In Mammoth Lakes, California, the winter season is off to a slow start—only a little snow and real estate inventory. The conditions on Mammoth Mountain have been fun, however. There is mostly man-made snow, and how much they have made is remarkable.
Mammoth Mountain’s Canyon Lodge opens this Friday (December 15th) with Chair 8 and 17 (Schoolyard) spinning. The brand new Chair 16, Canyon Express, is almost ready! On Saturday, December 16th, Canyon Lodge will host Night of Lights. To see the full schedule for the evening, click here.
June Mountain had to push back opening day to December 23rd. So far, it’s just man-made snow from the top of J2 to the Chalet. Pray for snow, everyone!
Mammoth Lakes Real Estate Recap
In November, Mammoth Lakes real estate saw a relatively strong month for sales. The median sale price is keeping steady as well.
Low inventory keeps prices high, and strong buyer demand before the holiday season keeps sales up. The Mammoth market has become more balanced throughout the year. Multiple offers are becoming rarer, likely due to high interest rates and prices. Another factor has impacted our real estate market…
Mammoth Lakes, California Moratorium October 2023
On October 18th, 2023, the Mammoth Lakes Town Council approved an ordinance to pause new short-term rental permits. On November 29th, the original 45-day moratorium was extended to May 31st, 2024.
Property owners with existing permits can continue renting nightly, and buyers who were already in escrow before the decision had a 60-day grace period. It’s still a bit early to see the actual effects, but some buyers have put their search on hold, and some property values may decrease.
Properties with a property manager and the permit in the property manager’s name can continue nightly renting using the same property manager even after the sale. This doesn’t require getting a new permit, which is why it’s allowed. Those property values may be artificially inflated right now.
Properties that are original and don’t have a permit aren’t doing so well. We’ve seen some of these properties sell for as much as $60,000 under the asking price.
We’ll continue to keep you updated on social media, here, and especially our weekly email update. Subscribe here to be a part of the Mammoth Real Estate Newsletter!
Mammoth Lakes Home Trends
More homes sold in November than any other month this year. A whopping 13 Mammoth homes were sold last month (November 2023). That’s more than last year, 2021, and 2019! It’s possible that people wanted to get into a lovely home after a record-breaking snow season, and with inflation being high, a tangible asset isn’t a bad idea.
Of those 13 homes sold, two sold for the asking price, 10 sold for under the asking price, and one sold above the listed price.
Six homes were listed in Mammoth Lakes in November. This is typical heading into the holiday season; having a home on the market is no simple task. We thought there would be a big increase in home listings this year after last winter’s snow. While there was an increase in listings in the summer months, overall, the total number of home listings in 2023 is below average. This recent data shows that low interest rates impact our market more than snow does!
The median sale price for a Mammoth home was $1,180,000 in November. This is down from October 2023 but up year-over-year. Prices are keeping steady as inventory stays low.
The highest sale was $4,200,000, a home in Juniper Ridge. This neighborhood is right on the slopes on Chair 15 Eagle Express and can be rented nightly.
Mammoth Lakes Condo Trends
Mammoth condo sales have been on a downward trend since August. 23 condos sold in November. This isn’t atypical of the Mammoth market. Usually, sales take a slight dip after September.
Mammoth Lakes saw 17 condos listed in November. Listings are down month-over-month, which is expected to be seen in the fall.
The median price of a Mammoth condo in November was $720,000. This is down from the month prior but up from previous years at this time.
If you’re curious about getting your piece of Mammoth, book a call with us so we’re ready when the right property hits the market!
If you’re ready for different adventures and you’re thinking about selling, please feel free to give us a call/text/email anytime. If you’d like a free property marketing plan and valuation of your property, please book a call here.
We’re always happy to help. Thanks for reading!
-Your Mammoth Agents, Joseph and Grace!
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.