Mid-Year 2017 Mammoth Lakes Real Estate Market Market Report (As of July 1, 2017)
Hi folks, here is a quick summary of real estate market trends in Mammoth Lakes as of July 1, 2017. It is somewhat of a mixed bag of trends in that the various sectors of the market are not reacting congruently, as they often do. If you are looking for a video summary of this text, just click here for your Mid-Year Market Report for 2017
The Median price for Single Family Homes are trending down approximately 3.5% vs. 2016 with the median price of a home in Mammoth Lakes at $695,000.
Condominiums on the other hand are performing very well with the median price at $320,000, or trending up 16.5%. Two and one bedroom units are the top selling bedroom configurations year-to-date.
Sales volume for Vacant Land sales is pacing about the same as it was for 2016, however the price per square foot for residential land is up slightly versus 2016. The median price for land is currently $24 per square foot or $295,000 per lot.
Finally, Commercial Real Estate is performing substantially better than it has in recent years. Our office currently has 1.3 acres of land under contract for purchase on Old Mammoth Road and this is proposed to be a new Grocery Outlet store in Mammoth Lakes. We are working with a prospective tenant to fill the former Charthouse location and in a few weeks we should be able to share more about the great concept that we hope will occupy this space. Old Mammoth and Main Street are seeing fewer vacancies are new and existing business expand into vacant spaces.
Please call Matthew Lehman with any questions you have about Real Estate in Mammoth Lakes. 760-822-5845