MAMMOTH LAKES
MARKET TRENDS REPORT
April 1, 2024
www.MatthewLehmanRealEstate.com
For more information email: [email protected] or [email protected] Or Call us a 760-934-1110
Re-Register to Vote?
For those owners who have been inquiring how to make an impact in this year’s elections, here is a link for California Online Voter Registration: Online Voter Registration | California Secretary of State
All property owners (taxpayers) in Mammoth Lakes are an important part of the Mammoth Lakes community. Many, not registered to vote locally, often feel that their voices are not heard by local elected officials. For those that meet the criteria to vote in Mammoth Lakes and who would feel their voices may have a better impact in local elections, here is link to re-register. As a point of fact, some current elected officials that many of you have expressed frustration with won the last election with a small handful of votes. A few possible ballot items that could impact property taxes are:
- School Bond
- Possible Fire Department Bond
- 2% Increase to TOT tax
Limelight Residences:
Last week the Limelight Residences, a group of 15 “for sale” units within the Limelight Hotel, were released for official reservation. Of the 15 units for sale, 5 were released and spoken for within 8 minutes of their release. These units sold between $1,800 and $2,000 per square foot. The Limelight will be releasing the remaining 10-units. If you have an interest in these premium units with an expected completion date in 2025, please email or call for details.
Single Family Homes
March was a strong month for sales with eight of the 16 sales year-to-date sales taking place in March. The Year-To-Date median price of a single-family home dropped -1.5% in March, making the YTD median price of a home consistent with 2023.
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 2023 and 2024
As can be seen from the graph below, the median price of single-family homes varies month to month. This is largely due to the limited number of sales in any given month, but this information is helpful in seeing how the market behaves in any given month of the year.
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) increased throughout most of 2023 with stabilization and even slight declines being observed in Year-To-Date 2024. This exhibits ongoing demand for housing without an increase in housing supply.
Prices per foot help us to understand the markets from a different perspective. Below is a table and graph showing single family home sales on a price per square foot basis. 2024 information is based on 16 sales, Year-To-Date.
The median price per square foot for single family homes in Mammoth Lakes increased steadily from 2014 through 2022 but has seen declines in 2023 and 2024.
Condominium Market
The median price for a condominium in Mammoth Lakes in 2023 was $754,500. As of April 1, 2024, the YTD median price of a condominium was $687,500, (-8.8% in comparison to 2023). This is based on 50 sales Year-To-Date.
The graph below is a representation of the condominium pricing table on the previous page:
The median sale price for condominiums, by month, allows us to observe buyer and seller attitudes throughout the year. The median price of a condominium peaked in the month of October 2023, attributed largely to several new higher-end condominium sales in the Creekhouse project. October 2023 is also the date the moratorium for TOT rentals went into effect but was retracted in March 2024.
This year, the total number of active listings peaked in December 2023, with 66 active listings. As of April 1, 2024, there were 56 active condominium listings showing a slight decline on the year, but an increase over March 1’s figure. This is still an increase of 27 listing vs. April of last year.
Below is a table and graph showing the median price per foot for condominiums in 2023 and year-to-date 2024.
Below is a representation of the table above:
Vacant Residential Land Market
In 2023, there were 23 residential land sales in Mammoth. The median price per square foot for a lot in Mammoth was $38. Year-to-date the median price per foot is $35 and this is based on 5 sales. There have been several recent high-end land sales driving the median price for 2024.
Below is a graph reflecting the table above:
Featured Listings
Forest Creek #34 (Now Pending)
Spacious and well-built two-level townhome located just off the Sierra Star Golf Course and close to the slopes. Two large master bedrooms located downstairs feature an en-suite bathroom with an additional third bathroom and shower upstairs. Upgraded gas EPA gas stove, newer appliances. Call Kristen: 760- 709-1478. Take a virtual tour.
– Commercially zoned parcel located just south of the Crowley Lake General Store. The shape of the parcel is functional with great frontages on two sides. The owner has been paying into the Mountain Meadows Community Water District for up to 10-units. Sewer lines run along the northern edge of the parcel. $325,000
Upcoming Listings: There are a few potential listings our office hopes to bring to market in the next couple of weeks. While we don’t have the details available for marketing yet, let us know if these are property types you may be looking for:
- Single Family Home in Bishop
- 4-Plex in Mammoth
- 8-Plex in Mammoth
Watch our “Why Mammoth?” Video and see what Mammoth Lakes has to offer you.
