Mammoth Lakes and Eastern Sierra Local News
In Mammoth Lakes our summer has been wonderfully warm so far. We even had a bit of much needed rain throughout August. It’s the perfect time to get outside and enjoy the long summer days. We’ve been enjoying swimming at Mcleod Lake and taking sunset walks along the Mammoth bike path.
Below are some of the upcoming events. You can also learn more about Mammoth events here.
- Bluesapalooza was the first weekend in August, and as usual brought many visitors to town. The festival is always a good time and we highly recommend checking it out, if you’ve never been.
- Mammoth Wine Weekend is coming up on August 19th-22nd. Check out 30+ wineries with huge selections. If you’re a wine-o, this is your event!
- Mammoth Rocks Music Festival featuring classic rock bands and some tasty local bites is on August 26th-27th. Let’s rock on!
- Mammoth 50K MTB PedalPalooza is happening on August 27th, as well. Presented by Sierra Eastside Mountain bike Association. This should be a fun one!
- Mammoth Rock ‘n Rye is happening on September 2nd-4th. Enjoy music and tastings!
- Summit Sunset Party on Mammoth Mountain should be one for the books! Ride the gondola to the peak and party until the sunsets.
- Mammoth Gran Fondo will be held on September 10th. If you love biking, this is sure to be one for books!
We are hosting our first ever real estate meetup on Saturday, September 3rd from 10-11am. Stop by our office at 501 Old Mammoth Road to learn about the latest market trends and ask any real estate questions. We’ll be providing some refreshments!
Mammoth Lakes Real Estate Market Recap
The Mammoth Lakes real estate data is showing some interesting numbers. For Mammoth condos the median sale price increased while Mammoth condo sales were down. On the contrary, Mammoth homes’ median sale price for July 2022 decreased to sub $800,000 for the first time since 2020 (looking at single-family homes only, no mobile homes). The year-to-date (YTD) median sale price for Mammoth Lakes homes is still at a record high.
In Mammoth Lakes, demand seemed to decrease as interest rates shot up. It seems like a lot of buyers are waiting on the sidelines right now to see what happens with prices. Many buyers think prices will go down, with the increase in interest rates, and talks of a recession. Pricing is now more than ever when listings are only shown when the asking price matches the comparables. A lot of shifting is happening in our hyperlocal real estate market in Mammoth Lakes. Let’s get into the numbers…
Mammoth Lakes Home Trends and Stats
Mammoth Lakes home sales continue to trend lower than last year. In July only eight Mammoth homes sold, which is actually lower than the least three years of home sales in July. Two years of strong Mammoth home sales seems to have reached its peak. The past few months we haven’t seen as many sales and demand is starting to tickle. This is usually a great sign for active buyers, but there is one part of the equation that is missing…more listings.
Mammoth Lakes homes for sale or listed homes in July turned out to be only 8 homes. This number is below average for July. It’s still summer and it’s usually a big sales month. We really don’t know why this occurred, but maybe sellers know the market is changing too. The number of active Mammoth homes for sale has been hovering around 30 homes for the past couple of months.
Mammoth Lakes homes median sales price plummeted in July to $797,500. This was the first time we’ve seen the median home sale price (for single-family homes only; no mobile homes) fall below $800,000 in two years. Still, the YTD median sale price for a Mammoth Lakes home is record high at $1,230,000.
Of the 8 Mammoth homes that sold, 5 received a discounted sale price. Quite a few of those homes were fixers. The least expensive home to sell was a historic cabin with another building on the property located at 40 Gull St. Mammoth Lakes and sold for $500,000. The most expensive home to sell was a completely remodeled home in the gated Snowcreek Ranch at 400 Cedar Crest Ct. Mammoth Lakes and sold for $3,487,000.
Mammoth Lakes Condos Trends and Stats
Mammoth condo sales were down in the month of July. Mammoth condo sales have been on this downward trend since February. Since interest rates changed and the economy started to become uncertain (again) a lot of buyers seemed to have taken their foot off the gas.
There were 28 Mammoth condos listed in July which is below average for this time of year. Currently, Mammoth condos for sale have been hovering around 70-75 condos at any given time.
Like mentioned above, it’s possible that sellers know it is a completely different market than just a few months ago. Your pricing strategy is more important than ever in this market. Once a property is priced below the comps, an offer is usually imminent.
Unlike Mammoth homes, Mammoth condo median sale prices increased to break another monthly record at $859,500. This is likely due to some new construction finally closing.
The Villas at Obsidian closed on four brand new luxury townhomes in July at $1,695,000. One brand new Creekhouse Plan 7 (the smallest of the floorplans) closed in July at $1,300,000. Of the 20 Mammoth condos that sold in July only 5 received a discounted sale price. We thought we were done with over-asking price offers, but 5 Mammoth condos sold above asking price. Again, pricing is more important than ever. If you price your property right, you might receive multiple offers.
Is now a good time to buy Mammoth Lakes real estate?
Although there is some uncertainty with the economy, there are currently fewer buyers on the market, which means it’s a much less competitive time to buy than it was just a few months ago. While many sellers are not yet ready to give big discounts on price, it is a good time to start putting in offers under asking price on listings that are sitting and see what happens. Please feel free to contact us if you have any questions. We’d love to hear from you!
Is now a good time to sell Mammoth Lakes real estate?
Prices are still at an all time high in Mammoth Lakes and the surrounding communities. Although some listings are sitting on the market for longer than before, if your property is priced in line with the comps, it will still sell. Right now pricing is more important than ever, so contact us today for your free market valuation. We are always happy to help find the right option for you.
Disclaimer: Based on information from the Mammoth Lakes Board of REALTORS and other various sources. All data including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.
