Mammoth Lakes Real Estate Current Market Conditions July 5, 2020
As of today, the Mammoth Lakes real estate market has 119 condos, 45 homes and 34 vacant land listings. Activity both around town and in the real estate market continues to be quite busy. During the past 6 days, a total of 26 properties went under contract. There was a total of 33 new listings that hit the market leading up to the 4th of July weekend. Last week’s inventory count was 114 condos, 43 homes and 34 vacant land listings, which shows the strong demand considering the number of new listings the past few days. Most of the new listings during the past week were condos. This sector of the real estate market has the most demand at present. Homes that are priced below $1 Million and priced around market value in desirable areas within Mammoth seem to go quickly as well. The higher end homes priced above $1.5 Million are not in demand at the moment. It appears that most buyers are looking for the opportunity to generate rental income to help offset their costs of ownership and since most homes are located within “residential” zoned areas, you cannot rent them on a short term basis, but with a minimum of 30 days at a time. There are very few neighborhoods that are zoned “resort” and can be rented out nightly. Because of this, homes located within neighborhoods like Gray Bear and Graystone are in high demand and sell quickly when they do hit the market. There was a new listing at Gray Bear a couple of weeks ago which listed higher than the last property that sold in this neighborhood just under a year ago and went under contract with a list price of $1,765,000 within 48 hours of listing.
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