Mammoth Lakes Real Estate Market Report – October 1, 2020
Overview
Total condominium sales (82 sales) for the month of September surpassed the last September high of 54 sales, observed in 2004 when the Mammoth market was in its last boom cycle. The sales activity for September 2020 was 144% above the 10-year average for the same month.
Single family home sale activity was also record breaking for the month of September 2020 and 121% above the 10-year average.
So… what is next? Well, the inventory in Mammoth Lakes is still low but increasing. This is largely due to the end of the busy summer season. The average number of days a single-family home was exposed to the open market in 2020 has been 125 days. This is the shortest market exposure time we have seen in the prior 10 years.
The number of days condominiums have been exposed to the market, year to date, is 113 days. This is one of the shortest marketing period for condominiums, but not record breaking.
Nationally, trends are not much different than Mammoth Lakes. According to Diana Olick of CNBC and the National Association of Realtors, pending home sales rose 8.8% in the month of August reaching a record high pace. Sales were 24.2% higher in August than in August 2019. Homebuilders are ramping up production, but not nearly fast enough as signed contracts came in a remarkable 43% higher than August 2019. See full CNBC article here.
The Federal Reserve has all effectively stated they will be keeping the interest rates at current levels for the foreseeable future. The upcoming election has just about everyone in the country on edge and creating a great level of uncertainty. A second round of shutdowns due to Covid 19 are also weighing on peoples minds.
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Single Family Home Market
The single-family home market in Mammoth Lakes produced 82 sales year-to-date (YTD). Median YTD home prices are $817,500, which is up 3.1% in comparison to 2019’s median price for the entire year. Just two months ago, the YTD median price for 2020 was up only .5% for the year; suggesting nearly a 3% increase in just one month. Inventory of single-family homes is improving with twelve homes currently listed for sale in Mammoth Lakes under $1,000,000; there were just six 30-days ago
Condominium Market
As of October 1, 2020, the YTD median price for a condominium in Mammoth Lakes was $482,500, which is 7% higher than the median price observed for all of 2019. This median price was determined using 286 sales YTD.
Sales Activity
Single Family Homes: For the remainder of the year, we are going to provide graphs showing the total number of sales by month, year over year. This should help us see the impacts of Covid 19 on buyer’s attitudes. The most notable market change in 2020 YTD is sales activity. March and April showed a sharp drop in the number of sales, while late June and July began to demonstrate a recovery in sales volume. August trends tapered off somewhat while September set record highs for the month of September, surpassing the average for the past 10 years by 121%.
Condominiums: There were 82 condominium sales during the month of September. Condominium sales activity has surpassed the September average for the past 10 years by144%.
Highlights:
- Single Family Home Sales Activity is up 121% above the 10 year average for September
- Median Single Family Home sale price for 2020 year to date is $817,500
- Condominium Sales Activity is up 144% above the 10 year average for September
- Median condominium sales year to date is $482,500
- The number of days properties are exposed to the open market are are at, or near, record levels
