Ski Area Sale and Merger Is Completed, What Next??
Market Summary: July 30 – August 13
The Mammoth Lakes MLS is reporting 18 real estate closings in Mammoth for the period ranging from a low of $182,500 to a high of $1,220,000. Of the 18 closings, 16 were financeable properties and 12 were conventionally financed. Eight of the 18 sales were condos selling under $400,000. The mix included a vacant residential lot in the Slopes (and a good buy), three high-end condos, a $1M+ home and a commercial condominium space. This period last year there were 20 closings..
At the period’s end the condominium inventory is down four (4) to 79. There were 16 new condo listings in the period and seven (7) are already under contract and in escrow. The least expensive condo is still listed at $195,000. There are now only seven (7) condos listed under $325,000. The low end of the condo market has been cleaned out. We are fast approaching Labor Day weekend which historically marks the peak of inventory here in Mammoth. The late summer/fall peak selling season will be met with limited availability. I’ve been out showing the condo inventory in the past two weeks and there are still some good buys left in the market. But I doubt they will last. The recent rain has many local residents thinking it will be an early winter. This time last year there were 160 condos on the market.
Single Family Inventory
The inventory of single-family homes is up two (2) to 55. The best new properties are being purchased quickly. But there are now 30 homes listed under $1,000,000 and most have some significant compromises. It will be interesting to see how they fare in the upcoming selling season. Price reductions may (will) be in order. This time last year there were 76 homes on the market.
The total number of properties in “pending” (under contract) in Mammoth Lakes is up six (6) to 70 at period’s end. Of the 70 properties in “pending,” there are 52 in “Active Under Contract” status (formerly “back-up”) and two (2) Contingent Short Sales. The total number of pendings in the aggregate Mammoth MLS (which includes outlying areas) is up nine (9) to 114. This time last year there were 68 and 107 respectively.
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** Closed sales data is compiled from in-house files and public records.