MAMMOTH LAKES
MARKET TRENDS REPORT
May 1, 2024
www.MatthewLehmanRealEstate.com
For more information email: [email protected] or [email protected] Or Call us a 760-934-1110
Adios Nevados
I’ve been asked several times whether Nevados Restaurant was going to open again, and while I had not been able to give a solid answer to that question in recent years… I can now. Last week Nevados was razed to the ground sealing its fate into Mammoth history. Thank You for all the great times, Tim and crew. Here is a short video.
Wall Street Spending Billions Buying Homes
An ongoing topic of discussion in the housing world, and now in the political world, are the efforts of larger corporations and hedge funds purchasing great numbers of single-family homes with the intent of renting them back to the open market. The thousands of home purchases are catching the eye of all political parties, mostly concerned that these large property owners will have an influence/control over the rental market, making the market less competitive. Political leaders are discussing a variety of “anti-trust” avenues to potentially curb investor ownership; ranging from increased tax rates on owners with large holdings to placing limitations on the number of homes a corporate entity can hold. While I typically like to take a Laissez-faire attitude to things such as this, I can see where mass ownership by a few entities could grow into a larger problem by limiting competition.
Single Family Homes
April was a comparatively slow for sales with only 3 of the 19 year-to-date sales taking place in the month of April. The Year-To-Date median price of a single-family home increased by $5,000 in April, keeping the YTD median price of a home consistent with 2023.
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 varies month to month. This is largely due to the limited number of sales in any given month, but this information is helpful in seeing how the market behaves in any given month of the year. April saw primarily high-end home sales, which drove the median price to $3,000,000 for the month.
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 slight declines being observed for 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 19 sales Year-To-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 May 1, 2024, the YTD median price of a condominium was $690,000, (-8.5% in comparison to 2023). This is based on 70 sales this year.
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. October 2023 is also the date the moratorium for TOT rentals went into effect but was retracted in March 2024.
This year, the total number of active listings peaked in December 2023, with 66 active listings. As of May 1, 2024, there were 55 active condominium listings showing a slight decline on the year. For comparison, May 2023 had only 28 active listings.
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 $36 and this is based on 7 sales.
Below is a graph reflecting the table above:
Featured Listings
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
This is a clean, well maintained, fourplex consisting of four x 2 bedroom and 1 bath units in the heart of Mammoth. Ideal for tenants looking to walk to school, public transportation, work, or just local amenities like restaurants and shopping. Ideal for owners looking for a long-term stable income opportunity.
Light and Bright corner unit, this recently upgraded two-bedroom condo is conveniently located between Canyon Lodge and The Village at Mammoth. If you are looking to head to the slopes walk no further than the free bus stop located directly in front of the condo. Music events, restaurants, and other nightlife can be found with a short downhill walk to the Village at Mammoth.
Watch our “Why Mammoth?” Video and see what Mammoth Lakes has to offer you.
