Mammoth Lakes CA Real Estate Blog

Will Mammoth Lakes Real Estate Values Decline in 2024?

Aerial View of Sierra Star Golf Course Properties Mammoth LakesBack in 2018, I remember thinking that the likelihood of values ever reaching over $600 per square foot would take several years (if ever).  Mammoth has historically been a sleeper town with not much intense demand in real estate to drive prices up.  There was the Intrawest boom in the late 1990s that lasted up until 2006.  Mammoth saw historically high prices for homes, condos and land.  After the financial collapse that started in 2008, many properties went back to the banks and the REO days came to light offering up real estate at severe discounts.  Those who were lucky enough to have bought at the bottom of the market in 2012 and still own have possibly tripled their investment since they purchased.  Then came the COVID-19 pandemic which brought unprecedented demand for an escape from cities and suburban areas.  Not long after the lockdowns began in April of 2020, curiosity and inquiries followed about investing in real estate in Mammoth Lakes.  The need to have a second, third or fourth home became what seemed to be an obsessive desire for many…  “The mountains were calling” everyone.   Then there is the component of “fear of missing out”.  The multiple offers returned, love letters to sellers, and suddenly what seemed like overnight, prices skyrocketed and have remained at record high levels. 

Although 2023 brought a series of steep interest rate hikes, it seems that buyers became accustomed to paying higher real estate prices.  The combination of limited movement on list prices, limited inventory and the desire to buy now vs. waiting are some...

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