MARKET TRENDS REPORT
September 1, 2023
Feeling “Bleu”? We are too with the departure of Bleu Market and Restaurant. So…What is going in the former Bleu Restaurant space? This is a common question that our office gets and with so few restaurant options remaining in Mammoth, many folks are excited about the idea of a new concept animating the space. The former Bleu restaurant and Market space is most likely going to be a Brazilian style steakhouse, you know the restaurants where you get to pick a variety of sides, salads, sauces, and servers shave different meats onto your plate from hot skewers. I for one am excited about the concept and look forward to what the new owners bring to Mammoth.
Why Mammoth – Living in Mammoth we can often find ourselves a microcosm of the larger world around us, but Mammoth does have its nuances that separate itself from the rest of the world. Right now, we are finding people are being drawn to Mammoth due to their changing lifestyles and increasing demands on quality of life over work. It’s easier to work remotely while enjoying the benefits of the natural environment. Crime is less of an issue in Mammoth, and raising kids is a much safer option than the urban environments. Here is a video summary of Why Mammoth is home to us
Single Family Homes
The median sales price for a single-family home as of September 1, 2023, was $1,299,000. This figure is based on 32 closed sales in Mammoth Lakes Year-to-Date. 32 sales put us on pace for a total of 42 sales for the year, compared to 83 total sales in 2022. The lower volume is attributed to limited available inventory vs. the lack of demand; demand remains high.
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 September 1, 2023, the inventory is up 237% 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 September 1, 2023, was $735,000, which is slightly below the median price observed for all of 2022. This median price is consistent with the YTD median price of $735,000 observed last month. September 1, 2023, median price was determined through 138 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 September 1, 2023, median home prices are showing higher than observed a year ago at the same time.
Over the past 12 months, the number of active listings for condominiums peaked in August 2022 with 78 active listings at the beginning of August 2022. As of September 1, 2023, there were 60 condominiums available for purchase in Mammoth.
Vacant Residential Land Market
As of September 1, 2023, there were fourteen land sales in Mammoth for the year. The price per square foot for a lot in Mammoth is $40.
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.
One Bedroom, One Bath condominium located in the Summit Condominiums. Short walk to Eagle Lodge and Sierra Star Golf Course. Nicely upgraded unit.
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.
Watch our “Why Mammoth?” Video and see what Mammoth Lakes has to offer you.