USA Olympic Positions Filled At This Past Weekend’s Gran Prix!
Market Summary: January 7 – January 21
At the period’s end the condominium inventory is up 11 to 63. There are now 10 condos listed under $300,000 so the low-end availability has improved but many of these condos were selling for $75,000-100,000 less some 14 months ago. There were 23 new condo listings in the period and six (6) are already under contract and in escrow. This is traditionally a slower time of year for the Mammoth real estate business; the holidays are over (and the “urgency” is gone). But some condo owners are seeing the low inventory and higher prices as a good time to try to sell. They may have to wait until activity returns in spring. Or not. But quality properties are selling quick if they are priced properly. An asterisk on the market is there are numerous “move-up” transactions occurring – the same party is a current buyer and seller in the Mammoth market. Interesting timing for sure….
Single Family Inventory
The inventory of single-family homes is down three (3) to 29. There are potential buyers looking at homes on the market but the inventory is lackluster. There are still only three (3) homes listed under $625,000.
The total number of properties in “pending” (under contract) in Mammoth Lakes is up eight (8) to 50 at period’s end. So the holiday period created some sales. Not a big surprise but somewhat out-of-the-ordinary. Of the 52 properties in “pending,” there are 42 in “Active Under Contract” status (formerly “back-up”). The total number of pendings in the aggregate Mammoth MLS (which includes outlying areas) is up nine (9) to 61.
Market Updates and News
Not too many interesting sales to comment on. An oversized Studio on the sixth floor of the Westin Monache sold and closed FAST at $290,000.
Favorite New Listing For The Period!!
Other Real Estate News
Thanks for reading!
** Closed sales data is compiled from in-house files and public records.