Mammoth Real Estate Market November 2017
The Mammoth Lakes real estate market has been performing well for the better part of 2017. In fact, the median price for homes and condominiums has been on the rise since 2012. Below are some general statistics outlining how the Mammoth Lakes Real Estate Market has been performing for 2017 and the ten years prior.
Single Family Homes are performing well in 2017 with the median price of a single family home up 5.34% vs. 2016. The price of single family homes started the year -10% vs. 2016 figures, but has demonstrated a strong recovery since the first quarter.
Condominiums are the shining star for 2017 and proving 25% increases in the median price over 2016 figures. In addition to strong increases in median price, condominiums are pacing to set a record with regard to sales volume. Current pacing should result in a total number of condominium sales at 400 for 2017, that is 25 sales higher than seen in any given year for the previous 10 years.
Median condo and single family home prices are still well below their peaks of 2006, but the question is will the current upward cycle realize pre-recession prices? Some think this upward cycle has a way to go, while others have concerns that we are reaching another peak. In December of 2017, the Federal Reserves is rumored to introduce the first of several interest rate hikes over the next 12 months. If this happens, it could have an impact on the purchasing power of borrowers. While interest rate hikes are not usually attractive to a real estate market, the availability of funds from banks is attractive. Contrary to interest rate hikes is a positive expectation that lending will loosing through deregulation. Perhaps the two will offset one another.
Please call or email if you have questions on Real Estate in Mammoth Lakes. 760-934-1110 or Matthew@homesmammoth.com