MAMMOTH LAKES
MARKET TRENDS REPORT
August 1, 2024
www.MatthewLehmanRealEstate.com
For more information email: [email protected] or [email protected] Or Call us a 760-934-1110
NO NEW TAXES -Proposed New Tax for Mammoth!!!
On July 17th, the Mammoth Lakes Town Council voted to introduce a ballot measure for the November 5, 2024, election calling for a 2% increase to the existing 13% Transient Occupancy Tax (TOT). Approval by the voters of this tax will bring the TOT to 15%. This tax is likely to be accompanied by a School Bond, Fire Bond, and other tax impacts on the ballot.
Arguments against this Increase:
- This is a 15.4% increase to the total tax (2% on top of the existing 13%)
- Tax was initially proposed for housing needs… this tax is not earmarked for housing and can be used just about anywhere the Council decides.
- Funds will not go specifically to housing, but into the General Fund
- There appears to be a general distrust of the government and the fact that funds will not go
where proposed. If this tax is supposed to go to housing, it should be labeled a Special Tax
and the people should decide if the earmark is appropriate, not the council.
- There appears to be a general distrust of the government and the fact that funds will not go
- 10-Year sunset initially proposed.
- There are Measure A Funds currently going to Marketing that can be used for housing
- These taxes impact everyone, not just visitors and not just owners
- Increase in tax puts further stress on guests visiting Mammoth
- Current taxes naturally increase with rising rents and property values – No need for new taxes
Citizens should argue to elected officials that the Town should better manage their funds and live within their means like the rest of us, versus looking to further strain taxpayers. Citizens and guests are already financially stressed by inflation, wages not keeping up with costs of living, and other proposed new taxes.
For More Information on this see section 8.3 of the July 17th Town Council Meeting.
You can write a letter to your Town Council Members by emailing: [email protected]
Single Family Homes
Prices for single family homes for the month of July saw some slight pullbacks. The Year-To-Date median price of a single-family home decreased (-$16,000) last month, bringing the YTD median price of a home 2.04% higher than seen in 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. During the month of July there were 4 sales with a median price of $1,713,750. This is a small dataset so the skewed upward trend for the month is given little consideration in the overall median price trends.
Below is a summary of available (active) home listings at the beginning of each respective month:
As seen in the graph on the previous page, the number of active home listings (inventory) increased significantly on July 1 and continued to August 1. This dramatic increase is normal for the summer months as can be seen by the activity in July and August of 2023 (Last Year).
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 32 sales in Mammoth Year-To-Date.
The median price per square foot for single family homes in Mammoth Lakes increased steadily from 2012 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 August 1, 2024, the YTD median price of a condominium was $730,000, (-3% in comparison to 2023). This is based on 139 sales this year. Median prices dropped (-$17,000) from July 1 to August 1, 2024.
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
The total number of active listings for the past year peaked August 1, 2024, with 96 active listings. Just last month the total number of active condominium listings was 84, and 50 the month prior. This is a 92% increase in active listings in just two months. As dramatic as this increase is, it is not too unusual as summer is the most active time of year for real estate sales.
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 and the median price per square foot for a lot in Mammoth was $38. Year-to-date the median price per foot is $45 and this is based on 12 sales YTD. The Median price per foot has increased from $42 to $45 just in the past month.
Below is a graph reflecting the table above:
Featured Listings
Looking for luxury on the slopes? Don’t miss this beautifully appointed town home adjacent to Mammoth Mountain Ski Area’s Canyon Lodge! With three spacious bedrooms, three elegantly finished bathrooms, and an oversized 2- car attached garage, this PUD has plenty of room for your family, friends, and all your toys!
301 Twin Lakes Lane
Location, location, location. The highly desired Graywolf subdivision with only ten custom home sites (in the project), located two blocks from Canyon lodge, three blocks from the Village. Enjoy this large sunny south facing corner with views of the Sherwin Mountains, 4-bedroom, 3.5-bath custom home. Numerous upscale amenities including a new metal roof in 2023, new solid maple hardwood flooring throughout in 2024. Call Julie 805-207-8484.
White Mountain Lodge #2206
This south facing, bright and inviting 1 bedroom, 1 bath unit is a great rental property located in the Village. Residing in the center of the action with year-round activities, concerts, festivals, and a large assortment of dining and shopping options, this property provides comfort and convenience. Enjoy easy lodge accessibility with short walks to the gondola or bus lines. Call Kristen for Details 760-914-1478
Commercial Lease. Highly visible commercial/Retail use with 2,383 square feet of usable area. Private Bathroom, back of house office and storage area. One bathroom is shared with the neighboring tenant. Rent and NNN costs are $2.31 per square foot, or $5,525 per month.
Watch our “Why Mammoth?” Video and see what Mammoth Lakes has to offer you.
