MARKET TRENDS REPORT
October 1, 2023
Labor’s impact on Sales: There are always factors to consider when selling a home and these change with each market locale or market time frame. So, what are buyers looking for in the current market? Well, location and price are still paramount factors for buyers, but property condition has also bubbled to the top of important considerations. Why? The shortage of reliable labor is on the minds of many and conversations with buyers indicate they prefer a home that is move-in ready vs. something needing work. Other Trends: At the request of one of our clients, we are providing some trends on a “Price per Square Foot” basis. As of October 1, 2023 the median price per foot for a condominium is $655 and for Single Family homes it is $622.
Single Family Homes
The median sales price for a single-family home as of October 1, 2023, was $1,299,000. This figure is based on 39 closed sales in Mammoth Lakes Year-to-Date. 39 sales put us on pace for a total of 52 sales for the year, compared to 83 total sales in 2022. Sales volume year-to-date has increased over the past month, but is still on track to be below 2022 levels.
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 As can be seen from the graph below, the median price of single-family homes is higher in Year-over-Year when compared to August 2022.
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) has been increasing since December 2022. As of October 1, 2023, the inventory is up 262% since December 2022, and is consistent with last month’s total inventory. The obvious benefits of increasing inventory are the market’s ability to fill demand, giving buyers more options and creating more competition among sellers.
The Median price for a condominium in Mammoth Lakes as of October 1, 2023, was $754,000, which is on par with the median price observed for all of 2022. This median price is slightly higher than the YTD median price of $754,000 observed last month. October 1, 2023, median price was determined through 168 sales Year-To-Date.
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 October 1, 2023, median home prices are higher than this time last year.
The number of active listings for condominiums peaked in August 2022 with 78 active listings at the beginning of August 2022. As of October 1, 2023, there were 62 condominiums available for purchase in Mammoth.
Vacant Residential Land Market As of October 1, 2023, there were 15 land sales in Mammoth for the year. The median price per square foot for a lot in Mammoth is $38.
Below is a graph reflecting the table above:
Unique Location! This three-bedroom home has a spectacularly unique and desirable location at the northernmost edge of Mammoth Lakes. Backing to Forest Service, you can walk, bike, snowshoe, or snowmobile out of your back yard and you won’t see a building between Mammoth and June Lake. The owner is also willing to sell the vacant lot to the east (126 Lecht Ct.) to the buyer of 132 Lecht Court.
Location is key for this well-cared for house only .3 miles from the Village at Mammoth! Backing to the Town of Mammoth Lakes community center tennis courts and park, it is an easy, flat walk to shops, restaurants, entertainment at The Village. Three bedrooms, three bathrooms and 1,754 square feet of living area.
Here is a one bedroom, one bath condominium located in the Ansel Adams building of Summit Condominiums. Short walk to Eagle Lodge and Sierra Star Golf Course. This unit has a new kitchen and bathroom.
A cute four bedroom, three bath home located between the Village at Mammoth and Canyon Lodge. Built in 1969, this home is well maintained by the original owner. Price just reduced to $865,000.
Partially upgraded 2-bedroom townhome with a loft, and 3 bathrooms. Close to the bus stop, meadow, Mammoth Creek and the new Recreational Facility in Mammoth Creek Park.
Watch our “Why Mammoth?” Video and see what Mammoth Lakes has to offer you.