Mammoth Lakes Market Report as of June 1st, 2020
One of the most common questions I have been getting lately is, “What’s going on in Mammoth”? While this is a broad question the following answers usually help satisfy most peoples curiosity:
Nightly Rentals in Mammoth Lakes have been prohibited for the past couple of months except for essential services, the nightly rental market is projected to soft open June 19th 2020, allowing nightly rentals but without marketing efforts for those rentals.
Restaurants are open in Mammoth Lakes with limits on spacing. Some restaurants are electing to remain closed as there simply isn’t the customer base to remain viable.
Retail is also open and there is some limitation on the number of guests in a store at one time. Again, without lodging being open, there is a very nominal customer base.
A Few Quick Facts about Real Estate:
- Average # of Home sales for May over the past 10 years is 6.7 vs. 3 sales in May of 2020
- Average # of Condo sales for May over the past 10 years is 24.6 vs. 4 sales in May 2020
- Median Price of Single-Family Homes is Down (-4.5%) year to date
- Median Price of Condominiums is up (1.4%) year to date
- Our office has seen strong activity and showings for our new listings
- Mortgage Bankers Association reports 8.46% of loans in Mortgage Forbearance
- Mortgage applications were up 2.7% as of May 22, 2020
Single Family Homes
The single-family home market in Mammoth Lakes has produced 34 sales year-to-date. Median year-to-date home prices are $757,500, which is down (-4.4%) in comparison to 2019’s median price for the entire year. Interest rates remain low. If you are not Selling, it may be a great time to refinance or purchase.
As of June 1, 2020, the year-to-date median price for a condominium in Mammoth Lakes was $457,000, which is slightly higher than 2019’s median price and $7,000 higher than last month. This median price was determined using 92 sales year-to-date.
Single Family Homes vs. Average over the past 10 years
Condominium Sales vs. Average over the past 10 years
With lower than typical inventory, attractive interest rates and Buyer’s mindsets trending toward rural communities, you can find comfort in knowing there is a market for Sellers out there.
75 Larkspur Lane – Crowley Lake (For Sale) – This house in Crowley Lake is immaculate and priced well. 3 Bedroom (plus bonus room), 3.5 bathrooms with each bedroom having its own private bathroom. The living room has views of the local mountains and the back deck is ideal for morning coffee or watching the sunsets in the evening.
354 Tamarack Street – Mammoth Lakes (Just Sold). Watch this video and see why we were able to sell this beautiful log on in Old Mammoth. This property went under contract in the early stages of the Covid19 shutdown.
260 Wagon Wheel in the Trails – Mammoth Lakes (Just Sold). This property sold just a week after we put it on the market, during the Covid19 shutdown. Here is a video for 260 Wagon Wheel Road in Mammoth Lakes.
Read CNBC news about Mortgage Applications Spiking in May 2020
For more information listen to our podcasts, just visit “In Lehman’s Terms” .
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