MAMMOTH LAKES
MARKET TRENDS REPORT
December 1, 2024
www.MatthewLehmanRealEstate.com
For more information email: [email protected] or [email protected] Or Call us a 760-934-1110
Mammoth Crossing is now “Peak Mammoth”
Matthew Lehman Real Estate recently facilitated the transfer of the former Mammoth Crossing corners, located on three of the four corners of Main Street and Minaret Road. While the allowable density and permitted uses of these corners have not changed; motivation has. “New Course is very excited to have acquired the sites and is looking forward to working closely with the Town and stakeholders to deliver a new class of development to the North Village.” New Course hopes to bring the “Peak” luxury residence brand, proven in Tahoe, to Mammoth. Stay tuned as Matthew Lehman Real Estate will be delivering more details as they evolve.
Interest Rates
Our office has received questions and comments about interest rates. Mainly, “Why is it that the Federal Reserve has decreased the Fed rate, but it does not seem to be reflected in mortgage rates?” Dean Wolf, a local lender in Mammoth, shared that there isn’t always a direct correlation between the Fed Rate and Mortgage rates and that there is often a lag time between the two. He added that we should see mortgage rates follow the Fed trend with time. Here is a CNBC article sharing similar thoughts.
Interest Rates Using an AI Overview:
As of November 29, 2024, the average interest rate for a 30-year fixed mortgage is 6.96%. Here are some other average mortgage rates:
• 15-year fixed rate: 6.18%
• 5-year ARM rate: 6.68%
• 30-year fixed rate FHA: 6.66%
The average mortgage rate also varies by credit score:
• FICO score 660–679: 6.563%
• FICO score 680–699: 6.560%
• FICO score 700–759: 6.555%
• FICO score 760–850: 6.547%
Single Family Homes
Year-To-Date(YTD) median prices for single family homes as of December 1, 2024 were up .46%. The Year- To-Date median price of a single-family home was $1,305,000, keeping the median price higher than seen in 2023. This is based on 54 fee simple home sales in Mammoth Lakes.
Single-Family Residential History Mammoth Lakes
The graph below is a representation of the median single-family home pricing reflecting the 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 still helpful in seeing how the market behaves in any given month of the year. There were four sales during the month of November with the lowest home price at $865,000 and the highest at $3,343,000.
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) was unchanged since November 1, 2024. The number of listings in December 2024 is 50% higher than seen a year ago.
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. Year-To-Date 2024 information is based on 54 sales in Mammoth.
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. The YTD price per foot for December 1, 2024, was about $7.00 greater than seen the month prior.
Condominium Market
The median price for a condominium in Mammoth Lakes in 2023 was $754,500. As of December 1, 2024, the YTD median price of a condominium was $732,000, (-2.98% in comparison to 2023). This is based on 220 sales this year. Median prices were down (-$2,000) from November to December.
The graph below is a representation of the median condominium pricing table above:
The median sale price for condominiums, by month, allows us to observe buyer and seller attitudes throughout a one-year period. The median price of a condominium peaked in the month of September 2024. Pending sales of “The Reserve” are expected to drive December and January median prices much higher as there are approximately 12 units that may close in the next two months with a median price of $2,195,000.
The total number of active listings for the past year peaked in September with 98 active listings. As of December 1, 2024, the total number of condominiums for sale in Mammoth was 55, a 13% decline from the month prior.
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 $42 and this is based on 17 residential land sales YTD. The Median price per foot has decline by $1.00 in the past month.
Below is a graph reflecting the table above:
Featured Listings
With four bedrooms, a loft and over 3000 square feet of living space you will find this home is ideal for families, incredibly cozy and perfectly set up for entertaining. Enjoy the remodeled designer kitchen just off the dining space. The outdoor living area includes a jacuzzi, exterior speakers, and three gas hookups for the grill, fire pit.
3221 Main Street (Former Slocums) – COMING SOON!
Restaurant demand in Mammoth is high with the loss of so many restaurants to new development, and this demand is only going to increase with so many new developments taking place throughout town. This property is nearly 5,000 square feet of restaurant space, .5 acres of land, 35 onsite parking spaces. Listed at $1,250,000. THE LISTING PRICE OF THIS PROPERTY INCLUDED A TYPE 47 LIQUOR LICENSE.
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 760-914-4522
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.
Snowcreek V Condominiums (This Month’s Featured Complex)
Closed Sale over the Past 12 months in Snowcreek V (Please Click on this link for details)
Active and pending listings in Snowcreek V as of December 1, 2024 (Please Click on this link to see details)
