What's New

September 2021

Crystal Ball – Return of 2021 Pricing

For a while, new listings consistently were listed higher than the previously sold comparable. Now the market has downshifted, and the ideal price point appears to be 2021 4th Quarter comparable sales. Following the investment principle of selling when the clock is at noon and buying at 6 pm is a popular guideline. In reality, it is nearly impossible to be spot-on. A better approach when buying resort properties is to look for a solid buy that meets one's lifestyle needs as the clock ticks towards 6.

Don't hesitate to Ask Me your real estate questions. Call 760.914.0199

August 2022

DISEQUILIBRIUM

 

The Mammoth Lakes, real estate market, is in a state of disequilibrium as the supply, demand, and pricing are adjusting to 2022 economics. Comparing the 2nd quarter of 2022 to the previous year, the listing inventory is up, closed sales are down, and the median price is up. The number of price changes for active listings summarizes the market. Last month there were 63 new listings and 50 price changes. I believe realistic seller pricing will be the next phase.

Don’t hesitate to Ask Me any questions you may have. I can be reached at 760.914.0199

July 2022

BUYER-CAUTIOUS MARKET

 

Recent well-publicized financial forecasts are gloom and doom. The devastating 2008 correction was primarily credit-driven. Will this correction be different? The next recession could be inflation driven, and these corrections tend to be shallower. The corporate, bank, household balance sheets, labor market, and inventories will be leading indicators for market insights.

 

In the meantime, think local. The number of active listings for Mammoth Lakes is slightly higher than last year's 4th of July weekend. The torrid pace of price appreciation has slowed. On an annualized basis, the appreciation rate is now 11%. Additionally, 12% of single-family homes and 28% of condominiums listed have had a downward price adjustment. Look for the buys.
Don’t hesitate to Ask Me any questions you may have. I can be reached at 760.914.0199

 

June 2022

Edging Towards the Buyer's Market

 

The recent windy weather in Mammoth Lakes appears to have blown in a changing real estate market.

 

Today, there are 59 active condominium listings ranging in price from $285,000 to $2,590,000. Of those 59, 29% have had price changes lowering the original ask price.

 

Additionally, there are 21 single-family home listings ranging in price from $725,000 to $4.299 million, and 43% have had price changes.

 

Have we returned to the Pre-Covid normal trend of seeing an increase in new listings between now and July 4th? I believe we have, and the upward trend in the listing curve will slow the appreciation rate.

 

Don’t hesitate to Ask Me any questions you may have. I can be reached at 760.914.0199

April 2022

A mixed bag

 

A recent article in Yahoo/finance rated Mammoth Lakes as one of the top five vacation destinations in the nation that could be a great investment. While it is flattering to see Mammoth’s name in print, and I also rate Mammoth high for lifestyle, there are no sure bets anytime you are weather dependent. Come for the love of the mountains, and any rental income is the icing on the cake.

 

The positive news for buyers is that the total number of active listings is increasing. At quarter-end, there were 65 properties on the market. This is similar to the same time as last year. And I’m expecting that number to continue to grow into the summer months. The negative, the price point continues to appreciate. The median sales price for condominiums is $775,000, and single-family homes is $1,225,000. Now is an excellent time to start receiving auto-notifications for new listings. Just text me at 760.914.0199, and I will add you to the list.

Did you notice Jimmy’s Taverna was razed? The new owner of Sierra Nevada Resort has started a renovation project to the existing 149-unit hotel and Rafters restaurant. Additionally, 30 new resort cabins will be constructed.

 

Don’t hesitate to ASK ME any questions you have regarding the market. Call or text me at 760.914.0199.

February 2022

Listing Numbers on the Uptick

 

What a delight to send this Mammoth Lakes market report as the number of available properties finally increases after reaching rock bottom. Today, 23 active condominium listings with medium days on the market of 8 asking from $440,000 to $2,250,000. The single-family market is still pricey, as the 9 active listings have a median ask price of $3,499,000. Spring snow play is always a terrific time with longer days filled with abundant sunshine. It is also an excellent time to take an area tour.

 

Call or text me on your next visit to schedule one at 760.914.0199.

December 2021

The Puzzle

 

After 3rd Quarter losses of $304 million, Zillow announced it was closing their homebuying division. A recent NPR article stated, "Much of the time, big companies have more information than everyday people when it comes to buying and selling things. But in real estate, that information asymmetry is reversed". Homebuying is local. Unique local factors are weather, Alterra's (owners of Mammoth Mtn.) plans, and the actions of the local government.

 

Locally we see:

  • The snow gods have blessed the area with early and abundant snow.
  • Alterra is bullish about its plans for the proposed Main Lodge as presented to Town Council this summer.
  • Covid prevention protocols seem balanced between protection and keeping businesses open.

 

The missing puzzle piece:

Mammoth listing inventory is at a record low. Why the reluctance to sell? In my experience, sellers find current price points attractive, and the fear of finding a replacement property is paralyzing. It is a catch 22.

 

Available in Mammoth now:

  • 8 Active Condominium Listings ranging from $349 thousand - $1.380 million
  • 11 Active Single Family Homes Listings ranging from $925 thousand - $6.9 million

And just Ask Me, if you need assistance. I can be reached at 760.914.0199

The Fifth Phase

I no longer think of COVID-19 as only a pandemic but also as a fifth phase of the real estate market cycle. (The traditional four phases have been recovery, expansion, hyper supply, and recession.) Since the current real market has bucked all trends, I refer to it as the COVID-19 phase of the cycle. This phase has been fueled by remote work, low mortgage rates, and low housing inventory. While historically, shoulder season has been an opportunity to find better deals, this fall is the opposite. Currently, there are 40 condominiums and single-family homes listed in the town of Mammoth Lakes. In the 17 years that I have been tracking local market statistics, this is an all-time low. Sale prices will continue to appreciate as long as the supply of active listings is low.

 

Keep in mind while watching national trends that Mammoth has traditionally lagged behind them. And previous droughts have translated into reduced tourism leading to reduced rents and increased inventory for sale. Stay tuned!

 

If you are a lifestyle buyer or need to invest 1031 proceeds, don't hesitate to get in touch so I can be on the lookout for your dream property. Call 760.914.0199.

Contact

Madeleine "Mickey" Brown

DRE #00578454

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