From Fresh Winter Snow to Large Piles of Brown Snow….Spring Is Here!!
Market Summary: February 27 – March 12
The Mammoth MLS is reporting 15 real estate closings in Mammoth Lakes for the period ranging from a low of $265,000 to a high of $1,295,000. Of the 15 closings all were financeable properties and nine (9) were conventionally financed. Seven of the 15 sales were condos selling under $410,000. There were four more quick closings (and cash purchases) of ~20 days or less. There was one REO/bank owned property closing.
At the period’s end the condominium inventory is down another five (5) to 89. There were 16 new condos brought to the market during the period. Two of the new listings have already gone to escrow. There are now only four condos listed for sale under $250,000.
Single Family Inventory
The inventory of single-family homes is up one (1) to 38. There are no homes listed under $500,000 and still only five (5) homes listed under $600,000.
The total number of properties in “pending” (under contract) in Mammoth Lakes is up six (6) to 66 at period’s end. Of the 66 properties in “pending,” there are 51 in the new “Active Under Contract” status (formerly “back-up”). The total number of pendings in the aggregate Mammoth MLS (which includes outlying areas) is up 13 for the period at 89.
Market Updates and News
A long-standing (and second generation) Mammoth appraiser said he was having to use the pending property sales as the comparable sales to justify the higher prices of some sales he is appraising (wasn’t Dodd Frank and all of the new regulations suppose to curtail this type of activity?). So the heavy winter has clearly sparked some higher sales. And yet many good properties remain on the market unsold with pressure to reduce prices….The market right now is a plain crapshoot.
In classic Mammoth form the ski conditions went from great winter powder conditions, to super winter windblown, to warm spring conditions with hard and fast runs…all in the last two weeks! The 15-day forecast calls for more warm weather with some potential snow later in the period.
New Favorite Listing For The Period!!
Other Real Estate News
For the record, a “home flip” is when a property is sold for a second time in a 12-month period in an “arms-length” transaction.
Thanks for reading!
** Closed sales data is compiled from in-house files and public records.