MARKET TRENDS REPORT
February 1, 2023
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Or Call us a 760-934-1110
We hope you enjoy receiving our monthly market report for Mammoth Lakes. If there are specific items you would like to see in the report, of just general information we can help provide, please let us know.
Below are a few items that we wanted to bring up as discussion points of interest.
Restaurants in Trouble? Our office works with buyers and sellers of all types of property, ranging from the first-time condominium buyer to the sophisticated developer. One of the uses where we often assist owners is restaurants. In our conversations with prospective restaurant buyers and tenants we have heard comments that Mammoth restaurants appear to be struggling, based on vacancies in the larger malls and based on the closing of a number of popular restaurants in town. This could not be further from the truth. Restaurants in Mammoth have closed recently for a variety of reasons including owners retiring, buildings being torn down to make way for development, or simply because available lease spaces are only being offered on a month-to-month basis. Demand for restaurant space is actually very high, particularly with the closing of so many locations.
TBID Tax Troubles: In the local paper, The Sheet, an article titled “TBID TAX TROUBLE” points out that the already controversial Tourism Business Improvement District (TBID) has come under fire again. The controversy is not about the exorbitant assessment to local businesses, nor is it about the funds being funneled out of town to subsidize empty airplanes, but instead it is that much of the TBID being collected could possibly be subject to taxation. This recent lack of disclosure on behalf of Mammoth Lakes Tourism (MLT), has come about through an audit of a local restaurant operator presented with a $27,000 tax bill, of which $14,000 was in unpaid TBID taxes for three years’ worth of collections. In recent conversations with local business owners, many are frustrated with the ongoing surprises associated with the TBID and some are likely going to demand a change or even revocation of the TBID. The question becomes… who is going to pay for back taxes if the opinion rendered by the California Department of Tax and Fee Administration holds?
Single Family Homes
The median sales price for a single-family home in as of February 1, 2023, was $950,000. This figure is based on only three closed sales in Mammoth Lakes and therefore is not given a great deal of consideration as there are simply not enough data points to make this number credible. What is credible are the low number of total sales for the month. Three sales would put us on pace for a total of 36 sales for the year, compare this number to 83 total sales in 2022.
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 and 2023 YTD
Below is a summary of available (active) home listings at the beginning of each respective month
The Median price for a condominium in Mammoth Lakes as of February 1, 2023 was $810,000, which is 7% higher than the median price observed for all of 2022. This median price was determined through 15 sales YTD. This is a relatively low sales pace, but 15 sales gives us a better understanding of market attitudes than the home market currently offers.
The graph below is a representation of the condominium pricing table on the previous page:
Over the past 10 months, the number of active listings for condominiums peaked in August 2022 with 78 active listings at the beginning of August. As of February 1, 2023, there were 33 condominiums available for purchase in Mammoth.
Vacant Residential Land Market
There were no residential land sales for 2023 as of February 1, 2023. This is not too uncommon as it is difficult for buyer to fully understand a lot they are purchasing when it is under 10 feet of snow.
FOR LEASE (FORMER BLUE MARKET AND KITCHEN) 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.
Take a Virtual Walkthrough of this unique opportunity.
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.
229 Ridgecrest Drive (Coming Soon – For Sale)- Mountain Modern home located between the Village at Mammoth and Canyon Lodge. This home was built in 2015 offers partial views of Lincoln Mountain and the Sherwins. Very clean, turn-key home with three bedrooms and two and a half bathrooms. There is also a loft off the living room, perfect for kids to play or sleep. Call for more information. Available after 2/10/2023.
Watch our “Why Mammoth?” Video and see what Mammoth Lakes has to offer you.