What's New

January 2023

Are fears of a market crash well-founded?

 

When you look at the recent statistics provided by the National Association of Realtors, the fundamentals don't point to one. And the Mammoth Lakes' real estate market follows a similar trend. Locally, the low point of the last real estate cycle was 2010. That year, the total number of active listings for condominiums and single-family homes (inventory) was 223, with 37% of the sales being either foreclosures or short sales. Now there are 46 active listings with zero sales, either foreclosures or short sales in 2022. This year, I see a minor market correction from the height of the COVID real estate boom, which certainly is not the same as a crash.

 

Don't hesitate to Ask Me your real estate questions. Text or call me at 760.914.0199.

December 2022

 Will Listing Inventory Increase in 2023?

 

Let’s start by taking a look at what happened in 2022. At the beginning of the year, there were 3 single-family home listings and 10 condominiums for Mammoth Lakes. Today there are 8 homes and 45 condominiums. Technically, the inventory did increase. A better question might be, will there be sufficient inventory to meet demand in 2023? In my opinion, no. Current owners will have little motivation to sell as there is no “move-up” market, loans with low mortgage rates, and the promise of abundant snow this winter. Historically, move-up markets are stimulated by new construction. Creekhouse is the only construction project delivering in 2023, and most of these 32 units are under contract.

 

The snow gods have blessed us with a series of winter storms; spend the holidays in Mammoth Lakes, just voted the #1 Ski Town in North America.

 

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

November 2022

WHAT IS YOUR PERSPECTIVE?

 

Recently, there has been a lot of conversation regarding mortgage interest rates. And true, an average mortgage rate of around 7% seems high when compared to recent rates below 3%. On the other hand, compared to the all-time high-interest rate of 18.63 in 1981 it looks like a deal. It all depends upon your perspective. In my opinion, rates below 3% were probably a once-in-a-lifetime event. I’m betting on mortgage rates between 6 and 7% becoming the new normal. What does your crystal ball say?

 

As I often say, buying in Mammoth Lakes is a lifestyle decision. I recently heard, you marry the property, and date the interest rate. If you buy with the expectation of owning for 10-15 years, buying right is the most important criterion, as you can always refinance.

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

October 2022

HOUSING NOW

 

The fruition of years of hard work is becoming a reality. Over 260 workforce housing units are in the pipeline, and the Town has been awarded $74.6 million in grants. The Sawyer Building at the Parcel is currently under construction. The 81 units will include Studios, 1, 2, and 3-bedroom apartments with a public park and childcare facility for 34 children. Occupancy is expected in fall 2023. Additionally, Mammoth Mountain purchased the 36-room Sierra Lodge on Main Street for their employee housing. Congratulations to all who have worked on these projects and are dedicated to helping make Mammoth a better place to live, especially the Town of Mammoth Lakes.

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

September 2022

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

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Madeleine "Mickey" Brown

DRE #00578454

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