MARKET TRENDS REPORT
February 1, 2024
Short Term Rental (STR) Update
The Mammoth Lakes Town Council initiated an emergency moratorium on October 18th, 2023, so they could discuss options to resolve the workforce housing issues currently facing Mammoth Lakes. The Town Council formed a Short-Term Rental Advisory (STR) committee made up of a cross-section of the community. The Mammoth Lakes Town Council is scheduled to meet on February 7th, 2024, to consider recommendations by the STR Committee. These decisions are important if you are a STR owner, property taxpayer or person that could benefit from housing assistance. Click here for copy of the February 7th, 2024 Agenda (See Agenda Items 9.2 and 9.3)
Recommendations from STR Advisory Committee
Recommendations on the agenda for consideration include:
1. Ballot Tax Measure to Fund housing programs.
a. Increase TOT rate by 2%
b. Gross Receipts tax not to exceed 1.5%
2. Rental Subsidy Programs
3. Housing Down Payment Assistance Programs
4. Continue review of possible zoning changes to the RMF-2 Zoning designation.
Certified Properties Proposal
Considered separately is a proposal for a Certified Property Program that will review and implement recommendations for safety, penalties and fees. Proposed Annual fee of $250 proposed from each property owner.
Article in The Sheet
I thought The Sheet News Online offered a good overview of the January 23rd STR Moratorium meeting as well. See “The Anti-Listening Tour”.
Single Family Homes
As we kick off 2024, we will be studying limited year-to-date (YTD) information. As more sales take place throughout the course of the year, and as data becomes more prevalent, we will begin to see a more stabilized picture of how the year shapes out as a whole. Information in the early months is still useful as it shows us what the market is doing today.
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 was sporadic over the past 12 months with a general upward trend.
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) increased throughout most of 2023 and has stabilized from November 2023 through February 1, 2024.
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.
The median price per square foot for single family homes in Mammoth Lakes increased steadily from 2012 through 2022 but has seen recent declines in 2023 and 2024.
The median price for a condominium in Mammoth Lakes in 2023 was $754,500. As of February 1, 2024, the YTD median price of a condominium was $595,000, (-21% in comparison to 2023). This is based on only 15 sales in the month of January and is not considered a strong set of data. There has been a lot of discussion as to whether the moratorium on short-term rentals would cause a decline in property values, but it is too early to determine if this decline is coincidental or an impact from the STR moratorium.
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, attributed largely to several new, higher-end, condominium sales in the Creekhouse project. The lowest median sales, for the past 12 months, were observed in the month of January 2024.
This year, the total number of active listings peaked in December 2023, with 66 active listings. As of February 1, 2024, there were 54 active condominium listings.
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. The median price per square foot for a lot in Mammoth was $38. Year-to-date the median price per foot is $30 and this is based on only 2 sales that took place during the month of January. More data throughout the year will likely show sales more consistent with 2023.
Below is a graph reflecting the table above:
Forest Creek #34
Spacious and well-built two-level townhome located just off the Sierra Star Golf Course and close to the slopes. Two large master bedrooms located downstairs feature an en-suite bathroom with an additional third bathroom and shower upstairs. Upgraded gas EPA gas stove, newer appliances. Call Kristen: 760- 709-1478. Take a virtual tour.
– Commercially zoned parcel located just south of the Crowley Lake General Store. The shape of the parcel is functional with great frontages on two sides. The owner has been paying into the Mountain Meadows Community Water District for up to 10-units. Sewer lines run along the northern edge of the parcel. $325,000
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 underground parking, a new kitchen and a new bathroom. Just reduced to $490,000.
Timber Ridge Condominium: (Coming Soon)
Ski-back to your condo!!! Views of Mammoth and the Sherwin Mountains, this one bedroom, one bath unit has an unpermitted additional second bedroom and bath that was added years ago, but feels and functions as a two-bedroom, two bath condo. Backs to Common area and ski slopes. Anticipated list price $670,000.
Watch our “Why Mammoth?” Video and see what Mammoth Lakes has to offer you.