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

What's Next

Q3

 

Since 2003 I have been tracking Mammoth Lakes’ number of sales and dollar volume statistics. Never would I have imagined that in one year the Board of Realtor’s stats would go from one of the worst to one of the best quarters. But that is exactly what happened this year between 2nd Qtr. and 3rd Qtr.

 

Equally interesting, the market performance has fluctuated across all price points/types of properties. Larger luxury townhomes have seen a flurry of activity including all the new home inventory for CreekHouse and Villa at Obsidian. Conversely, single-family homes in the $1 million plus range have the most listings still on the market.

 

Don’t hesitate to call or text me if you would like to discuss What’s Next. Madeleine “Mickey” Brown 760.914.0199

 

September 2020

Defying Expectations

 

The 3rd quarter median condominium sales price is now similar to 2005 the previous high mark.

Springtime 2020 started with a big pause, then, defying expectations, condominium prices rapidly appreciated during 3rd quarter. For this quarter the median price was $511,000, or a 14% increase over the previous year. However, the real story is the larger/new townhomes, which in some local areas have appreciated 30% or more during the quarter. Contact me at 760.914.0199 with you market questions.

 

July 2020

July Fireworks

 

Buyers were out in full force during the month of July. Second quarter 2020 was one of the slowest for real estate transactions in the history of the Town. And the pent-up demand spilled over to July with a sense of urgency to buy now. When comparing month-end June ’20 to month-end July ’20 for Mammoth residential homes and condos:

Pending Sales increased 53% from 76 properties to 116

Listing inventory decreased 18% from 211 properties to 172

 

The other two significant factors boosting sales are the record low mortgage rates and the work-from-home movement giving folks the flexibility to move to the mountains.

 

Call me to find out which one of the 172 active listings would be perfect for you —760.914.0199

Contact

Madeleine "Mickey" Brown

DRE #00578454

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