MARKET TRENDS REPORT
July 1, 2023
Consider Insurance Early When Purchasing Your Home: Over the past year, California has seen an increase in the number of insurance companies unwilling to write new insurance policies in the state. According to a Yahoo Finance article entitled, “California Housing gets hit by major, major blow after wildfire insurer exits” State Farm has exited the state following AIG, who left last year. Chubb and Liberty Mutual have announced plans to scale back homeowner coverages in California while Allstate paused new homeowners last November. Our office has found several insurance companies writing new policies, depending on the property location.
State Bill 584 – Tax on Short-Term Rentals: It would appear that the state bill SB 584, proposing a 15% state tax on short term rentals, has been tabled. According to the California Travel Association, the push to Oppose SB 584 was successful, at least for the time being. No action will take place until January 2024, but you can bet it will be coming back and there will be much controversy over this issue.
Good News for Buyers! Housing Inventory is on the rise and has been increasing in Mammoth Lakes February 2023. Increases in inventory are attributed to more sellers’ willingness to sell and the coming of summer. Yes, we typically see an increase in inventory and an increase in the number of buyers in Mammoth Lakes during the summer months. Buyers also appear to be more comfortable with the higher interest rates, even though in some cases a mortgage payment may have increased 50% to 100% in recent years.
Single Family Homes
The median sales price for a single-family home as of July 1, 2023, was $1,250,000. This figure is based on 21 closed sales in Mammoth Lakes Year-to-Date. 21 sales would put us on pace for a total of 42 sales for the year, compared to 83 total sales in 2022. The lower volume is attributed to limited available inventory vs. the lack of demand; demand remains high.
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
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) has been increasing since December 2022. As of July 1, 2023, the inventory is up 137% since December 2022, with the greatest increases taking place in the past two months.
The Median price for a condominium in Mammoth Lakes as of July 1, 2023, was $754,500, which is about even with the median price observed for all of 2022. This median price is consistent with the YTD median price of $755,000 observed last month. July 1, 2023, median price was determined through 86 sales YTD.
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. As of July 1, 2023, median home prices are lower than seen a year ago.
Over the past 12 months, the number of active listings for condominiums peaked in August 2022 with 78 active listings at the beginning of August. As of July 1, 2023, there were 44 condominiums available for purchase in Mammoth.
Vacant Residential Land Market
As of July 1, 2023, there were eight land sales in Mammoth for the year. The most noticeable change so far this year is the increase in the median price per foot from $34 to $40. This is attributed largely to the sale of a lot on the Snowcreek Golf Course which brought a premium for its location and incredible mountain views.
Below is a graph reflecting the table above:
FOR LEASE or SALE (FORMERLY BLEU 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.
A true mountain home in the woods, you don’t want to miss this gorgeous property. Backs to Forest Service Lands and receives great sunshine from its southern exposures. The exterior has been massively improved to include a widened driveway with new retaining walls, reinforced chimney that could withstand any winter, and a custom stone patio with retaining walls in the backyard that will make you feel like you are on vacation at a mountain retreat.
Brand new to the market! One bedroom, one bath unit located on the secSunshine Village #127: Brand new to the market! One bedroom, one bath unit located on the ground floor of Sunshine Village. This unit is on the Trolley Route to Eagle Lodge and only a short walk to Vons, restaurants, schools, and other key linkages. Newer flooring and new pellet stove in the living room.
A cute four bedroom, three bath home located between the Village at Mammoth and Canyon Lodge. Built in 1969, this home is well maintained by the original owner.
294 St. Anton Circle
Located in the popular Mammoth Knolls community, this little home has three bedrooms, one bathroom, and a bunk room above the garage. Walking distance to the Village and restaurants.
Watch our “Why Mammoth?” Video and see what Mammoth Lakes has to offer you.