MAMMOTH LAKES
MARKET TRENDS REPORT
July 1, 2024
www.MatthewLehmanRealEstate.com
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Proposed New Tax for Mammoth?
The Town of Mammoth Lakes has begun public outreach regarding a new tax that is proposed to be added to the November ballot. In speaking with some of the members of the Mammoth Lakes Lodging Association, the highlevel comments of this proposal include:
• 2% Increase to Transient Occupancy Tax (TOT) – This is essentially a 14% tax increase on what is already being collected.
• Surplus of Revenues – A member from the local Chamber of Commerce pointed out that the Town is operating with surplus revenues, why do we need a new tax?
• Tax is proposed to go toward workforce housing – While housing is needed today, what happens when the housing crisis is resolved? Why is it the TOT remitters are exclusively responsible to provide housing?
• No Sunset Proposed – Some argued that the tax should not be put on the ballot, but if it is and it passes, the proposal should include a sunset to expire the tax once “The Parcel Workforce Housing Development” is complete.
• Top of the TOT taxes in the State – Mammoth is one of, if not the most, TOT reliant municipalities in the State. Increasing the TOT tax could have a great impact on driving visitors elsewhere and this could translate into revenue impacts to the Town. This is essentially a “Tax and Spend” effort with no foreseeable end and will make Mammoth uncompetitive.
• Marketing – Why does the Town insist on allowing more than $10,000,000 to go to marketing vs. shifting some funds to housing?
Pricing Display Requirements in California
A new California law sets requirements for the way fees and taxes are displayed to guests in California as well as guests in other US states searching for California listings. Consistent with this law, effective June 24, 2024, the following changes will be made.
Guests in California will see a fee-inclusive total price—before taxes—on all listings. The setting to turn total price display on or off will be removed. Taxes which Airbnb collects will be displayed before booking, and the details of the price can still be found in the price breakdown during checkout.
I find this to be good from the standpoint of a consumer in that I don’t want to be shocked by the added fees. From a nightly rental host’s perspective, this will create some challenges as California hosts will likely reflect higher rental rates because fees will be included, where they may not in other states
Single Family Homes
Prices for single family homes for the month of June realize further increases. The Year-To-Date median price of a single-family home increased by $14,000 last month, bringing the YTD median price of a home 3.23% higher than seen in 2023.
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 varies month to month. This is largely due to the limited number of sales in any given month, but this information is helpful in seeing how the market behaves in any given month of the year. The month of June helped bring the median price ($1,341,000) more in line with historic trends. The monthly median price for a home in Mammoth was greater than the median price observed last year at this time ($1,035,000).
Below is a summary of available (active) home listings at the beginning of each respective month:
The most notable change in this month’s market activity is the inventory of property for sale. As seen in the graph on the previous page, the number of active home listings (inventory) increased significantly on July 1 vs. all prior months in 2024. In fact, the number of active listings nearly doubled from June 1 to July 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. 2024 information is based on 27 sales Year-To-Date.
The median price per square foot for single family homes in Mammoth Lakes increased steadily from 2012 through 2022 but has seen declines in 2023 and 2024.
Condominium Market
The median price for a condominium in Mammoth Lakes in 2023 was $754,500. As of July 1, 2024, the YTD median price of a condominium was $747,000, (-1% in comparison to 2023). This is based on 122 sales this year. Median prices did increase from June 1 to July1 by $14,000.
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 2023, attributed largely to several new higher-end condominium sales in the Creekhouse project. October 2023 is also the date the moratorium for TOT rentals went into effect but was retracted in March 2024.
The total number of active listings for the past year peaked July 1, 2024, with 84 active listings. Just last month the total number of active condominium listings was at 50. This is a 68% increase in active listings in just one month. This is not too unusual as summer is the most active time of year for real estate sales.
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 and the median price per square foot for a lot in Mammoth was $38. Year-to-date the median price per foot is $45 and this is based on 12 sales YTD. The Median price per foot has increased from $42 to $45 just in the past month.
Below is a graph reflecting the table above:
Featured Listings
193 Monterey Pine Road – Beautifully upgraded home in Majestic Pines with majestic views to match! Wake up and watch the sunrise over the White Mountains and enjoy the sunset over Mammoth Mountain (to the west). 5 bedrooms, 4.5 bathrooms and 2,957 square feet of comfortable living. Eagle Lodge is just a short walk to the south
The Woodsite, one of the last great development opportunities in Mammoth, abuts the Sierra Star Golf Course along its southern edge and is only blocks to the Village at Mammoth, ski gondola and events plaza. 4.09 acres of level effectively entitled under the North Village Specific Plan. This property is zoned Specialty Lodging within the North Village Specific Plan and allows up to 48 rooms per acre (196 rooms total).
White Mountain Lodge #2206
This south facing, bright and inviting 1 bedroom, 1 bath unit is a great rental property located in the Village. Residing in the center of the action with year-round activities, concerts, festivals, and a large assortment of dining and shopping options, this property provides comfort and convenience. Enjoy easy lodge accessibility with short walks to the gondola or bus lines. Call Kristen for Details 760-914-1478
You will be hard pressed to find a condominium closer to the ski slopes, this unit faces Canyon Lodge and looks up Chair 17’s ski slopes. Quality remodeled one-bedroom, onebathroom showcases breathtaking views from the balcony and up the ski slopes and Lincoln Mountain. This condo comes with unparalleled modern mountain conveniences and effortless ski-in, ski-out access, along with underground designated garage parking.
Watch our “Why Mammoth?” Video and see what Mammoth Lakes has to offer you.
