MARKET TRENDS REPORT
December 1, 2022
For the past few months, we have been watching the market trends in Mammoth and waiting for the “dramatic impacts” of interest rate increases to kick in. However, dramatic is not what the market has seen over the past 11 months.
Year-To-Date median prices for both homes and condominiums have pulled back over the course of the year, but leaving the overall median prices up Year-To-Date vs. 2021.
Median single family home prices for the month of November did drop significantly, however this median pricing was based on only three closed sales: a small dataset for the month. As we look forward, there are currently five home sales in escrow with a median price of $799,000, and seven active home listings available in Mammoth Lakes with a median asking price closer to $1,600,000. This is a wide gap suggesting the lower end of the inventory has been bought up and buyers will have to focus on higher priced properties, or it could mean buyers are just not willing to pay much more than $799,000 for a home at this time, leaving the higher priced homes out of consideration.
Interest Rates: Interest rates for a 30-year fixed conforming mortgage are around 6.25% (assuming .875 in Discount Points), which is slightly lower than we saw last month. Interest Rates for a 30-Year Fixed Jumbo mortgage are around 5.5% (assuming .75% in discount points), again slightly lower than we saw last month.
Single Family Homes
The median sales price for a single-family home YTD is $1,250,000, this figure is down .5% from last month’s YTD figure. This year-to-date analysis is based on a total of 79 sales. In 2021 the single-family home market in Mammoth Lakes produced a total of 123 sales and a median price of $1,190,000. Total sales volume is trending down for the year.
Single-Family Residential History Mammoth Lakes
The graph below is a representation of the median single-family home pricing taken from the table above:
Median Home Sales Prices by Month for 2022 YTD
Below is a summary of active home listings at the beginning of each respective month
The Year-to-Date (YTD) median price for a condominium in Mammoth Lakes is $755,000, which is 25% higher
than the median price observed for all of 2021. This median price was determined through 315 sales YTD. Its
evident the median market prices were relatively flat from April 2022 through July 2022, with a strong decline
during the month of August. Prices have increased from August through present. What is not obvious in the
details below is that in recent months there have been a considerable number of new, premium quality,
condominium sales pushing the upper end of the sales range. These high-end sales had contract dates that were established 1-2 years prior to their recent closing dates. This means many recent high-end sales are reflective of the market pricing 1-2 years prior and not entirely reflective of today’s market. The YTD median price for 2022 is 2.5% lower than observed last month.
The graph below is a representation of the condominium pricing table on the previous page:
The number of active listings appears to have peaked in August. Like single family homes, the condominium market tends to be strong in the summer months with there traditionally being a higher number of active listings during the summer months than the shoulder months.
The inventory for active listings does appear to be declining since August 2022, attributed largely to the slowing of new construction and high construction costs. Additionally, we are noticing that owners of condominiums typically have the benefit of renting their properties on a short-term basis while also having the option to use the property. This is making owners less motivated to sell.
Vacant Residential Land Market
Year-To-Date median prices for residential vacant land is lower (-10.6%) than seen in all of 2021. This median
price was determined from 18 land sales YTD, compared to 49 sales in all of 2021. The price per foot for a vacant
lot is $34 per foot.
FOR LEASE (FORMER BLUE MARKET AND KITHCEN) 106 Old Mammoth Road – 7,459 Square feet of premium restaurant space located on the corner of Old Mammoth Road and Tavern Road. This space is turn-key and ready for the next big restaurant in Mammoth Lakes. One block from “The Parcel” housing development which will consist of more than 400 new units and is right across the street from the Tesla charging station. Liquor license to be negotiated with a new lease.
180 Clark Street (Bishop) – This is a unique property with so many options for future use! It consists of two, detached buildings that are currently being used for offices and a preschool but could have residential potential. The front building was originally a house that still has 3 bedrooms, 1 bath, a nice sized kitchen, and a large storage room off the back. The home has a fully fenced front yard and a handicapped accessible front entrance into the living room with a fireplace, and a dining room with exposed brick. City Planning Dept has information on requirements for turning all or part of this property back into residential use. The downstairs preschool room has a garage door on the back to the alley. Additional parking is available on the long tandem driveway and the street.
2906 Indian Creek (Bishop) – Are you dreaming of a remodeled, sprawling home that backs to miles of open spaces with a beautiful creek running through your backyard? Then welcome home! This home has 3 traditional bedrooms plus an office and a large den, so you can easily have a 4th bedroom. The home has been remodeled in the last couple years, including 3 beautiful bathrooms with granite counters and tiled showers, new flooring throughout, rich alder doors and trim, fencing, concrete walkways, and more. There is an additional half bath conveniently off the laundry room and a massive workshop with storage.
Watch our “Why Mammoth?” Video and see what Mammoth Lakes has to offer you.