MAMMOTH LAKES
MARKET TRENDS REPORT
September 1, 2024
www.MatthewLehmanRealEstate.com
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New Developments
Limelight: The Limelight hotel development is a 6-story condominium hotel with 151 condo hotel rental rooms, and 15 managed residential condominium units with 181 understructure parking spaces. The hotel will include a town hall dining area, convenience retail, meeting space, Ski Club lounge, fitness center and outdoor pool/spa terrace. Of the 15 units available for purchase, 10 have been released for purchased and thus far are bringing prices between $1800 and $2,000 per foot.
Marriott: The Marriott (proposed flag) hotel that is proposed for construction in the North Village area of Mammoth is located on the corner of Berner Street and Forest Trail. This location was formerly incumbered with storage units, flex office spaces and Skadi restaurant. Aside from the Skadi restaurant, the improvements were at the end of their useful life. The hotel will sit on 2.13 acres of land and will consist of 101 hotel rooms. This project is proposed to be a straight hotel product without condominiums being offered in the initial years, of ever.
Rock Springs: The Rockspring resort condominium development project is located on the corner of Main Street and Minaret Road in Mammoth Lakes, on the site formerly known as “Nevados” and the parcel to the north. The project will sit on 2.5 acres of land, currently being graded for construction. The improvements will consist of 5-story “Resort Condominium” development comprised of 118 resort condominium units with a total of 198 rooms. The condominiums will be on the top 4 floors while the understructure garage and a 2,200 square foot restaurant will be located on the first level.
Single Family Homes
Year-To-Date median prices for single family homes during the month of August was unchanged. The Year-To-Date median price of a single-family home was $1,325,000 keeping the YTD median price of a home 2.04% higher than seen in 2023. This is based on 36 fee simple home sales in Mammoth Lakes.
Single-Family Residential History Mammoth Lakes
The graph below is a representation of the median single-family home pricing reflecting the table above:
Median Home Sales Prices by Month for 2023 and 2024
As can be seen from the graph below, the median price of single-family homes varies month-to-month. This is largely due to the limited number of sales in any given month, but this information is helpful in seeing how the market behaves in any given month of the year. There were four sales during the month of August with the lowest home sale at $860,000 and the highest at $2,275,000.
Below is a summary of available (active) home listings at the beginning of each respective month:
As seen in the graph on the previous page, the number of active home listings (inventory) increased slightly as of August 27th, 2024. This increase may appear significant when compared to the past few months, but when compared to last September, the number of homes on the market is the same. This is because more owners tend to list their properties during the summer months when the homes are easily accessible.
Prices per foot help us to understand the markets from a different perspective. Below is a table and graph showing single family home sales on a price per square foot basis. 2024 information is based on 36 sales in Mammoth Year-To-Date.
The median price per square foot for single family homes in Mammoth Lakes increased steadily from 2012 through 2022 but has seen declines in 2023 and 2024. The price per foot for August was the same as it was in July.
Condominium Market
The median price for a condominium in Mammoth Lakes in 2023 was $754,500. As of August 28th, 2024, the YTD median price of a condominium was $739,000, (-2% in comparison to 2023). This is based on 149 sales this year. Median prices increased ($9,000) from August 1 to August 28th, 2024.
The graph below is a representation of the median condominium pricing table above:
The median sale price for condominiums, by month, allows us to observe buyer and seller attitudes throughout the year. The median price of a condominium peaked in the month of October 2023, attributed largely to several new higher-end condominium sales in the Creekhouse project.
The total number of active listings for the past year peaked August 28th, 2024, with 98 active listings. Just last month the total number of active condominium listings was 96, and 84 the month prior. This is a 53% increase in active listings since last year at this time.
Below is a table and graph showing the median price per foot for condominiums in 2023 and year-to-date 2024.
Below is a representation of the table above:
Vacant Residential Land Market
In 2023, there were 23 residential land sales in Mammoth and the median price per square foot for a lot in Mammoth was $38. Year-to-date the median price per foot is $39 and this is based on 14 sales YTD. The Median price per foot has increased from $45 to $39 just in the past month. This is attributed to several high-end land sales in the past few months.
Below is a graph reflecting the table above:
Featured Listings
Looking for luxury on the slopes? Don’t miss this beautifully appointed town home adjacent to Mammoth Mountain Ski Area’s Canyon Lodge! With three spacious bedrooms, three elegantly finished bathrooms, and an oversized 2- car attached garage, this PUD has plenty of room for your family, friends, and all your toys!
301 Twin Lakes Lane
Location, location, location. The highly desired Graywolf subdivision with only ten custom home sites (in the project), located two blocks from Canyon lodge, three blocks from the Village. Enjoy this large sunny south facing corner with views of the Sherwin Mountains, 4-bedroom, 3.5-bath custom home. Numerous upscale amenities including a new metal roof in 2023, new solid maple hardwood flooring throughout in 2024. Call Julie 805-207-8484.
White Mountain Lodge #2206
This south facing, bright and inviting 1 bedroom, 1 bath unit is a great rental property located in the Village. Residing in the center of the action with year-round activities, concerts, festivals, and a large assortment of dining and shopping options, this property provides comfort and convenience. Enjoy easy lodge accessibility with short walks to the gondola or bus lines. Call Kristen for Details 760-914-1478
Commercial Lease. Highly visible commercial/Retail use with 2,383 square feet of usable area. Private Bathroom, back of house office and storage area. One bathroom is shared with the neighboring tenant. Rent and NNN costs are $2.31 per square foot, or $5,525 per month.
Snowcreek V Condominiums (This Month’s Featured Complex)
Closed Sale over the Past 12 months in Snowcreek V (Please Click on this link for details)
Active and pending listings in Snowcreek V as of August 27th, 2024 (Please Click on this link to see details)
