MAMMOTH LAKES
MARKET TRENDS REPORT
March 1, 2024
www.MatthewLehmanRealEstate.com
For more information email: [email protected] or [email protected] Or Call us a 760-934-1110
Short Term Rental (STR) Update
STR Moratorium Lifted: At the Mammoth Lake Town Council Meeting on March 6th, 2024, the Town Council voted to lift the Short-Term Moratorium that was imposed on October 18th, 2023. This revocation of the moratorium will go into effect April 20th, 2024. There are still some grumblings about placing an increased TOT tax on the ballot for 2024. Watch the video here, item related being at 1:38:23.
Re-Register to Vote?: For those owners who have been inquiring how to make an impact in this year’s elections, here is a link for California Online Voter Registration: Online Voter Registration | California Secretary of State.
All property owners (taxpayers) in Mammoth Lakes are an important part of the Mammoth Lakes community. Many, not registered to vote locally, often feel that their voices are not heard by local elected officials. For those that meet the criteria to vote in Mammoth Lakes and who would feel their voices may have a better impact in local elections, here is link to re-register. As a point of fact, some current elected officials, that many of you have expressed frustration with, won the last election with a small handful of votes.
What does Banning Short Term Rentals Accomplish? (Harvard Business Review)
“Concerns that short-term rentals fueled by platforms like Airbnb have caused long-term rents to rise in major cities has caused some governments to place limits, including bans, on them. But research of New York City found that short-term rentals are not the biggest contributor to high rents, especially when it comes to the most vulnerable segments of a city’s residents. Given that short-term rentals have benefits, bans are a poor solution.”
See Letters (Page 2) of the Sheet and “STRRING THE POT (page 8) for more information on STR rentals in Mammoth.
Single Family Homes
With more sales trickling in, we are starting to see steadiness in the market trends for 2024. With additional sales will come continued confidence in 2024 trends.
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 was sporadic over the past 12 months.
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) increased throughout most of 2023 with stabilization and even declines being observed in Year-To-Date 2024. This exhibits ongoing demand for housing without an increase in housing supply.
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 8 sales, YearTo-Date.
The median price per square foot for single family homes in Mammoth Lakes increased steadily from 2014 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 March 1, 2024, the YTD median price of a condominium was $710,000, (-5.9% in comparison to 2023). This is based on 33 sales YearTo-Date.
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.
This year, the total number of active listings peaked in December 2023, with 66 active listings. As of March 1, 2024, there were 49 active condominium listings showing a declining trend for 2024 thus far. This is still an increase of 21 homes vs. March last year.
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. The median price per square foot for a lot in Mammoth was $38. Year-to-date the median price per foot is $35 and this is based on 5 sales. There have been a number of recent high-end land sales driving the median price for 2024.
Below is a graph reflecting the table above:
Featured Listings
Forest Creek #34
Spacious and well-built two-level townhome located just off the Sierra Star Golf Course and close to the slopes. Two large master bedrooms located downstairs feature an en-suite bathroom with an additional third bathroom and shower upstairs. Upgraded gas EPA gas stove, newer appliances. Call Kristen: 760- 709-1478. Take a virtual tour.
– 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 underground parking, a new kitchen and a new bathroom. Just reduced to $490,000.
Ski-back to your condo!!! Views of Mammoth and the Sherwin Mountains, this one bedroom, one bath unit has an unpermitted additional second bedroom and bath that was added years ago, but feels and functions as a two-bedroom, two bath condo. Backs to Common area and ski slopes. Anticipated list price $670,000.
Watch our “Why Mammoth?” Video and see what Mammoth Lakes has to offer you.
