MARKET TRENDS REPORT
December 1, 2023
Short Term Rental Moratorium Update
As expected, the Town of Mammoth Lakes recently extended the “45-Day” Moratorium that initially passed on October 18 th , 2023. The moratorium has now been extended to May of 2024. As stated previously, this is a moratorium on the issuance of new TOT Certificates (Short Term Rental Licenses). This applies to owners looking to rent their properties on a short-term basis within the RMF- 2 zones and certain zones along Old Mammoth Road and Main Street.
AGAIN… The Town Council chambers were filled primarily with residents/owners opposing the agenda item, numerous letters were written expressing frustration, and online comments added opposition to this extension. There are strong arguments that the outcomes of this moratorium will have little to no benefit to workforce housing and that this exercise will only detract from more productive avenues that would better serve the workforce community. It was AGAIN evident the Council was going to pass this matter regardless of community input. Town Council Members Sarah Rea, Chris Bubser, John Wentworth and Amanda Rice were council members in favor of extending the moratorium.
At the November 29th Town Council Meeting, I found the presentation of Mammoth Mountain’s Base Redevelopment to be interesting. I certainly loved the idea of seeing Main Lodge get a face lift and particularly thought the idea of an open “Ski Beach” environment would be attractive to Mountain guests.
Additional parking is proposed just east of the existing Main Lodge as well as some beginner slopes.
Here is a link to the Redevelopment Plan.
Single Family Homes
The median sales price for a single-family home as of December 1, 2023, was $1,282,500. This figure is based on 58 closed sales in Mammoth Lakes Year-to-Date. 58 sales put us on pace for a total of 63 sales for the year, compared to 83 total sales in 2022. Sales volume year-to-date has increased over the past month but is still tracking below 2022 levels.
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
As can be seen from the graph below, the median price of single-family homes is higher in Year-over-Year. This graph helps depict sales behavior over the course 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) has been increasing since December 2022. November showed a dramatic pullback in the total inventory, with a decline (-44%) in the total number of active single family home listings in just one month.
The Median price for a condominium in Mammoth Lakes as of December 1, 2023, was $768,750, which is effectively even with the median price observed for all of 2022. This figure is slightly lower than the $755,000 year to date median price of $768,000 observed just last month.
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 December 1, 2023, median condominium prices dropped below the median price observed last year at the same time. There was a sharp increase in the October median sales price which was due to six sales of the new Creekhouse townhomes with prices ranging from $1.45MM to $2.25MM, however November sales are showing a conversely sharp decline.
This year, the total number of active listings peaked on December 1, 2023, with 66 active listings.
Vacant Residential Land Market
As of December 1, 2023, there were 23 residential land sales in Mammoth for the year. The median price per square foot for a lot in Mammoth was $38.
Below is a graph reflecting the table above:
BACKS TO U.S. FOREST SERVICE. Privacy, privacy, privacy. Lot has been surveyed. Amazing South Facing lot with a level topography and warm southern exposure. Walk out of your back yard onto vast open level Forest Service lands. Meadows, forest, and privacy make this lot more unique than anything else you will find in Mammoth. $450,000.
Bigwood – Light and bright, remodeled 1 bedroom condo available in the quiet Bigwood complex! This lovely home has new flooring, paint, washer/dryer in unit, and more. Super reasonable HOAs of $514. Great rental income potential for this cozy condo if you want to rent it nightly when you aren’t here. $484,900.
Here is a one bedroom, one bath condominium located in the Ansel Adams building of Summit Condominiums. Short walk to Eagle Lodge and Sierra Star Golf Course. This unit has a new kitchen and bathroom.
Partially upgraded 2-bedroom townhome with a loft, and 3 bathrooms. Close to the bus stop, meadow, Mammoth Creek and the new Recreational Facility in Mammoth Creek Park.
Watch our “Why Mammoth?” Video and see what Mammoth Lakes has to offer you.