MARKET TRENDS REPORT October 1, 2022
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Single Family Homes
The median sales price for a single-family home YTD is $1,240,000 (up 4% vs. 2021), this figure has declined from last month’s YTD figures when we reported the Year-To-Date Median price was up 5% over last year’s figures. This year-to-date analysis is based on a total of 66 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. The YTD market trend has been declining in recent months.
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 2021 and 2022 YTD
Below is a summary of active home listings as of the 1st of each respective month
The Year-to-Date (YTD) median price for a condominium in Mammoth Lakes is $775,000, which is 28%
higher than the median price observed for all of 2021. This median price was determined through 265 sales
YTD. It appears that the median market prices have been declining slightly since May of 2022, but 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 high-end 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 reflective of today’s market. The YTD median price
below is 4% lower than observed last month.
The graph below is a representation of the condominium pricing table on the previous page:
Median sale prices for condominiums, by month, indicated a general declining trend since May ‘2022. As with the YTD median pricing, recent months include the sale of new, premium condominiums that entered purchase contracts more than a year ago.
The number of active listings appear 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.
Vacant Residential Land Market
Year-To-Date median prices for residential vacant land is lower (-7%) than seen in all of 2021. This median
price was determined from 13 land sales YTD, compared to 49 sales in all of 2021. The price per foot for a
vacant lot is $32 per foot, down from $36 per foot seen in the prior months YTD analysis.
Below is a graph reflecting the table above:
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.
160 Commerce Drive – FOR LEASE! 2,780 square feet of quality
industrial/storage with office space. Property has been completely
remodeled and is in near new condition. On top of having a near
new building, the property sits on .5 acres of land, ample for
vehicle parking and storage. Watch this video or
Take a Virtual Tour of this Incredible property now.
Watch our “Why Mammoth?” Video and see what Mammoth Lakes has to offer you.
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.