Mammoth Lakes News
It’s officially spring in Mammoth Lakes and the Eastern Sierra. There have been some wonderfully warm and sunny days, as well as some days that still feel like winter. Mammoth Mountain even recorded another 10 inches of snow so far this month.
The skiing and riding is excellent right now. You will not believe the amount of snow coverage that is out there for mid May. Eagle and Canyon Lodge will be open this weekend! Saturday, May 13–May 14 The Village Gondola, Schoolyard (17) and Roller Coaster (4) will open for access to the mountain. Additional lifts for the weekend include Cloud Nine (9) and Chairs 12, 13 & 14. Hours of operation through the weekend 8:30AM-4PM. Riding and amenities will be limited at Eagle and Canyon, so maybe just use those areas for parking and access to other areas of the Mountain. On weekdays, operations are focused at Main Lodge and the Mill..
Mammoth Lakes Real Estate Recap
April proved to be another uneventful month for real estate in Mammoth Lakes. The number of both sales and new listings were below average. Given the historic snow year we’ve had, it’s not surprising that the sales and listings are still lagging. Many homes still have snow piles in their yards 20 plus feet high. Some condo complexes even still have boarded windows on the first floor. The snow has definitely started to melt, but it will be around for a while.
Since the start of May there have been 29 new listings in the Mammoth MLS. It does appear that property owners are slowly starting to list their properties. Despite new listings, there are only 28 condos for sale and 14 homes for sale in Mammoth Lakes, as of May 11th. Low inventory is the main factor keeping Mammoth real estate in a sellers’ market. If we double or triple the inventory, we might be able to negotiate the purchase 3%-5% in some cases. We’re not expecting any huge price declines soon.
Some condo complexes have started to release their special assessments due to higher than average snow removal costs this year. If you are planning to buy a condo, be sure to ask your Mammoth real estate agent about special assessment fees. Similarly, with the snow melting, damage to single family homes is becoming more apparent and we’ve heard that most contractors are fully booked for the summer already.
Mammoth Lakes Home Trends and Stats
Only two Mammoth homes sold in April 2023. That is lower than the last four years at that time, including April 2020, when the world was shut down. Of the two homes that sold, one was an updated home located close to the Village, but in an older neighborhood that sold for $1,400,000. The other house that sold was located in the Trails neighborhood and sold for $1,507,500. This house was actually sold without being formally listed.
Three Mammoth homes were listed in April. Currently there are seven Mammoth homes in escrow. Recently, a few homes were listed under $1,000,000! Even though $800,000 is still a lot of money, it’s good to see Mammoth homes priced under a million dollars.
The median price for a Mammoth home in April was $1,453,750. Like mentioned above, this is only the average of the two homes that sold in Mammoth Lakes in April. The median home price is trending lower than last year when it hit more than $2,000,000, but much higher than 2021, 2020 and 2019.
Mammoth Lakes Condo Trends and Stats
Mammoth condo trends are definitely below average. Only 13 Mammoth Lakes condos sold in the month of April 2023. Compare that to the last three years (minus 2020) when over 30 Mammoth condos sold at this time. Spring is usually when we start seeing an influx of listings. We’re still recovering from the covid boom and a once in a generation winter…
Mammoth condo listings are also way below average. Only 14 Mammoth condos were listed in April. January-April 2019, 143 condos were listed vs. 2023, 50 Mammoth condos have been listed. Inventory is our biggest crux right now. Notice how there were 13 sales in April and 14 listings. About an equal number of Mammoth condos are selling as they are listed. This keeps the inventory low. For things to change a lot we definitely need an impressive amount of listings in the coming months.
The median sale price for a Mammoth condo was $790,000 in April 2023. Prices are staying high due to constraints on inventory. However, the year-to-date median sale price is trending slightly lower than last year.
Overall, the Mammoth Lakes real estate market is still competitive for buyers. Nice listings are selling quickly and there isn’t a whole lot to choose from.
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.