It’s officially the snowiest (and probably the coldest) season on record for Mammoth Mountain with 705 inches of snowfall this season so far! We’ll be skiing till at least the end of July. After what seemed like endless snow and storm days, we’ve finally had a taste of spring these last two weeks. The skiing is starting to feel like true spring skiing. The snow is firmer in the mornings and soft in the afternoons.
The Mammoth Lakes real estate market remained slow for the month of March. There was an increase in sales volume from February to March, but the sales were still below average for this time of year.
Now that snow is finally starting to melt, many properties will start to show better (damage will show as well). We anticipate that there will be a good number of listings starting to hit the market this spring–possibly doubling or tripling our current inventory. Now is a great time for buyers to start looking and familiarizing themselves with the different condo complexes and neighborhoods in Mammoth. This way, as the inventory increases, buyers already know what they want and are ready to buy. Waiting till summer or fall to buy could be a good idea. Many homes may have damage from the snow that won’t show until all of the snow melts. Some condo complexes will likely have special assessments due to all of the snow removal this year and these costs might not be known until closer to summer or even fall.
Mammoth Lakes Home Trends and Stats
Overall, Mammoth home trends were slow in the month of March. Five Mammoth homes sold which is below the last three years but above 2019. One of the reasons for the sluggish market this March was likely due to this relentless winter. Can we say it was a “miracle March” if we already had heaps of snow in February?
The inventory hasn’t picked up just yet. Five homes were listed in March which is a bit below average. As of April 12th, there are only 13 Mammoth homes on the market. Before covid we could see around 50 Mammoth homes on the market around this time.
The big change we saw this past month was the Mammoth home median sale price. There was a 72.5% increase in median sale price month over month. In February the median sale price for a Mammoth home was $855,000 and in March it increased to $1,475,000.
The main reason for this increase was a $3,000,000 sale in the Mammoth Knolls. The house is huge–almost 5,000 square feet with 4 bedrooms and a 3-car garage. Out of the five Mammoth homes that sold, two sold for asking price, two sold under asking price, and one sold above asking price. The home that sold above was a newer home with contemporary touches near the Village. There were two fixers that sold for $750,000.
Mammoth Lakes Condo Trends and Stats
In March, 19 Mammoth condos sold. This is an increase from February when only six condos sold, but below average for March. The last four years in March there were 20 to 50 condos that sold. With the number of condos for sale hovering around 30, there is not much for buyers to choose from, so it’s not a big surprise to see low sales numbers.
The number of new Mammoth condo listings remained consistent in March. There were 12 condos listed which is the same as the last two months this year. However, 12 Mammoth condos listed is about 3 times less than the last few years in March. Usually March begins our spring selling season, but of course it seems like the snow is preventing this among other factors.
The median price for a Mammoth condo in March was $680,000. This is slightly up month over month from February when the median price was $669,750. The year-to-date median sale price for a Mammoth condo is tracking slightly under (-1.40%) 2022’s median sale price at $739,500 (2023 YTD) vs. $750,000 (2022 median sale price).
In March, 10 of the 19 condos that sold were either one-bedroom or one-bedroom plus a loft. This could be a reason why we saw a drop in the median sale price. Sellers are becoming more flexible with their asking price because 14 out of the 19 Mammoth condos that sold, sold for under asking price. One of the biggest discounts we saw was approximately $81,000! We actually helped the buyers get one of the biggest discounts in Mammoth for the month of March!
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.