Pre-Thanksgiving Dump Makes Good Conditions, The Ski Season Is On!
Market Summary: November 5 – November 19
At the period’s end the condominium inventory is up four (4) to 64. There were 22 new condo listings in the period and five (5) are already under contract and in escrow. The new inventory is scattered through the spectrum of condos, priced from $189,000 to $1,299,000. The least expensive units move fast. There was evidence during the period of buyers making “blind” offers; properties selling quickly and then coming back-to-the-market a few days later. Reminiscent of the heated REO period just a few years ago. There is strong condo demand right now but we are on the cusp of the year-end holidays. We’ll see if it lasts after the end of the year. Snow helps. This time last year there were 114 condos on the market.
Single Family Inventory
The inventory of single-family homes is down four (4) to 34. There are now only three (3) homes listed under $729,000; $499K, $549K and $625K. There are still some decent properties available under $1M. This time last year there were 55 homes on the market.
The total number of properties in “pending” (under contract) in Mammoth Lakes is up three (3) to 58 at period’s end. But this includes two mobile/manufactured homes (which really aren’t “real estate”) and an airport hangar. So it really is a push from last period. Of the 58 properties in “pending,” there are 40 in “Active Under Contract” status (formerly “back-up”). The total number of pendings in the aggregate Mammoth MLS (which includes outlying areas) is down two (2) to 109. This time last year there was 51 and 79 respectively.