MARKET TRENDS REPORT
November 1, 2022
So… what is going on in the Market in Mammoth Lakes? Below is a quick summary of the more detailed graphs on the following pages:
Year-To-Date Median Market prices for both condominiums and homes are still above 2021 figures, but the total increases have waned slightly since April of this year. August, September, and October still proved to be relatively strong months for median pricing, this goes for both condominiums and homes. This increase is attributed partly to the summer season being a good time to buy/sell, but also due to the limited inventory attributed largely to high construction costs. The total number of Active Listings has declined since August 2022 for both homes and condominiums.
Interest Rates: Interest rates for a 30-year fixed conforming mortgage are hovering around 6.65% (assuming .875 in Discount Points). Interest Rates for a 30-Year Fixed Jumbo mortgage are around 5.62% (assuming 1% in discount points).
Buyer and Seller attitudes have changed somewhat in recent months due to increasing interest rates. Buyers are leerier of purchasing in an environment where the Federal Reserve is expected to increase interest rates .75%, .50% and .25% respectively over the next 4 months. For those seasoned buyers who remember when 8% interest rates were reasonable, and 10%-18% interest rates were the norm, today still seems like a bargain.
Sellers are less likely to sell at lower prices as some of them feel they have “missed the top” of the market. Also, some Sellers are finding there is still a strong rental market, and it is difficult to sell a property when they know they may be giving up a low 30-year interest rate.
Many homes and condominiums are still experiencing short marketing times and in certain pockets of Mammoth Lakes, homes and condominiums are still in high demand.
Single Family Homes
The median sales price for a single-family home YTD is $1,255,000, this figure is up 1% from last month’s YTD figures. This year-to-date analysis is based on a total of 72 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 the table above:
Median Home Sales Prices by Month for 2022 YTD
Below is a summary of active home listings at the beginning of each respective month
The Year-to-Date (YTD) median price for a condominium in Mammoth Lakes is $762,500, which is 26% higher than the median price observed for all of 2021. This median price was determined through 296 sales YTD. Its evident the median market prices declined from April 2022 through August 2022 and increased from August through present. What is not obvious in the details below is that in recent months there have been a considerable number of new, premium quality, condominium sales dominating the upper end of the sales range. These highend sales had contract dates that were established 1-2 years prior to their recent closing dates. This means many recent high-end sales are reflective of the market pricing 1-2 years prior and not entirely reflective of today’s market. The YTD median price for 2022 is 2% lower than observed last month.
The graph below is a representation of the condominium pricing table on the previous page:
The number of active listings appears to have peaked in August. Like single family homes, the condominium market tends to be strong in the summer months with there traditionally being a higher number of active listings during the summer months than the shoulder months. The inventory for active listings does appear to be declining since August 2022, attributed largely to the slowing of new construction and high construction costs.
Vacant Residential Land Market
Year-To-Date median prices for residential vacant land is lower (-10%) than seen in all of 2021. This median price was determined from 16 land sales YTD, compared to 49 sales in all of 2021. The price per foot for a vacant lot is $33 per foot, down from $36 per foot seen in the prior months YTD analysis.
153 Lake Mary Rd. #28 (Hidden Valley) – Studio Loft with two bathrooms near the Village at Mammoth and
ski gondola. New Limelight Hotel being built less than a block to the
north. In addition to being a short walking distance to restaurants, shopping
and ski access, this condominium is near free public transportation to town
and the Lakes Basin.
180 Clark Street (Bishop) – 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.
Watch our “Why Mammoth?” Video and see what Mammoth Lakes has to offer you.