Real Estate Prices in Mammoth Lakes as of August 1, 2020
Wow!!! What is happening in the Mammoth Lakes real estate market? While market activity across the nation has been robust, Mammoth Lakes is proving to be exceptionally vigorous. Why you ask? Much of it is attributed to the fact that many have become frustrated, and even fearful, of the urban lifestyle during this “pandemic”. Many are simply looking for a slower, and safer, way of live.
- Market Activity spiked in July
- Inventory is low while demand has been increasing dramatically over the past two months
- Buyers are writing “All Cash” offers to secure homes as they hit the market
- Median Prices have recovered somewhat over the past month
- Many buyers are locals looking to upgrade into larger homes, likely due to the proximity of living in tight quarters with family in recent months
If you read this article about the “Rural Boom”, a phenomenon being written about in many credible publications, you will see that Mammoth is not alone. There is similar activity in lots of competing mountain resorts across the country.” Activity in competing mountain resorts.
Other reasons the real estate market is “hot” may be attributed to the volatility and perceived instability in the stock market. Some investors believe the stock market, and other markets, are overvalued or just unstable. Simply put, people are looking for a secure place to put the investment dollars. With interest rates at, or near, all time lows real estate may be the ideal place to put dollars for the long-term investors. Some second homeowners can rent their properties to offset expenses when not being used by the family.
Single Family Homes
The single-family home market in Mammoth Lakes has produced 48 sales year-to-date. Median year-to-date home prices are $765,000, which is down (-3.5%) in comparison to 2019’s median price for the entire year. The median price recovered 2% in July alone.
As of August 1, 2020, the year-to-date median price for a condominium in Mammoth Lakes was $467,500, which is 3.7% higher than 2019’s median price, and a 3.7% increase over last month’s figures. This median price was determined by considering 134 sales year-to-date.
The most dramatic impacts of Covid 19 are in the activity of sales in Mammoth Lakes. Initial impacts were showing a sharp drop in the number of sales, while late June and July demonstrated not just a sharp recovery in sales volume. Sales activity for July 2020 is 48% greater than the average sales volume during the months of July over the past 10 years. Looking for a specific neighborhood in Mammoth Lakes? Here is a link to Mammoth neighborhoods.
Sales volume for condominiums was not as dramatic as single-family home sales, but the sales volume for July is still 24% greater than the prior 10-year average.
If you are looking for a specific condominium complex in Mammoth Lakes visit our condominium link to find the condo that best fits your lifestyle.