Mammoth Lakes News
It is officially summer here in Mammoth Lakes, California. The last couple of weeks have been warm and sunny. People are biking and running all through town. It’s great to see Mammoth alive again after such a relentless winter!
The 4th of July weekend was busy in town and always feels like the official start to summer. It is a great time to visit right now. You can do all of your favorite activities right now–ski, hike, bike, swim, fish and more!
While you are out and about please be extra careful while around rivers and streams. All streams are currently very high and fast moving due to the snow runoff. We recommend avoiding swimming/wading in streams right now. Also keep any furry friends out of the streams as well. If you’re looking for a place to swim and cool off, try some of the lakes!
Mammoth Lakes Real Estate Recap
Mammoth Lakes real estate saw a big push for sellers to get their property listed near Fourth of July. We must have seen almost 20 listings in one day right around the Fourth of July. That week was busy with visitors and multiple open houses. Some of the rare listings received offers quickly like the single-family home in Graystone where nightly rentals are allowed. Others are racking up days on the market if the seller is asking for a price that is listed over comps.
Overall, Mammoth real estate activity is sluggish compared to previous years. We haven’t seen the influx of listings that we are used to seeing in the summertime. Sales have been steady, but still not in as much volume as years past. We believe that there would be more sales if there were more listings. Lastly, prices are still high. Mammoth condo prices are trending higher than last year. Mammoth home prices are slightly lower than last year. Let’s get into the numbers.
Mammoth Lakes Homes Trends and Stats
Mammoth homes have always sold at a slower rate than Mammoth condos. Usually around 80 Mammoth homes will sell a year. Mammoth hit records in 2020 and 2021 with over 130 Mammoth homes selling. This June five homes sold. It’s been a slow first half of the year to say the least.
11 Mammoth homes were listed this past June. This is the highest number of home listings we’ve seen in Mammoth this year, however, still below the last few years. In June 2019, double the number of homes were listed. We think a big part of this is that property owners have such low interest rates. Why sell when your monthly costs are historically low?
Mammoth median sale price dropped about 20% month-over-month. The median sale price in June was $1,035,000 and in May it was $1,299,000. This can simply mean that fewer expensive homes were sold. There was a home on Alpine Circle that sold for $780,000. The highest sale was a home on Pinehurst Road, near Eagle Lodge, that sold for $1,300,000. Four of the five homes sold for under asking price. Only one sold for $36,000 above asking price.
Mammoth Lakes Condo Trends and Stats
Mammoth condo sales are still slow compared to the last few years. The main reason we believe, is because there is nothing to buy. 21 Mammoth condos sold in June. June typically sees low visitation. This year people were in town to take advantage of summer skiing, but people weren’t as excited about the real estate prices.
Mammoth condo listings in June were just about average compared to the last two years, but below average compared to 2019 and 2020. 2019 was a more balanced market and 2020 saw some panic selling. 32 Mammoth condos were listed this past June.
The median sale price for a Mammoth condo tells a different story. June 2023 saw the highest median sale price (for the month of June) for a Mammoth condo ever–$815,000. This is 8.67% higher than May 2023. Simply put, more expensive condos sold in June. Again, low supply is keeping prices sky high.
To wrap it up, we are doubting we’ll see a big “crash” in Mammoth anytime soon. Most people who own in Mammoth can afford to hold their property–even if they’re not making money on it. Many of them are sophisticated and are business people. Even if one spouse loses their job, it’s likely the other spouse can keep them afloat. The biggest reasons people are selling right now are because they don’t use the property that much or they’re moving their investment to another state. Not because they can’t afford it anymore. Mammoth has an interesting market. It’s extremely different than any primary market.
If you’re on the fence about buying, ask yourself these questions. Can I afford to hold the property on its own (i.e. no rental income)? If yes, will the quality of my life improve? If yes, consider pulling the trigger.
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.
