MARKET TRENDS REPORT
January 1, 2024
Short Term Rental Moratorium Update
Ongoing, the Town of Mammoth Lakes is moving forward with the STR Moratorium, “45-Day” Moratorium that initially passed on October 18th, 2023 until May of 2024. The moratorium prohibits the issuance of new TOT Certificates (Short Term Rental Licenses) in certain areas of Town. 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. Ongoing discussions are taking place through the STR committee which has its next meeting on January 11, 2024, at 5:00 in Suite Z (Town Council Meeting Room). Submit comments you want heard at the next meeting to the Town Clerk at: [email protected].
Construction of the Limelight Hotel is “in the works” is progressing rapidly. This new hotel will feature 149 hotel rooms and 15 luxury residences as well as a restaurant, lounge, and club.
Mammoth’s newest workforce housing project is well underway with a hopeful occupancy date for the first phase planned by spring/summer of 2024. Phase 1 will include 81 units including the managers unit, Daycare, indoor community space and public park. Unit Mix will consist of 21 studios, 18 one-bedrooms, 21 two bedrooms, and 21 three-bedrooms. Click here for details on The Parcel
Single Family Homes
The median sales price for a single-family home in 2023 was $1,299,000. This figure is based on 63 closed sales in Mammoth Lakes for the year. Sales volume for 2023 was down (-24%) versus 2022. The average days on the market declined nearly 9% from 2022.
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 was sporadic over the course of the year with the highest median price observed in the month of July, and the lower during the month of February. These patterns are not consistent year over 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) had been increasing from January through October, however there does appear to have been a decline in the overall upward trend in November and December 2023.
Price per foot helps us to understand the markets at a different level. 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 declined about 1% (-1%), where the median price for an entire home was up 6% (as seen in previous tables).
The Median price for a condominium in Mammoth Lakes in 2023 was $754,500, which is effectively even with the median price observed for all of 2022.
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. 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 were observed in the month of July.
This year, the total number of active listings peaked in December 2023, with 66 active listings. This is contrary to what was observed with single family homes, which saw declines in inventory.
Below is a table and graph showing the median price per foot for condominiums in 2023. The median price on a price per foot basis in 2023 was consistent with the median sales price for an entire condominium. Both were down about 1% (-1%) in 2023 versus 2022.
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.
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.
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 a new kitchen and bathroom. Just reduced to $490,000.
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. Just reduced to $890,000.
Watch our “Why Mammoth?” Video and see what Mammoth Lakes has to offer you.