Mammoth Mountain recently hosted the Grand Prix which is a qualifying event for the Olympics. There are plenty of other events coming up including the Apres Ski Party at Canyon Lodge and Woolly’s Dance Party in the Village. You can see the full event calendar here.
Mammoth Lakes Real Estate Recap
The Mammoth Lakes real estate market was fairly slow in January 2023. The overall inventory remained below average hovering around 30 active condos and only 10 active homes at any point. Only about 30 homes are for sale in all of Mono County, as well.
It’s possible the real estate market was slow in January for a few reasons. One very important reason could be all of the snow that town was battling. It’s hard for people to get to Mammoth when the highway is closed, let alone tour around town and look at property. We actually had to cancel showings due to dangerous conditions in Mammoth alone. Another reason is likely due to the inventory. With only 30 condos and 10 homes on the market, there is simply not much for buyers to look at.
One thing we know for sure, is that there are definitely still people interested in purchasing Mammoth Lakes real estate. It seems like a lot of buyers are currently waiting on the sidelines for the exact property they want.
Mammoth Lakes Home Trends and Stats
January is typically a slower month for real estate sales in Mammoth Lakes. We are coming off of the holidays, and many people choose to spend time with their families, rather than open a new escrow around Christmas and New Year’s. It’s not a huge surprise to see that only three Mammoth homes sold in January.
While January is typically a slower month for Mammoth Lakes real estate sales, three home sales is at least 50% below the last four years of January sales.
With the number of Mammoth homes for sale hovering around 10 for the month of January, we were hoping to see more listings hit the market. Unfortunately there were only three Mammoth homes listed for sale in January.
Of the homes currently for sale only two are listed below $1,000,000 and four homes are listed about $3,000,000.
The median sale price for a Mammoth home in January 2023 was $925,000. This is up month-over-month from December, when the median price was $767,500, but down from 2022’s overall median price of $1,225,000. Of the three Mammoth homes selling in January, two sold for under $1,000,000 and the third sold for approximately $1,506,000. All these homes sold for under asking price. The biggest discount was $93,000 under the original list price i.e original list price $1,599,000 and sold price $1,506,000.
There is a lot of speculation right now regarding the real estate market. Many people are predicting for prices to start coming down due to high mortgage interest rates and a bumpy macroeconomy. We have seen a huge slow down in sales and price growth, which was expected. The best way to keep up to date on these trends is to look at the month over month data. We can get a better understanding of what’s going to happen next especially with the help of a local real estate agent with a great pulse on the market. Check out our 2022 year-end blog to understand the Mammoth Lakes real estate trends of 2022 here.
Mammoth Lakes Condo Trends and Stats
Mammoth condo sales were below average in January. Only 15 condos sold in Mammoth which is lower than the last four years for the month of January. Inventory is keeping this sellers’ market alive and well.
Towards the end of 2022, the Mammoth Lakes real estate market was already suffering from low inventory. It’s not too surprising to see only 15 condo sales in January, considering there were only about 30 condos on the market at any given point through December and January.
While many buyers would likely appreciate seeing more condos hit the market, there were only 12 condos listed in Mammoth in January. This is less than half the number of condos that typically hit the market in January. The last four years had 35-44 new condo listings in January.
As of February 22nd, there are only 32 Mammoth condos for sale and 12 of those are Westin Monache units (most likely due to the Limelight hotel being built adjacent to the Mammoth Westin). This is below average for this time of year. Before Covid it was typical to see around 80 condos for sale in the winter.
The demand to buy a Mammoth condo is still fairly high. Many people are waiting on the sidelines for the perfect condo to come on the market. With a strong buying demand, the median price increased from 2022 to January 2023.
In January, the median sale price for a Mammoth condo was $810,000. This is up from the overall median sale price of 2022 which was $750,000 and up month-over-month from the December 2022 median sale of $769,500.. It’s also up year over from January 2022 which was $783,125.
In January, four condos were sold which were new developments. All of these new condos sold over $1,000,000 which is likely what helped to drive the median sale price up. These condos were in the Creekhouse complex which is the newest phase of Snowcreek (phase 7) and the Lakeview Townhomes which is a small complex (6 units) near the Village. Almost every Mammoth condo that sold in January sold for under asking price. A good sign for buyers.
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.