Last Day Of Summer Brings Snow To Mammoth!! Harbinger For Another Big Winter??
Market Summary: September 10 – September 24
$1,875,000. Of the 20 closings, 18 were financeable properties and 16
were conventionally financed. Nine of the 20 sales were condos selling under $400,000. The new threshold for “low end” condos is now $400,000. But seven (7) of the closing were homes selling between $560,000 and $835,000. The sales also included two (2) vacant lot sales including a multi-family property. This period last year there were 16 closings, two years ago; 17.
At the period’s end the condominium inventory is down 6 to 65. There were 15 new condo listings in the period and seven (7) are already under contract and in escrow. There are now only six (6) condos listed under $315,000 and they are all 1-bedroom or smaller units. While the condo inventory under $400,000 is dismal for buyers, there are still good properties in the $400,000 to $500,000 range. Buyers looking in the low end of the Mammoth condo market who have hesitated are now compromised. How long this condition will last is unknown. This time last year there were 145 condos on the market. Two years ago the inventory was 172.
Single Family Inventory
The inventory of single-family homes is down two (2) to 48. There are nine (9) homes listed under $600,000. So far, the buyers are resisting these properties. The better homes under $1M are starting to sell. There were more price reductions. We’ll see what the next few months bring. This time last year there were 73 homes on the market, two years ago; 70.
The total number of properties in “pending” (under contract) in Mammoth Lakes is down seven (7) to 80 at period’s end. Of the 80 properties in “pending,” there are 66 in “Active Under Contract” status (formerly “back-up”). The total number of pendings in the aggregate Mammoth MLS (which includes outlying areas) is down six (6) to 111. These are interesting numbers. The properties in escrow should be climbing this time of year. The lack of inventory could be the reason. Or the solid activity of the summer could have brought the demand and activity forward. Or maybe buyers are waiting for some notable announcements from the new ownership of the Ski Area. This time last year there were 65 pendings in the Mammoth market and 88 in the aggregate. Two years ago 54 and 71 respectively.
Market Updates and News
Favorite New Listing For The Period!!
This was one of the last units built in the entire project so
it has all of the granite counter top upgrades and has the the two kitchen countertops/bar. The property has three decks; one out the front off of the living space and one each off of the bedrooms in the rear. The bottom floor deck spills out to nice green belt area. There is forced air gas heat and a gas fireplace. And a full laundry room.
Other Real Estate News
Thanks for reading!
** Closed sales data is compiled from in-house files and public records.