MARKET TRENDS REPORT
MARCH 1, 2023
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Or Call us a 760-934-1110
Don’t worry folks… Spring is almost here!!
Woodstove Replacement Program:
Today, Mammoth Lakes officials announced a new Woodstove Replacement Program for property owners who want to upgrade from wood-burning stoves and fireplaces to cleaner, more efficient heating systems. The program is designed to help households replace an uncertified woodstove, wood insert, or fireplace used as a primary source of heat with a cleaner burning and more efficient device. Town residents using uncertified woodstoves or wood inserts manufactured before July 1, 1988 or fireplaces as a primary source of heat are eligible for this Program. The Program will offer incentives towards the purchase and installation of a qualifying device. There are two incentive options for the program. Incentives range from $2,000 to $4,000.
Propane – Dig It?
With the immense amount of snow, we have received this season, and with more on the way, don’t forget to dig out your propane tanks. For those not familiar, the propane tanks need to be cleared of snow so the propane company can access the tanks to add more propane, but the more important issue is safety. Propane tanks that are covered in deep snow are at greater risk for leaks, as the fittings, joints, and even the whole tank (with deep snowfall) can shift due to the weight of the snow. Snow-covered tanks can also prevent any leaking gas from escaping, causing a dangerous gas build-up.
Single Family Homes
The median sales price for a single-family home in as of March 1, 2023, was $891,000. This figure is based on only four closed sales in Mammoth Lakes Year-to-Date and therefore is not given a great deal of consideration as there are simply not enough data points to make this number credible. What is credible are the low number of total sales for the month. Four sales would put us on pace for a total of 48 sales for the year, compare this number to 83 total sales in 2022. The lower volume is attributed to the lack of inventory vs. the lack of demand.
Single-Family Residential History Mammoth Lakes
The graph below is a representation of the median single-family home pricing taken from table above:
Median Home Sales Prices by Month for 2022 and 2023 YTD
Below is a summary of available (active) home listings at the beginning of each respective month:
As seen in the graph above, the number of active home listings (inventory) as of the first of each respective month shows a general decline in homes listed for sale since August of 2022. A shortage in inventory often plays a strong role in higher, or stable, home prices. Low interest rate loans for current owners are a factor in why many owners choose not to sell in today’s market.
The Median price for a condominium in Mammoth Lakes as of March 1, 2023, was $759,000, which is about the same as the median price observed for all of 2022. This median price is down from the YTD median price of $810,000 observed last month. The March 1, 2023, median price was determined through 21 sales YTD. As with the single-family homes, there are relatively few condominiums for sale.
The graph below is a representation of the condominium pricing table on the previous page:
Median sale prices for condominiums, by month, allows us to observed Buyer and Seller attitudes throughout the year. As of March 1, 2023, median home prices are lower than seen a year ago.
Over the past 11 months, the number of active listings for condominiums peaked in August 2022 with 78 active listings at the beginning of August. As of March 1, 2023, there were 28 condominiums available for purchase in Mammoth… of the 28 condominiums for sale 12 were in the Westin Monache.
Vacant Residential Land Market
As of March 1, 2023, there was one land sale in Mammoth for the year.
Below is a graph reflecting the table above:
FOR LEASE or SALE (FORMERLY BLUE MARKET AND KITCHEN) 106 Old Mammoth Road
7,459 Square feet of premium restaurant space located on the corner of Old Mammoth Road and Tavern Road. This space is turn-key and ready for the next big restaurant in Mammoth Lakes. One block from “The Parcel” housing development which will consist of more than 400 new units and is right across the street from the Tesla charging station. Liquor license to be negotiated with a new lease.
Take a Virtual Walkthrough of this unique opportunity.
This is a unique property with so many options for future use! It consists of two, detached buildings that are currently being used for offices and a preschool but could have residential potential. The front building was originally a house that still has 3 bedrooms, 1 bath, a nice sized kitchen, and a large storage room off the back. The home has a fully fenced front yard and a handicapped accessible front entrance into the living room with a fireplace, and a dining room with exposed brick. City Planning Dept has information on requirements for turning all or part of this property back into residential use. The downstairs preschool room has a garage door on the back to the alley. Additional parking is available on the long tandem driveway and the street.
Timber Ridge Condominiums (Coming Soon – For Sale)
One bedroom two and half bath townhome style unit, with views, garage and two storage lofts. The kitchen, bathrooms and living area of this unit have been remodeled. Details, photos, and video will be available soon.
Watch our “Why Mammoth?” Video and see what Mammoth Lakes has to offer you.