Real Estate Market – Mammoth Lakes 2017
Single Family Homes
2017 was a strong recovery year for real estate in Mammoth Lakes. The evolution of online rental services such as Air B&B and Vacation Rental by Owner (VRBO) are revolutionizing the resort markets and making investing in these vacation communities increasingly attractive.
New construction was also strong in 2017 and we are predicting this development will continue through 2018.
2017 was a relatively strong year for single family home prices and total sales volume. Looking at the following table you will see the single-family home market reflected total gains in median home sale prices of nearly 7.5%.
As you can see, the median price for a single-family home in Mammoth Lakes finished at $775,000.
The condominium market performed exceptionally well in 2017 with consistent increases to median prices of roughly 2% per month over the course of the year. Condominiums are the largest sector of the Mammoth Lakes real estate market and as you can see proved the greatest increase for real estate in 2017. Median prices up 27% for the year, with the final median price for a condominium at $349,000.
In 2017 the condominium market proved a total of 406 sales with a year-to-date median price of $349,900.
The average time a condominium was exposed to the open market was 118 days. Sales volume was at record highs for the past 10 years.
Please contact me with any questions you may have regarding Real Estate in Mammoth Lakes.