Mammoth Lakes News
Mammoth Lakes, California is just settling back down from one of our biggest weekends of the year–Bluesaplooza. So many people were in town listening to great music and tasting beer from all over the country. This event is the only one in which the Town closes part of the road (Minaret) for four days. So, there’s always more traffic in town due to the event, but it’s worth it!
Mammoth Mountain officially closed the ski hill on August 6th, 2023. Now the mountain is only open to mountain biking which is open daily. The historic winter is still leaving its mark with crushed wooden bike features and remaining snow on the mid and upper mountain. Currently, Discovery (Chair 11) and the lower panorama gondola are open for mountain biking.
Mammoth Lakes weather is cooling off a bit in the evenings. The shade offers a great temperature and everything is still extremely green. It’s one of the best times to visit and get outside! Not even to mention all the events still happening. Check out the Mammoth Lakes community calendar here!
Mammoth Lakes Real Estate Recap
The Mammoth Lakes real estate market has been active throughout the month of July. The number of listings for Mammoth condos and homes has increased to a record number for this year. Comparing the listings to last year and 2021, 2023 is in the lead for number of listings in the month of July only. However, 2023 doesn’t come close to the number of listings in 2019 and 2020. Year-to-date number of listings for 2023 is still far behind previous years. Due to this low inventory, it’s still a sellers’ market.
As far as sales go in Mammoth, they are below average. Buyers seem to be more patient in 2023. We continue to see properties sit on the market when overpriced. As usual, when a property is listed at the right price, it sells overnight.
Due to the limited inventory (even with the influx of listings in July), we are still seeing a few multiple offer situations. It can still be a competitive market for buyers. Listing strategy is more important than ever in 2023, so make sure your agent knows how to market your property right.
Mammoth Lakes Home Trends
Mammoth Lakes homes saw 5 single-family homes sell in the month of July for the third month in a row. This is still below previous years. For comparison, in July 2019, Mammoth saw 10 homes sell. Two of the five homes sold for cash. The other three sold with a conventional loan. Even a $2,600,000 GrayFox home got a loan. By the way, you can nightly rent those homes.
Mammoth home listings boomed in July compared to the last three years. This is the first time this year when the number of new listings is higher than last year’s listings during the same month (July 2022 had 8 listings and July 2023 had 16 listings). Mammoth listings year-to-date 2023 is still way behind the last few years, but this July boom is a good start!
Mammoth Lakes median home sale price in July was $1,790,000. That’s a 72.9% increase month over month and much higher than other Julys. This is the third highest median sale price Mammoth has ever seen in recent history. It was driven by three extremely gorgeous homes. Sometimes you just have to pull the trigger when the right property hits the market.
Mammoth Lakes home median sale price year-to-date is $1,299,000. That’s 6.08% higher than last year ($1,225,000 in 2022).
Mammoth Condo Trends and Stats
Mammoth condo sales were just steady in the month of July. 17 Mammoth condos sold and seven of those sold cash. I have a feeling we’ll see more sales in August.
Mammoth condo listings were higher in July 2023 vs. July in 2021 and 2022, but not even close to 2019 (2019 saw 65 Mammoth condo listings). 36 Mammoth condos were listed in July 2023. The year-to-date listings in 2023 are still way behind the previous year during the same time period.
The median price for a Mammoth condo in July was $679,000. That’s a 16.7% decrease month-over-month. It’s fascinating to see the graph below. Taking a look at 2023, the orange line compared to 2019 the blue line, you’ll notice that they almost track each other identically. Maybe this is a sign that we are heading to a more balanced market. In my opinion, the one missing link is inventory.
If you’re curious about getting your piece of Mammoth, be sure to 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.
