Bicycle Madness Takes Over Mammoth! Gran Condo and Kamikaze Games!
Market Summary: August 27 – September 10
11 were conventionally financed. Ten of the 15 sales were condos selling under $400,000. The three highest priced closing were cash purchases. The 10-Year rate dropped to almost 2% and many lenders are now quoting mortgage rates close to the mid-3% range, even for re-finances. We just have to wonder how many cash purchasers of the past few years have turned and placed significant mortgages on their properties??
At the period’s end the condominium inventory is down 16 to 71 including one deed-restricted unit offered for resale by Mammoth Lakes Housing. There were only 15 new condo listings in the period and five (5) are already under contract and in escrow. So far the historic norm of Labor Day being the peak of inventory is holding true. The fall condo shoppers are likely to be picking through scraps unless more sellers get motivated. There are only nine (9) condos listed under $300,000.
Single Family Inventory
The inventory of single-family homes is down seven (7) to 50. As predicted there were more price reductions on the residential side. As I always point out, there is just something about moving past Labor Day, the kids back in school and football games on TV that triggers the mind that winter and skiing are coming. Happens every year. This residential sellers that labored through the past winter are now becoming less greedy and more fearful of another big winter. There may be some good opportunities for buyers, or not. There are six (6) homes listed under $600,000 and so far they are sitting.
The total number of properties in “pending” (under contract) in Mammoth Lakes is up 12 to 87 at period’s end. Of the 87 properties in “pending,” there are 72 in “Active Under Contract” status (formerly “back-up”). The total number of pendings in the aggregate Mammoth MLS (which includes outlying areas) is up seven (7) to 117. Once again the most notable part of the Mammoth real estate market isn’t the volume of sales but the willingness of buyers to pay substantially higher prices for good quality properties. But some of the quickly sold new listings are starting to return back to the market after a few weeks. There may be a touch of buyer’s remorse, and of course some agents may be pushing too hard. Some properties aren’t appraising and buyers are walking.
Market Updates and News
So where are we now?? The pundits will point to a strong stock market and low unemployment rate. Others suggest we are due for a recession. And others believe we are doomed. Wherever the nation goes the Mammoth real estate market is likely to follow….
Favorite New Listing For The Period!
south (sunny) and looks into the nice residential neighborhood on Holiday Vista. It is away from all the commotion of the Eagle Base parking lot area. But it has easy access to the chairlift and also is right between the common area private spa to the west and the main pool, spa and fitness room of the project to the east. And while it does have understructure parking, in the non-snow months you could easily park out on the street below the unit.
Other Real Estate News
Thanks for reading!
** Closed sales data is compiled from in-house files and public records.