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.
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.
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 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:
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.
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
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
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!
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 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 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