The Holidays Are Upon Us!! Everybody Has Done There Best To Be Ready
Market Summary: December 3 – December 17
At the period’s end the condominium inventory is up three (3) to 55. There were 15 new condo listings in the period and seven (7) are already under contract and in escrow. That is telling about the market. Oddly (especially for this time of year), there are some really nice upgraded condo properties coming to the market. They are priced high but comparing recent sales and the cost and time to make these types of upgrades, they probably aren’t overpriced. And this is the time of year for “instant gratification,” so they are and will sell quickly. This time last year there were 113 condos on the market.
Single Family Inventory
The inventory of single-family homes is up four (4) to 39 and that includes one “spec” home in the Mammoth Knolls neighborhood. There are now five (5) homes listed under $725,000. There are now three brand new high-end spec homes listed from $1,499,000 to $1,879,000. In my opinion, all three are overbuilt for their respective neighborhoods. But maybe this is the new trend. We’ll see what they end up selling for. These spec builders/owners can become impatient over time. This time last year there were 51 homes on the market.
The total number of properties in “pending” (under contract) in Mammoth Lakes is down five (5) to 52 at period’s end. Of the 52 properties in “pending,” there are 41 in “Active Under Contract” status (formerly “back-up”). The total number of pendings in the aggregate Mammoth MLS (which includes outlying areas) is down 15 to 81. This time last year, 45 and 71 respectively.