MARKET TRENDS REPORT JULY 1, 2022
For More Information email: Matthew@HomesMammoth.com or Ashley@HomesMammoth.com
Or Call us a 760-934-1110
I hope you had a great 4th of July!!
July marks the mid-point in the year and it often offers a good assessment of what the market in Mammoth Lakes is doing.
The greatest factors influencing markets right now are inflation and the Federal Reserve’s raising of interest rates to help curb inflation. The big question is, “are higher interest rates helping to slow inflation?” Perhaps it’s a bit early to really tell, but it would appear so.
The Mammoth real estate market has seen some flattening as it relates to pricing. Additionally, the number of homes and condos on the market have been on the rise. Fewer new listings are seeing multiple offers above their listing price, instead, sellers are experiencing fewer offers closer to their listing price. Some may think this is an indication of a bubble, but others believe this is the markets becoming more realistic and sustainable.
One reality still out there is that the housing supply is not increasing at a rate fast enough to keep up with demand. Construction costs remain high which appears to be keeping the supply of housing lower than it could be.
While the craziness of the past few years has settled somewhat, homes and condominiums are still selling, just at a less feverish rate.
Single Family Homes
The median sales price for a single-family home YTD is $1,410,000 (up 18% vs. 2021), this figure has jumped declined slightly from last month’s YTD figures. This year-to-date analysis is based on a total of 45 sales. In 2021 the single-family home market in Mammoth Lakes produced a total of 123 sales and a median price of $1,190,000.
Single-Family Residential History Mammoth Lakes
The graph below is a representation of the median single-family home pricing taken from the table above:
Median home prices were up in the early part of 2021 and gradually declined over the course of the year. In 2022 we are seeing a sharp increase during the first quarter of 2022 and May shows a slight decline. Coming months and additional data will reveal more of what 2022 has to offer. Inventory has increased in the past month with the single-family home inventory increasing from 12 homes on April 1, to 22 homes as of May 1. As of June 1, 2022, there were 21 single family homes on the market in Mammoth Lakes and 30 homes for sale as of July 1, 2022.
The Year-to-Date (YTD) median price for a condominium in Mammoth Lakes is $800,265, which is 32% higher than the median price observed for all of 2021. This median price was determined through 162 sales YTD. This month’s YTD prices are greater than last month’s YTD median price. As of April 1, 2022, there were 33 condominiums available for purchase and 33 as of May 1, 2022. As of June 1, 2022, there were 59 units available for purchase, and there were 68 as of July 1, 2022.
The graph below is a representation of the condominium pricing table on the previous page:
As with single family homes, we have also produced a median market pricing for condominiums on a month-by-month basis. The Condo market did spike in January of 2022 and has remained somewhat level since.
Vacant Residential Land Market
Year-To-Date median prices for residential vacant land is lower (-6%) than seen in all of 2021. This median price was determined from nine land sales YTD, compared to 49 sales in all of 2021. The price per foot for a vacant lot is $40 per foot, up from $24 per foot seen in 2021.
Below is a graph reflecting the table above:
2251 Meridian Blvd. #126 – One Bedroom + Loft with one bath, corner unit it located in the Sunshine Village condominium complex. Close to Vons, restaurants, and local schools. This unit is also located on the free trolley route so you can ride to the slopes in about 5 minutes.
Viewpoint #143 – Remodeled unit located on the bluff of Viewpoint Condominiums. This unit is a one bedroom, one bath condo that has been extensively remodeled and is turnkey for you to move in. A short walk to the Village at Mammoth, ski gondola and free public transportation. Watch a short video for this unit.
123 Sierra Blvd – Lowest price home in Mammoth Lakes! Two-bedroom + Loft, one bath log cabin in the heart of Mammoth. Jump on the free trolley just 1 block to the south on Main Street and you can be in the Village in 5 minutes. Big back yard, landscaping and well maintained. This home has new flooring and appliances. Take a virtual tour of this property.
160 Commerce Drive – FOR LEASE! 2,780 square feet of quality industrial/storage with office space. Property has been completely remodeled and is in near new condition. On top of having a near new building, the property sits on .5 acres of land, ample for vehicle parking and storage. Watch this video or Take a Virtual Tour of this Incredible property now.