Real Estate Trends in Mammoth Lakes 2018
Single Family Market:
In 2018 the year finished with single family home prices proving gains of 18.71% over 2017. The median price for a single-family home in Mammoth Lakes during the 2018 year was $920,000. This median price was obtain from a total of 79 home sales in Mammoth Lakes. The total number of sales was down 11% versus 2017. The average time a home was exposed to the open market was 176 days.
The Median price for a single-family home in 2018 surpassed the highest peak market observed back in 2007 when the median price of a single-family home was $900,000.
The condominium market performed well during 2018 with median prices showing gains of 14.29% for the year. The median price of a condominium was $400,000 and this was based on 349 total sales in Mammoth Lakes. The average time a condominium was exposed to the market was 93 days.
Vacant Residential Land
Vacant residential land prices in Mammoth Lakes were on the rise during 2018 with the median price of a residential lot up 57% for 2018. The median price was based on a total of 16 market sales. The total number of sales was down by four sales.
The median time a vacant lot was exposed to the open market was 172 days yielding a price per foot of $16. While the median price for a lot increased in 2018, the price per square foot had decreased, suggesting larger parcels of land sold in 2018.
Commercial Real Estate
There was a total of 7 improved market commercial real estate sales in 2018, just one sale more than in 2017. The median sales price for an improved commercial property was $785,000, substantially greater than the median price of $502,500 seen in 2017. The higher median price is attributed primarily to three properties:
1. The “Nevados” property which sold for $5,750,000
2. 101 Old Mammoth Road “Century 21 Building” $1,150,000
3. The Rincon Building at 325 Old Mammoth Road for $1,060,000
Another key sale in the commercial sector was the sale of the commercial aspect of the Village at Mammoth, having sold for just under $30,000,000.
Several development sites sold in 2018, suggesting developers are still planning construction in 2019 and even into 2020 if market conditions remain strong. Factors that could weaken the current market conditions are rising interest rates and changes in political policies.