Mammoth Lakes Market Trends April 2020
During these times of uncertainty, all of us at Matthew Lehman Real Estate want to wish you and your family health and happiness. While these days may feel unstable it is not the first time Mammoth has experienced challenging events like this. In the not too distant past, we have experienced economic downturns, drought, fire and even earthquakes… and in the end Mammoth has always come back stronger than before.
Single Family Homes
The single-family home market in Mammoth Lakes has produced 16 year-to-date home sales as of April 1, 2020. Median year-to-date home prices are $787,000, which is slightly lower than 2019’s median price. This year-to-date median price is approximately 2% lower than the year-to-date median price observed on March 1, 2020.
Federal Reserve rates continue to drop and these declines are beginning to carry through to the mortgage markets, making loans more attractive. If you are not Selling, it may be a good time to refinance or purchase.
Single-Family Residential History Mammoth Lakes
The graph below is a representation of the single family home pricing table above.
As of April 1, 2020, the year-to-date median price for a condominium in Mammoth Lakes was $450,000, which is consistent with 2019’s median price and slightly higher than observed last month. This median price was determined using 77 sales year-to-date.
The graph below is a representation of the condominium pricing table above.
The median price for a residential parcel of land shows an 11% decline vs. 2019. The price per square foot of land however is up 4% vs 2019. There have been 7 residential sales year-to-date.
Other important information:
For more information listen to our podcast “In Lehman’s Terms” or click on the links below:
Market Report video: April 2020 Market update video for Mammoth Lakes
Landlord Guidelines: Landlords, click here for some useful information and landlord guidelines as presented by the California Association of Realtors. Statewide Eviction Moratoriums may not apply to commercial properties but could if policies are approved on the local level.
Coronavirus Information: Visit this site for information relating to Coronavirus information for Mono County.
Transient Rentals Prohibited: Transient Rentals in Mammoth Lakes are not currently permitted per state and local orders. Click here for more information on Transient Rentals.
Commercial Business Owners: Visit the SBA Economic Relief site for information on financial assistance. This can come in the form of loans and Bridge Loans which may or may not be forgiven depending on your circumstances.
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Interested in a free valuation of your home? Just email me at Matthew@HomesMammoth.com