Happy belated New Year to everyone!!! It seems the world has gotten continuously more interesting just in two months with cases of Covid 19 subsiding and tensions in Europe increasing. Both are likely to have an impact on all markets over the coming months. Below is a summary of where the Mammoth Lakes Market stands today.
Single Family Homes: Year-To-Date Single family home prices are dragging somewhat in comparison to 2021, but we must keep in mind that these Year-To-Date figures are based on only two months of data and a total of 16 home sales. Figures in January were proving larger declines, with some recovery in February. The average YTD price is higher than 2021, attributed to one sale in February at $4,245,000. The Median price of $1,037,500 is down (-12.8%) vs. the median price for all of 2021. The average home price is up significantly with an average home price of $1,572,625 in comparison to 2021’s average home price of $1,480,755.
Condominiums: It seems nothing is slowing down condominium prices Year-To-Date. Median Condominium prices are $787,500 which is up 30% versus 2021. This is a huge jump in a short period of time, but we will likely see this simmer down somewhat as more data comes available in the coming months.
Hot topic of the month:
TOT Moratorium in Mammoth?? – Workforce housing in Mammoth Lakes is indeed a needed item. To resolve the housing crisis, the Mammoth Lakes Town Council is considering a moratorium on issuing new nightly rental certificates as a means of solving this crisis. Yes, that’s right, putting a limit on the Town’s number one revenue generating source as a means of increasing workforce housing. There are a lot of issues with this that I will talk about in a pending blog. Here are a few thoughts I have:
- Limiting TOT rentals will not increase the pool of housing for locals, as most second homeowners renting their properties on a nightly basis expect to use the property for themselves too.
- A moratorium on TOT rentals will likely result in an increase in illegal rentals.
- Cutting TOT rentals is cutting revenue that could be used to build workforce housing
- If we are going to put a moratorium on TOT rentals, then we should put a moratorium on marketing to visitors and use those funds to create workforce housing
- Mammoth is one of the single highest reliant municipalities on TOT revenue in California
In the meantime, if you want to express your thoughts to members of the Town Council, please email them. Mammoth Lakes Town Council
Single Family Homes
The median sales price for a single-family YTD was $1,037,000 (down -12.8% vs. 2021), this figure did increase from the previous month’s YTD analysis. This annual analysis was based on a total of 16 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 table above:
The information contained in this document is for discussion purposes only. It is not guaranteed and should be verified by the reader.
Condominium Market
The Year-to-Date (YTD) median price for a condominium in Mammoth Lakes is $787,500, which is 30% higher than the median price observed for all of 2021. This median price was determined through 46 sales YTD. This month’s YTD prices are greater than last month’s YTD median price. As of March 1, 2022, there were 20 condominiums available for purchase in Mammoth Lakes.
The graph below is a representation of the condominium pricing table on the previous page:
As with single family homes, we have also produced a median market pricing for condominiums on a month-by-month basis. Condominium pricing behaved quite differently than single family homes in that condos have increased more consistently over the same period.
The information contained in this document is for discussion purposes only. It is not guaranteed and should be verified by the reader.
Vacant Residential Land Market
Featured Listings
Mammoth Crossing –Two premium development sites located on the corners of Main Street and Minaret Road in the Village at Mammoth. These two sites are ideal for hotel or Hotel/Condo development as they are just steps from the Village events plaza and ski gondola. Call Matthew or Ashley for details.
160 Commerce Drive – FOR LEASE! 5,400 square feet of quality industrial/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.
Watch our “Why Mammoth?” Video and see what Mammoth Lakes has to offer you.
