KSL/Aspen Buys Deer Valley! Dave McCoy Turns 102!
Market Summary: August 13 – August 28
and 11 were conventionally financed. Seven of the 15 sales were condos selling under $420,000. The numbers show the heated late spring and early summer sales rush has cooled somewhat although to this broker it really doesn’t feel like it. Overall interest remains high but the lack of inventory could be the problem. Labor Day Weekend normally marks the peak of the inventory and the beginning of the late summer and fall sales push and the “anticipation of winter.”
Single Family Inventory
The inventory of single-family homes is up two (2) to 57. I predicted price reductions two weeks ago and the period was full of them on the residential side. More will come. So far the buyers aren’t going to pay the new over-inflated asking prices for many of the homes. Local agents and sellers got ahead of themselves. Especially if the property has major compromises.
The total number of properties in “pending” (under contract) in Mammoth Lakes is up five (5) to 75 at period’s end. Of the 75 properties in “pending,” there are 54 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 down four (4) to 110. The most notable part of the Mammoth real estate market isn’t the volume of sales but the willingness of buyers to pay substantially higher prices for good quality properties. Most are in the 10-20% higher range than 12 months ago. And the “days on market” for these properties has been compressed from months to days.
Market Updates and News
Favorite New Listing For The Period!
Other Real Estate News
While Mammoth suffers from low real estate inventory, many real estate markets across the country also have the same problem. But for similar reasons?? A recent survey by Realtor.com shows that baby boomers are perfectly happy living in their current homes. And the main reason, according to the survey) is that the home meets their needs (but my guess is that they dread the thought of moving).
** Closed sales data is compiled from in-house files and public records.