Market Trends for Mammoth Lakes as of August 2015
As we enter the month of August 2015 we are also entering the busiest month of the year for Mammoth Lakes. Every weekend of this month is filled with fun and as a sponsor of summer festivals, Matthew Lehman Real Estate welcomes the arrival of August. This month Mammoth will experience the 4th Annual Mammoth Margarita Festival, The Sierra Summer Festival, Mammoth Wine Weekend, Mammoth Rocks & A Taste of the Sierra, and Mammoth Reggae Festival in that order. You won’t want to miss any of these great events.
On to real estate:
Single Family homes crept up ever so slightly as of August 1st, displaying a year-to-day median price of $915,000, that’s 47% over 2014 figures. The higher median pricing is still being skewed by a strong predominance of newer homes sales over $1,000,000, and guess what… more are on their way. During 2015 thus far, there have been 37 single family home sales in Mammoth Lakes, this excludes forest service cabins and mobile home sales as they are not fee simple ownership.
Condominium sales are currently showing a median price of $315,000 Year-To-Date. This is roughly 6.78% over 2014 figures and an increase of just under 1% per month for 2015. This better reflects the market as whole, with steady and stable increases in pricing.
Commercial Real Estate is seldom discussed in Mammoth Lakes, but it’s an essential part of our community. Commercial property owners are aggressively seeking tenants and currently offering attractive rental rates before the arrival of winter. If you are thinking of starting a new business or moving your exiting operation we are here to help.
If you are looking for an audio version or my August report, just listing to my August radio spot on KMMT… “In Lehman’s Terms”