Mammoth Lakes Market Report as of November 1, 2020
Single Family Homes
The single-family home market in Mammoth Lakes has produced 96 sales year-to-date (YTD). Median YTD home prices are $850,000, which is up 7.2% in comparison to 2019’s median price ($793,000) for the entire year. Just three months ago, the YTD median price for 2020 was up only .5% for the year; suggesting nearly a 7% increase in just three months. While 2020 median home prices are near record highs, they still have not surpassed 2007 figures when the median price for a home was $900,000.
As of November 1, 2020, the YTD median price for a condominium in Mammoth Lakes was $485,000, which is 7.6% higher an the median price observed for all of 2019. This median price was determined using 348 sales YTD. Like homes, the condominium market is still below the record high of 2007 which proved median prices of $540,000.
The most notable market change in 2020 YTD is sales activity. March and April showed a sharp drop in the number of sales, while late June and July began to demonstrate a recovery in sales volume. August trends tapered off somewhat while September set record highs for the month of September, surpassing the average for the past 10 years by 121%. In October we are seeing sale volumes for single family homes begging to return to some sense of “normal”, suggesting September may have reflected pent up demand from the Spring months.
Total condominium sales (70 sales) for the month pulled back in comparison to the previous month but is still trending 70% higher than the average for the 10 years prior.
Single family home sales volume for October pulled back substantially and is nearly in line with the average for the 10 years prior, this is in the wake of September sales which were 121% above average.
Elections in the United States, interest rates, and the ongoing uncertainty of the Covid-19 pandemic are still the major items weighing on the minds of American’s. According to CNBC, Covid-19 mortgage related bailouts exceeded 3 Million, up 15% over September figures. This questions the impacts on the entire economy in coming years. Suburban real estate remains a safe haven for many investors looking to improve their quality of life.
The number of days condominiums have been exposed to the market, year to date, is 110 days. This is one of the shortest marketing period for condominiums, but not record breaking. Single family homes are seeing marketing times of 127 days on average.