Mammoth Lakes Market Trends Report May 1, 2022
Single Family Homes
The median sales price for a single-family home YTD is $1,453,781 (up 22% vs. 2021), this figure has jumped 19% just in the past month. This year-to-date analysis is based on a total of 33 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 table above:
While the median price for all of 2021 was notable, many of our clients wanted to see how the changes in price have taken place over the course the past year or so. Median home prices were up in the early part of 2021 and gradually declined over the course of the year. Currently, we are seeing a similar pattern with a sharp increase during the first quarter of 2022. Coming months and more data will reveal more of what 2022 has to offer. Inventory has increase in the past month with the single-family home inventory increasing from 12 homes on April 1, to 22 homes as of May 1, 2022.
The Year-to-Date (YTD) median price for a condominium in Mammoth Lakes is $800,000, which is 32% higher than the median price observed for all of 2021. This median price was determined through 127 sales YTD. This month’s YTD prices are greater than last month’s YTD median price. As of May 1, 2022, there were 33 condominiums available for purchase in Mammoth Lakes; the same figure observed on April 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. Condominium pricing behaved quite differently than single family homes in that condos have increased more consistently over the same period.
Vacant Residential Land Market
Year-To-Date median prices for residential vacant land is lower (-20%) than seen in all of 2021. This median price was determined through 8 land sales YTD, compared to 49 sales in all of 2021. The price per foot for a vacant lot increase to $40 per foot, up from $24 per foot seen in 2021. Land prices do not appear to be keeping up with residential sales, attributed primarily to increasing construction costs.
Below is a graph reflecting the table above:
Laurel Mountain Business Center – This two-story office and retail building is in the center of Mammoth off Laurel Mountain Road. This commercial building has only one vacancy, left vacant intentionally for the new owner. Ample open parking, clean common areas, kitchen, and common area bathrooms.
Minaret Parcel – 3.21-acre development opportunity on one of Mammoth’s busiest thoroughfares! A short walk to The Village at Mammoth, and zoned “Specialty Lodging”, this is the ideal location for a multitude of products including whole ownership residential, fractional ownership, hotel development, and other mid-density lodging, as permitted in the North Village Specific Plan.
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