KSL/Aspen Purchase of the Ski Area Spurs Condo Buying Spree!!
Market Summary: April 23 – May 14
The Mammoth MLS is reporting 13 real estate closings in Mammoth Lakes for the period ranging from a low of $190,000 to a high of $750,000. Of the 13 closings, 11 were financeable properties and 10 were conventionally financed….Almost identical stats with the period before. Ten of the 13 closings were condos under $385,000. The 10-year treasury rate dropped during the period and conventional mortgage rates for second homes have settled just above 4%. Still historically cheap.
At the period’s end the condominium inventory is down 20 to 77. Wow. There were 24 new condos brought to the market during the period and 15 of them are already in escrow! The least expensive condo listed for sale in Mammoth Lakes is $229,000. There are only seven (7) condos listed under $325,000. This time last year there were 160 condos listed. Two years ago 180.
Single Family Inventory
The total number of properties in “pending” (under contract) in Mammoth Lakes is up six (6) to 74 at period’s end. Of the 74 properties in “pending,” there are 60 in “Active Under Contract” status (formerly “back-up”). The total number of pendings in the aggregate Mammoth MLS (which includes outlying areas) is up 16 for the period to 129. This time last year there were 39 properties pending in Mammoth and 67 in the aggregate MLS. Two years ago 37 and 60 respectively. The statistics don’t lie; the big winter and the Ski Area sale announcement have the local real estate market heated up. And the sales volume might be significantly higher if there was a better selection of inventory.
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** Closed sales data is compiled from in-house files and public records.