Mammoth Lakes News
The Town of Mammoth Lakes and the Eastern Sierra are completely buried in snow. From avalanches on highway 395 to increasing snow load on homes. It’s been a lot of work for people living in the mountains! Mammoth Mountain has claimed over 600 inches of snow as of March 13th. According to the Mammoth Mountain website there have only been two other winters with over 600 inches of snow in the last 50 years!
Due to the weather in Mammoth Lakes a lot of events have been canceled. How many times has Mammoth Mountain early-ups been canceled? Maybe over three times already. Elevation: Mammoth starts this week and there is a lot of live music happening in Mammoth Lakes as well as other cool events happening around the Eastern Sierra. Check out the calendar here.
Mammoth Lakes Real Estate Recap
Throughout February 2023, the Mammoth real estate market has remained slow. It’s most likely due to all the snowfall. People are busy making sure the roof doesn’t cave in. Homes and some condos usually don’t show very well in the winter. Snow trenches, ice, puddles and dangerous roof cornices can make a home look less appealing to a potential buyer. Also, a lot of buyers simply can’t come and visit. The highway has been closed completely multiple times and the roads have been treacherous.
Everyone has their own theory of what’s going to happen with the Eastern Sierra real estate market. Some people say a lot of would-be sellers are going to hold due to locked-in low interest rates. Others think people won’t sell because they missed selling during the peak and now they don’t want to deal with more demanding buyers.
We think people will want to sell because the snow removal is too much strain on their body and on wallets. We’ve heard some people have paid over $30,000 in roof snow removal alone. There will likely be emergency snow removal assessments in condos as well. There is always the risk of structural damage due to heavy snow loads on roofs.
Inventory remains painfully low. As of March 13th, there are only 27 Mammoth condos on the market–12 of those listings are from the Westin Monache. 10 Mammoth homes on the market–almost all of them being above $1,000,000. And only 25 single family homes listed in the entire Mammoth MLS.
Mammoth Lakes Home Trends and Stats
Mammoth home sales are off to an incredibly slow start this year. Only one home sold in February! Again this is likely due to a few reasons, most of them stated above. We’ve mentioned in other blog posts that another reason could be that a lot of sellers who were on the fence about selling their Mammoth property sold in 2020-2022 while the market was on fire. Now it could be that a lot of people simply want to keep their homes, but this could always change…
How can you buy something if there isn’t anything to buy? Only five Mammoth homes were listed in February. This is below the last four years. Not by a lot, but still a significant number. It’s not a bad idea for sellers to wait to list their homes when the snow starts to melt. More people will be in the Eastern Sierra in the warmer months.
Not a lot has changed for the median sale price of Mammoth homes given only four homes have sold so far in 2023. The home that sold in February received a lot of attention when it was first listed. It was a home with a lot of character and pretty close to the Village. The price was good at $849,000 and received multiple offers. I went to see it and when I showed up, there were other agents and buyers swarming the place. I thought it was going to go for more than $6,000 over the asking price. 284 Alpine Cir. Mammoth Lakes MLS#220804 listed at $849,000 and sold for $855,000. Multiple offers can still happen, but we haven’t seen a huge over-asking price sale probably since that Courchevel condo that sold quite a few months ago.
Mammoth Condo Real Estate Trends
Mammoth Lakes condos are also off to an extremely slow start to the year. Only six condos sold in February which far below average for Februarys of the past! Typically there are about 20-30 sales for this time of year. Similar to homes, one of the reasons could just be not enough desirable inventory-- unattractive price or condition (or both).
There aren’t a lot of Mammoth condos for sale. There were 12 condos listed in February, when historically there could be 20-50 Mammoth condo listings in February. As of March 14, there are only 29 Mammoth condos for sale and 12 of those are Westin Monache condos. A lot of people want to sell before the new Limelight Hotel is built adjacent to the Westin.
The median price for a Mammoth condo in February decreased to $652,250. All six of the condos that sold, closed for less than $1,000,000. Five of the six condos that sold, closed for under asking price and one condo sold for over asking price. The one condo that sold for over asking price was in the Mammoth View Villas complex and was completely renovated.
The Mammoth real estate market is extremely fickle. Just like tourism, the real estate market changes with the weather. We are at Mother Nature’s whim! That is why your real estate agent should be someone who lives in the area full-time and knows what is going on with the general consensus. Please feel free to contact us if you’re looking to buy or sell. We’re always happy to help!
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.