MARKET TRENDS REPORT JULY 1, 2022
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I hope you had a great 4th of July!!
July marks the mid-point in the year and it often offers a good assessment of what the market in Mammoth Lakes is doing.
The greatest factors influencing markets right now are inflation and the Federal Reserve’s raising of interest rates to help curb inflation. The big question is, “are higher interest rates helping to slow inflation?” Perhaps it’s a bit early to really tell, but it would appear so.
The Mammoth real estate market has seen some flattening as it relates to pricing. Additionally, the number of homes and condos on the market have been on the rise. Fewer new listings are seeing multiple offers above their listing price, instead, sellers are experiencing fewer offers closer to their listing price. Some may think this is an indication of a bubble, but others believe this is the markets becoming more realistic and sustainable.
One reality still out there is that the housing supply is not increasing at a rate fast enough to keep up with demand. Construction costs remain high which appears to be keeping the supply of housing lower than it could be.
While the craziness of the past few years has settled somewhat, homes and condominiums are still selling, just at a less feverish rate.
Single Family Homes
The median sales price for a single-family home YTD is $1,410,000 (up 18% vs. 2021), this figure has jumped declined slightly from last month’s YTD figures. This year-to-date analysis is based on a total of 45 sales. In 2021 the single-family home market in Mammoth Lakes produced a total of 123 sales and a median price of $1,190,000.
Single-Family Residential History Mammoth Lakes
The graph below is a representation of the median single-family home pricing taken from the table above:
The graph below is a representation of the condominium pricing table on the previous page:
Vacant Residential Land Market
Below is a graph reflecting the table above:
2251 Meridian Blvd. #126 – One Bedroom + Loft with one bath, corner unit it located in the Sunshine Village condominium complex. Close to Vons, restaurants, and local schools. This unit is also located on the free trolley route so you can ride to the slopes in about 5 minutes.
Viewpoint #143 – Remodeled unit located on the bluff of Viewpoint Condominiums. This unit is a one bedroom, one bath condo that has been extensively remodeled and is turnkey for you to move in. A short walk to the Village at Mammoth, ski gondola and free public transportation. Watch a short video for this unit.
123 Sierra Blvd – Lowest price home in Mammoth Lakes! Two-bedroom + Loft, one bath log cabin in the heart of Mammoth. Jump on the free trolley just 1 block to the south on Main Street and you can be in the Village in 5 minutes. Big back yard, landscaping and well maintained. This home has new flooring and appliances. Take a virtual tour of this property.
160 Commerce Drive – FOR LEASE! 2,780 square feet of quality industrial/storage with office space. Property has been completely remodeled and is in near new condition. On top of having a near new building, the property sits on .5 acres of land, ample for vehicle parking and storage. Watch this video or Take a Virtual Tour of this Incredible property now.