this past ski season, our skier visits were down substantially compared with the past few years. In turn, our overall ski season tourism numbers were down as well. For those property owners who depend on the stream of rental income that the past few record-breaking snow years have brought, probably have felt the impact of the reduced rental income this year.
However, in answer to the question posed above, the answer appears to be “no”, at least not yet. Our Mammoth Lakes spring real estate inventory continues to be lower than it’s been in previous years, and demand appears to be healthy for attractive and attractively-priced properties.
As of April 29, 2012, there are only 162 active condos and 57 active single-family homes on the market. During this time of year, previous stats have been anywhere from 220 to 290 active condos, and 70 to 95 active homes on the market. Our Mammoth real estate market sales data for year-to-date is as follows: 134 closed transactions 1/1/2012 to 4/29/2012, of which 30 were single-family homes, and 90 were condos. Out of the 30 closed single-family home sales, 5 were REOs (Real Estate Owned – bank foreclosures), 10 were short sales, 1 probate, and the balance of 14 being traditional re-sales. Out of the 90 closed condo sales, 15 were REOs, 28 were short sales, and 46 traditional re-sales.
As the warm temperatures set in next week for a steady period of highs in the mid-70 range, the snow will begin to melt fast. Perhaps after ski season is officially over (if it makes to Memorial day weekend as planned), we may begin to see the large numbers of inventory hitting the market that would be expected after one of the most uneventful ski seasons in 20 years. Or, maybe the bulk of the distress is gone from the market? Stay tuned for the next post on REO inventory….
Verena Robinson, Broker/Owner
CA BRE License #01512209
Mammoth Lakes Resort Realty
tel. (760) 924-8521