Mammoth Settles Into The “Dog Days of Summer.”
Market Summary: July 16 – July 30
The Mammoth Lakes MLS is reporting 16 real estate closings in Mammoth for the period ranging from a low of $200,000 to a high of $1,300,000. Of the 16 closings, all 16 were financeable properties and eight (8) were conventionally financed. Ten of the 16 sales were condos selling under $320,000. The high sale of the period was the lots at (37) Old Mammoth Road that is the proposed location of the new Grocery Outlet. So it looks like the obstacles have been overcome and the project will move forward. These lots have an interesting history including Mammoth’s first fire station, the legendary Nicolosi’s restaurant and eventually the original Grumpy’s sport bar and outdoor volleyball courts.
At the period’s end the condominium inventory is up one (1) to 83. There were 20 new condo listings in the period and seven (7) are already under contract and in escrow. The least expensive condo is listed at $195,000 but it won’t last. There are now 12 condos listed under $325,000.
Single Family Inventory
The inventory of single-family homes is up three (3) to 53. There are now five (5) homes listed under $600,000. There are some decent new listings in the $600,000 to 800,000 range.
The total number of properties in “pending” (under contract) in Mammoth Lakes is up five (5) to 64 at period’s end. Of the 64 properties in “pending,” there are 51 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 13 at 105.
Market Updates and News
The weather has been perfect in Mammoth; not too hot with only a hint of coolness. Summer tourism is alive and the town faces Bluesapalooza week this upcoming week. This has become the busiest week of the summer. The past few years have experienced serious episodes of forest fire smoke. Hopefully the beautiful clear conditions remain. The organizers and patrons deserve it.
Other Real Estate News
** Closed sales data is compiled from in-house files and public records.