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.

September 2021

What's New

Recently, Goldman Sachs made interesting comments regarding the real estate market. “While low mortgage rates and the work remotely market certainly fueled the housing demand, one under-appreciated reason for the current price boom is that housing supply is very tight. One would expect increasing prices to feed a construction boom, but this hasn’t happened. Rising costs, raw materials, and labor shortages have slowed construction.” This certainly seems to be true for Mammoth Lakes, as record low inventory levels persist. This Labor Day Weekend, 27 single-family homes and 35 condominiums are listed for sale in the Mammoth market.

 

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

 

July 2021

HOT

 

The weather is hot, and it is still a hot seller's market. While the current number of condominiums for sale reminds stable, the asking price is fluctuating. There are 47 active listings with a median price of $554 thousand, which is $100,000 higher than last year at this time. 27% of these listings have reported price reductions.

 

The single-family market has seen the inventory levels increase from 13 homes to 25 homes. The asking price ranges from $525 thousand to $7.4 million, with a median price of $1.049 million. The median days on the market are 21. Still a tight buyers market but improving.

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

May 2021

TRICKY

 

TRICKY is not a typical term used to describe the real estate market. However, it seems appropriate when looking at recent Mammoth Lakes activity.  Today, there are 48 active condominium listings, and 25% of them have reduced their original asked price. Another one is closing 11% lower than a 6-week old comp. Conversely, last month's closed escrows were at all-time high prices. Every niche market is seeing something different. And the single-family home market is beyond tricky as there is no inventory. Out of the 13 homes on the market, four are listed over $3 million. It's time for serious buyers to pay close attention to new listings. Don't hesitate to ASK!

March 2021

A continued course

 

The Mammoth Real Estate Market continues on a course of robust demand and limited supply. Currently, there are 21 condominiums listed for sale ranging in price from $399,000 to $1.645 million with the medium number of days on the market just 7. And there are 15 single family homes ranging in price from $920,000 to $7.4 million with a median ask price of $2.650 million. If you are in the market to buy now call me as you will need to react quickly. The new norm is multiple offers within 24 hours. This month, I have substituted 3 recently approved and exciting Town projects for my normal Featured Buys.

 

The Parcel

The Town’s first large scale workforce housing project is planning an early summer ground breaking after an extensive public input and planning period. Phase 1 will include 81 rental apartments plus facilities for child care and community centers. The Parcel will be accessed from Center Street and Tavern Road.

 

Community Recreation Center

Community Recreation Center is also planning a ground breaking. The 40,300 square foot Center is located at Mammoth Creek Park and will operate as an ice rink in the winter with accessible community space, and in summer, as a multi-use RecZone.

 

Limelight Hotels

Limelight Mammoth, LLC recently presented a Conceptual Review to the Town Council for a 151-room hotel to be built on the corner of New Canyon Blvd and Lake Mary Rd. Limelight’s first phase would be a “true hotel” with no for-sale component. Proposed amenities include conference facilities, lounge & bar, pool, public plaza and underground parking.

 

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

February 2021

Being Nimble

 

Jack be nimble, Jack be quick … this nursery rhyme best describes today’s real estate market. As I prepared this month’s Featured Buys, Mammoth Lakes had 17 active single family home listings and 27 condominiums.

 

Here are two tips on being nimble. First, I strongly advise buyers to sign up with me for auto-notification of new listings as most properties receive multiple offers within days of being posted on the MLS.

Second, you need to be in a position to quickly write an offer. If you aren’t familiar with the current California of Realtors Purchase Agreement, call me and we can run through a practice set.

 

It has been a blustery week with the Mountain reporting 107” of new snowfall during the last 72 hours and the State lifting of the Regional Stay-at-Home Order. As my favorite ski instructor says – safety first, then fun!

 

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

January 2021

Buyer's Hold

 

After reviewing the current single-family homes and condominium listings, I have decided not to feature any properties this month. Featured Buys are selected using a combination of factors (price, location, condition/age, amenities, time on market and rental potential).

 

For example, a 40-year-old condo with kitchen and bathroom in original condition would not make the list unless the ask price was deeply discounted. The condition/age of single-family homes is given extra consideration as an older property usually needs a complete remodel. In Mammoth, the construction demands far outpaces the number of trades. Remodeling a home can be an expensive and lengthy process. However, if that same home has a rare sweeping view of Mammoth and Sherwin mountains plus Crowley Lake, it would be considered. Sadly, I couldn’t find 6 properties to meet my standards for this email.

 

On December 31, there were 16 homes and 25 condominiums on the market. We are in a classic seller’s market with scarce inventory, inflated asking prices and high demand fueled by low interest rates. As an example, of the 16 homes on the market, only one was listed below $1 million and only one built within the last 11 years. These factors are the antithesis of those I use to select Featured Buys.

 

While everyone’s perspective on whether to buy or not is different, when you add on the economic impact of the Regional Stay-at-Home Order, I believe it is prudent for today’s buyers to be patient. While it is expected that the high-end market will remain unaffected, my prediction is most of the market will probably see a downshift in sales prices during 2021.

 

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

December 2020

Black friday Bargains?

 

Sorry folks, this is a seller’s market and the real estate bargains are few and far between. Currently there are only 31 active Condominium listings on the market ranging from an asking price of $219,900 to $1,399,000. And 23 residential properties ranging from $574,000 to $7.4 million. Inventory is tight.

 

Considering all real estate markets are cyclical, doing your legwork now will pay off in the future:

 

  • Know the market
  • Stay current on new listings
  • Calculate your numbers
  • Organize proof of funds/loan pre-approval

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

Contact

Madeleine "Mickey" Brown

DRE #00578454

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