As 2022 ends, we have assembled the Market Trends for the year and compared them to years past.
2022 was an interesting year for all markets as the Federal Reserve had taken substantial strides to curb increasing inflation by raising interest rates. This increase in interest rates started to permeate through the real estate and stock markets.
Contributing to market challenges, were Covid-19 lockdowns in China and the war in Ukraine. China lockdowns disrupted supply chains throughout the world while the war in Ukraine disrupted the stability of oil prices and general peace.
Here are a few quick highlights of 2022:
Single Family Homes:
Median Home Price for the first quarter of 2022: $1,225,000 (based on 27 sales)
Median Home Price for the fourth Quarter of 2022: $1,118,000 (based on 14 sales)
Median home prices declined (-8.73%) from the first quarter to the fourth quarter.
Median Condo Price for the first quarter of 2022: $775,000 (based on 97 sales)
Median Condo price for the fourth quarter of 2022: $682,000 (based on 60 sales)
Median Condo prices declined (-12%) from the first quarter to the fourth quarter.
For comparison January to December 2022:
S&P 500: Down (-20%)
Nasdaq: Down (-34%)
Dow Jones Industrial Average: Down (-8.5%)
Single Family Homes
The median sales price for a single-family home in 2022 was $1,225,000. This Year-End analysis was based on a total of 83 single family home sales. By comparison, the single-family home market in Mammoth Lakes during 2021 produced a total of 123 sales and a median price of $1,190,000. This was an increase of 2.5% in the median home price in 2022 vs. 2021 and a decrease in total sales volume (-32%).
Single-Family Residential History Mammoth Lakes
The graph below is a representation of the median single-family home pricing taken from the table above:
Median Home Sales Prices by Month for 2022 YTD
Below is a summary of active home listings at the beginning of each respective month
The Median price for a condominium in Mammoth Lakes for 2022 was $755,000, which is 25% higher than the median price observed for all of 2021. This median price was determined through 333 total sales. The median market prices were relatively flat from April 2022 through June 2022, with a decline during the month of August. Prices generally leveled from August through the end for 2022.
The graph below is a representation of the condominium pricing table on the previous page:
The number of active listings for condominiums also peaked in August 2022 with 78 active listings at the beginning of month. Like single family homes, the condominium market tends to be strong in the summer months with a higher number of active listings during the summer months than the shoulder months.
The decline inventory is attributed largely to the decline in new construction, credited to increasing construction costs. In addition to high construction costs, condominium owners are less motivated to sell as they benefit from renting their properties on a short-term basis while also having the option to use the property. Many owners also purchased their properties with low interest rate loans, making difficult to give up the long-term advantage.
Vacant Residential Land Market
The median price for residential vacant land in 2022 declined (-10.6%) versus all sales seen in 2021. This median price was determined from 18 land sales over the course of the year, compared to 49 sales in all of 2021. The price per foot for a vacant lot is $34 per foot.
FOR LEASE (FORMER BLUE MARKET AND KITHCEN) 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.
180 Clark Street (Bishop) – 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.
2906 Indian Creek (Bishop) – Are you dreaming of a remodeled, sprawling home that backs to miles of open spaces with a beautiful creek running through your backyard? Then welcome home! This home has 3 traditional bedrooms plus an office and a large den, so you can easily have a 4th bedroom. The home has been remodeled in the last couple years, including 3 beautiful bathrooms with granite counters and tiled showers, new flooring throughout, rich alder doors and trim, fencing, concrete walkways, and more. There is an additional half bath conveniently off the laundry room and a massive workshop with storage.
Watch our “Why Mammoth?” Video and see what Mammoth Lakes has to offer you.