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
Summer is in full swing and the Town has started its Welcome Back campaign. On cue, the local real estate market also has come back to life.
During the last 30 days, 54 additional condominium listings came on the market ranging in price from $239,000 to $1,045,000 with a median price of $504,000.
And 18 single-family home listings ranging in price from $599,000 to $3,200,000 with a median price of $974,000.
It is time to enjoy the mountains and look for your dream home. Questions? Just ask!
Sleeping Beauty, as in our beautiful town, is starting to wake up. Within the last several weeks there has been an uptick of new listings and sales activity. If you are a serious summer buyer, now is the time to get ready.
If you would like to discuss in detail, don’t hesitate to contact me.
The mild winter allowed construction to continue uninterrupted. Shown is John Hooper’s new infill project on the corner of Old Mammoth Road and Oaktree. Other notable construction is the second-floor addition to Burgers Restaurant and Mammoth Creek Inn’s two new buildings.
Looking forward to seeing you!
April 13th 2020 Mammoth Times Article
While the financial markets tend to react quickly and erratically to financial negativity, the Mammoth Lakes Real Estate Market has reacted with a pause.
In the long run, I am optimistic that our market will be just fine, with appreciation returning for several reasons. The market has room to grow. As the bar graphs show, the latest cycle never reached the same peak as it did in 2005 for either dollars or number of transactions. That year the total dollar volume for 796 closed residential sales was $545 million. The most recent peak was 2019 for 503 sales and $295 million. Additionally, it appears that low mortgage rates will be the norm for a while. And best of all, Mammoth Lakes is still as beautiful as ever.
First Quarter 2020 has set the new benchmark for the next cycle. Overall, sales were slightly better than First Quarter 2019 as the impact of Mammoth Mountain closing early and the issuance of the Stay at Home Order didn’t hit until the second half of March.
The near-term will be definitely challenging. The number of Pending Sales at Quarter- End is the most accurate barometer of what will happen. On March 31st, as reported by the Mammoth Lakes Board of Realtors, there were 41 Pending Sales — 33 condominiums, 7 single-family homes and 1 residential lot. While the overall number is reasonable, it is the composition that is worrisome. The median sales price for condominiums, excluding the 14 new construction sales is $382,000. This is a significant drop in median price from the previous quarter and may be an indication of future price points.
While all market cycles have similar traits, each also has its own uniqueness. As we start this new dawn, I will be writing a series of quarterly articles updating the community on what is happening in our real estate world. And as the market briefly pauses, be well and stay safe.
Mammoth Lakes is as beautiful as ever and there is no end in sight for its majesty. In the long run, I am optimistic that the real estate market will be “just fine” with appreciating prices returning. However, the short-term is problematic. We have had a trifecta – pandemic, financial market roller coaster and the winter 19/20 drought. I believe that once the “stay at home” orders are lifted that there will be a downward adjustment of price. When this happens, it will become a buyer’s market and I will return to the traditional Featured Buys format. In the meantime, it is time for a pause.
The local community has been hit hard by both unemployment and illness. The official site for Mammoth/Mono County information is Mono County Coronavirus. And if you would like to make a donation to our food banks, you can make an online donation in any amount to the Mammoth Community Foundation, which is run by the Mammoth Lakes Chamber of Commerce. Click on the Chamber’s website Chamber of Commerce and the Donate Now button is at the bottom of the home page.
Stay healthy and I look forward to the day when we all can enjoy our beautiful mountains together.
Those who say winter is over shouldn’t dismiss the years when March/April were some of the biggest snowfall months of the season. I am visualizing the spring skiing as I write.
As for naysayers who comment that the current real estate market is at the top of the cycle, here is something to think about. While there has been a definite upward trend in median sale price, the Mammoth Lakes real estate market still has not fully recovered to its 2005 activity levels.
During 2005, there were 796 closed sales transactions with a total sales volume of $545 million. In 2019, there were 503 closed transactions for $295 million. The current annual number of closed sales is still 37% below the high and the dollar volume is 46% below 2005.
The astute shopper can still find good buys. Call me for additional information at 760.914.0199
The 2019 momentum for high-end townhome ownership continues. Last year, approximately 21 new construction townhomes at Snowcreek Resort’s CreekHouse and Mountainside adjacent to Canyon Lodge closed escrow for a medium sales price of $1.025 million. And this year started with The Villas at Obsidian (featured last month) reporting 14 of their proposed 20 townhomes are under contract between $1.250 - $1.350 million. And as mentioned in the Featured Buy above - CreekHouse just released 8 additional townhomes for sale. The demand for Mammoth’s over 1 million-dollar townhome market is our strongest real estate indicator of an appreciating real estate market.
And in the resale world, approximately 50% of the current condominium listings are under $400,000. Mammoth Lakes has always prided itself on having something for everyone. Looking for new or resale, call for me additional market details!
This What’s New is literally what’s new. Currently, The Villas at Obsidian are 20 luxury townhomes being constructed adjacent to the 10th Fairway of the Sierra Star Golf Course. (See Featured Buy). What is truly unique about this development are the amenities. This gated community has an optional Clubhouse Membership that includes full access to the indoor pool, workout room, game room and complimentary shuttle service.
And starting April ’20 the Westin Monache will begin their hotel interior renovation work. Every room will receive a complete makeover; paint, carpet, furnishings. Additionally, Snowcreek Resort’s Creekhouse continues to build out their high-end townhome community. Call me for additional details.