MARKET TRENDS REPORT
May 1, 2023
The 2022 / 2023 Ice Age in Mammoth appears to be over and moving quickly into the great thaw. With such an unusual winter and Mammoth breaking most records for total accumulated snowfall, people have asked me how this season might impact the market in the near term. While it is difficult to truly say what the market will look like in the coming months, we have some suspicions about what could happen.
Assessments – This season resulted in snow removal efforts that Mammoth has never seen… and snow removal is not cheap. Most condominium complexes burned through their reserves and may likely face pending assessments. Our office is going to be paying particular attention to condominium budgets, particularly pending assessments, so new buyers aren’t faced with unsuspecting costs.
Increase in Potential Sellers? We are curious to hear how recent owners interpret this winter. In general conversation with property owners, this winter was more physically and emotionally challenging than years past; even among long-term locals who are accustomed to the heavy winters. Our office is anticipating an increase in the number of properties listed for sale in the coming months. This would not be bad for the market as there has been an unusually low inventory for the past few years.
Single Family Homes
The median sales price for a single-family home as of May 1, 2023, was $1,400,000. This figure is based on 11 closed sales in Mammoth Lakes Year-to-Date. 11 sales would put us on pace for a total of 33 sales for the year, compare to this figure 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 shows a general decline since August of 2022. May is showing a decrease in active listings over April. A shortage in inventory often plays a strong role in higher, or stable, home prices. Low interest rate loans for current owners are a factor in why many owners choose not to sell in today’s market.
The Median price for a condominium in Mammoth Lakes as of May 1, 2023, was $739,500, which is about 2% lower (-2%) than the median price observed for all of 2022. This median price is down from the YTD median price of $759,000 observed last month. The April 1, 2023, median price was determined through 40 sales YTD. As with single-family homes, there are relatively few condominiums available for purchase.
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 May 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 May 1, 2023, there were 28 condominiums available for purchase in Mammoth.
Vacant Residential Land Market
As of May 1, 2023, there were five land sales in Mammoth for the year. The most noticeable change in the past month was the increase in the median price per foot from $34 to $43 Year-To-Date. 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.
This is a unique property with so many options for future use! It consists of two, detached buildings that are currently being used for offices and a preschool but could have residential potential. The front building was originally a house that still has 3 bedrooms, 1 bath, a nice sized kitchen, and a large storage room off the back. The home has a fully fenced front yard and a handicapped accessible front entrance into the living room with a fireplace, and a dining room with exposed brick. City Planning Dept has information on requirements for turning all or part of this property back into residential use. The downstairs preschool room has a garage door on the back to the alley. Additional parking is available on the long tandem driveway and the street.
Timber Ridge Condominiums (NOW PENDING)
One bedroom two and half bath townhome style unit, with views, garage and two storage lofts. The kitchen, bathrooms and living area of this unit have been remodeled. Details, photos, and video will be available soon.
Watch our “Why Mammoth?” Video and see what Mammoth Lakes has to offer you.