MARKET TRENDS REPORT
June 1, 2023
The Limelight Hotel: What is that hole in the ground next to the Westin and what are the cranes for? Few people know what is going on at the corner of Lake Mary Road and Canyon Blvd. This is the site of the new Limelight Hotel. The first phase of the Limelight will feature 149 hotel rooms and 15 Luxury residences as well as a lounge and club. The limelight promises to bring a new level of hospitality. Having been to the Limelight in Ketchum, I can attest that the limelight does bring uniqueness and quality. The lounge was filled with both locals and visitors and the experience was casual and comfortable.
State Bill 584 – Are you a property owner renting your condo on a short-term basis? Read “Tax eaters on the March” in a recent edition of The Sheet News Online. You will see Matthew’s opinion on the proposed Labor force Housing Financial Act which essentially proposes a 15% statewide tax (currently 0%) on short term rental properties like those rented on Airbnb, VRBO, Bookings.com and more.
Summer is nearly here! Along with the very welcomed warm weather also comes the increased summer visitations, and with increase visitations come an increase in buyers to the Mammoth Lakes area. While there has been very little inventory for buyers to see, the inventory numbers have been increasing over recent weeks. Active single family home listings are up 50% from last month, while condominium inventory has increased 35% since last month.
Single Family Homes
The median sales price for a single-family home as of June 1, 2023, was $1,349,500. This figure is based on 16 closed sales in Mammoth Lakes Year-to-Date. 16 sales would put us on pace for a total of 38 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) as of the first of each respective month showed a general decline since August of 2022. As of June 1, 2023, the inventory had increased 50% over the previous month, which is not uncommon as summer tends to be a very active time to sell in Mammoth.
The Median price for a condominium in Mammoth Lakes as of June 1, 2023, was $754,500, which is about even with the median price observed for all of 2022. This median price is slightly over the YTD median price of $739,000 observed last month. June 1, 2023, median price was determined through 68 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 June 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 June 1, 2023, there were 38 condominiums available for purchase in Mammoth.
Vacant Residential Land Market
As of June 1, 2023, there were seven 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 $43. 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 second floor of the “Bradley” building. This unit is close to Sierra Star Golf Course, Eagle Lodge and the free public trolley stop. We don’t expect this unit to be on the market very long, so give us a call for details.
2 Snowridge Lane is 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.
Watch our “Why Mammoth?” Video and see what Mammoth Lakes has to offer you.