Mammoth Lakes Market Report at of May 1, 2020
As economic shutdowns continue to disrupt the daily life of people and businesses throughout the world, we are starting to see the impacts of this “pandemic” in the local real estate markets.
The total number of single-family home sales and condominiums sales showed declines for the month of April, as would be expected given current uncertainties. Additionally, the quantity of housing inventory on the market is lower than would normally be seen this time of year.
This said, Matthew Lehman Real Estate has experienced a strong demand in new listings we have brought to the market in recent weeks. Of three properties brought to market in the past three weeks, all are now in escrow with one other expected to be hitting the market and going into escrow before weeks end. Interest in the new listings was strong with more showings than observed for similar properties prior to the economic shutdown.
A Few Quick Facts:
- Average # of Home sales for April over the past 10 years is 7.8 vs. 4 sales in April 2020, -45% year over year
- Average # of Condo sales for April over the past 10 years is 27 vs. 9 in April 2020, -67% year over year
- We may not see a real impact of pricing (if any) for a couple of months, but current prices appear to be holding better than expected
- Our office has seen exceptionally strong activity and showings for our new listings
- Requirements for Jumbo Loans have gotten more stringent with many lenders requiring borrowers to be existing clients and to have higher credit scores with additional reserve requirements, but rates remain very attractive for those that qualify
- Nightly rentals to the public are current prohibited by the Town of Mammoth Lakes
Single Family Homes
The single-family home market in Mammoth Lakes has produced 29 year-to-date home sales as of May 1, 2020. Median year-to-date home prices are $796,950, which is essentially flat in comparison to 2019’s median price. Interest rates remain low. If you are not Selling, it may be a great time to refinance or purchase.
Single-Family Residential History Mammoth Lakes
As of May 1, 2020, the year-to-date median price for a condominium in Mammoth Lakes was $450,000, which is consistent with 2019’s median price and the same as last month. This median price was determined using 87 sales year-to-date.
For the next few months, we are going to provide graphs showing the total number of sales by month, year over year.
Single Family Homes vs. 2019
Condominium Sales vs. 2019
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