Real Estate in Mammoth Lakes experienced general price increases during 2013. As with the single family home market in California, home sales in Mammoth Lakes started off strong with price increases observed during the beginning and mid-point of 2013, tapering in later months due to increases in 30-fixed interest rates.
Median single family home prices in 2013 were consistent with 2012, but average prices were up 20.5%, suggesting stronger sales at the upper end of the sales range.
Homes larger than 3000 square feet experienced the greatest increases in both average price (29.5%) and median price (26.8%) when compared to 2012.
According to the California Association of Realtors and its interpretation of California as a whole, “… the overall volume of home sales dipped slightly, the median home prices in California were up 28% in 2013 and are forecasted to be up an additional 6% in 2014. The decline in volume and increase in median a prices appears to be due to the absorption of distressed properties.”
Single Family Home Stats:
Low Price $335,000
High Price $2,771,000
Median Price $685,000
Average Days on the Market 173: Median Days on the Market 103
Distressed sales in Mammoth Lakes reached 40% at the end of 2012 and dropped as low as 6.1% by the third quarter of 2013, suggesting absorption of distressed inventory. Non-traditional type sales made up approximately 26.7% of the market at the end of 2013.