MARKET TRENDS REPORT
April 1, 2023
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Single Family Homes
The median sales price for a single-family home as of April 1, 2023, was $925,000. This figure is based on nine closed sales in Mammoth Lakes Year-to-Date. Nine sales would put us on pace for a total of 36 sales for the year, compare this number to 83 total sales in 2022. The lower volume is attributed to limited available inventory vs. the lack of demand. The YTD Median sales price increased over last month.
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 since August of 2022. April did show an increase in active listings over March, which is expected in Mammoth’s shoulder season. 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 April1, 2023, was $739,500, which is about 2% (-2%) lower than the median price observed for all of 2022. This median price is down from the YTD median price of $759,000 observed last month. The April 1, 2023, median price was determined through 40 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 observe Buyer and Seller attitudes throughout the year. As of April 1, 2023, median home prices are lower than seen a year ago.
Over the past 12 months, the number of active listings for condominiums peaked in August 2022 with 78 active listings at the beginning of August. As of April 1, 2023, there were 29 condominiums available for purchase in Mammoth.
Vacant Residential Land Market
As of April 1, 2023, there were three land sales 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.