Massive Fourth of July Week, And Then Mammoth Mellows Out!
Market Summary: July 2 – July 16
The Mammoth Lakes MLS is reporting 23 real estate closings in Mammoth for the period ranging from a low of $170,000 to a high of $1,099,000. Of the 23 closings, 21 were financeable properties and 15 were conventionally financed. Ten of the 23 sales were condos selling under $380,000 and add four (4) residential properties selling over $800,000. The 10-year Treasury and mortgage rates both ticked upward during the period. This period last year there were nine (9) closings.
At the period’s end the condominium inventory is up seven (7) to 82. There were 21 new condo listings in the period and 10 are already under contract and in escrow. The least expensive condo is listed at $225,000 but there were a couple of less expensive condos that came to the market, but they have already sold. There are still only nine (9) condos listed under $325,000. Most new listings continue to have significantly higher asking prices but not all. Low appraisals continue to be an issue — and now some buyers are backing out of contracts on that basis. A small build in inventory and slightly slower sales activity might once-again bring the best condo buying opportunities in late summer. There are some. This time last year there were 170 condos on the market, two years ago 213.
Single Family Inventory
The inventory of single-family homes is up 10 to 50. There are now six (6) homes listed under $600,000 but that still isn’t purchasing much. There are some decent new listings in the price points above that. There are also some new listings that faired the past winter but it appears the owners are “over” dealing with these properties under extreme conditions. This time last year there were 73 homes on the market.
The total number of properties in “pending” (under contract) in Mammoth Lakes is down 11 to 59 at period’s end. Of the 59 properties in “pending,” there are 47 in “Active Under Contract” status (formerly “back-up”) and one Contingent Short Sale. The total number of pendings in the aggregate Mammoth MLS (which includes outlying areas) is down 12 at 92. This time last year it was 57 and 100 respectively. The recently heated real estate market driven by the big winter and the announced Ski Area merger has clearly slowed down.
Market Updates and News
Meanwhile there is a really odd and nearly hypocritical direction by the local governments. Mammoth Lakes Housing is actively pursuing vacant office and commercial space in town to convert to affordable housing (housing is at a crisis stage in Mammoth; there is a good letter on the subject in this week’s issue of The Sheet from long-time Mammoth Councilman Kirk Stapp). The first conversion project is moving forward at the Mammoth Mall (behind the old Charthouse). Vacant office space is in the process of being converted to housing. MLH is looking at others.
The Forest Service is looking for comments to the Draft Environmental Impact Statement. The site makes it very easy to make comment but finding the specific DEIS is difficult or missing. Regardless, readers should take the time to make comment. I’m still a big believer that the gondola system should be completed as a condition of the exchange. Every property owner and lift ticket purchaser would benefit.
And while Airbnb already has a “Select” portfolio it appears that they are going to raise the bar even higher with Airbnb Lux. The goal is to compete with high end hotels. The rumor is that it will include “mansions, penthouses, and other abodes of the truly affluent.” They have already acquired Canadian company Luxury Retreats that specializes in upscale villas…..I’m wondering what kind of qualifications I’ll need in order to rent one of these properties….
the kitchen, dining, and living room are. There is excellent utility here including a powder room. The formal entry is covered and adjacent to a large covered deck overlooking the green belt — a perfect place for hanging out. There are three more covered decks all facing the green belt; each bedroom has its own private deck. There is good separation in the downstairs bedrooms for privacy. This is a unique and lovely floor plan in an incredible location.
Other Real Estate News
** Closed sales data is compiled from in-house files and public records.