Real Estate Activity Accelerates After A Pause, Vacation On Tap For Most Local Residents.
Market Summary: April 29 – May 13
At the period’s end the condominium inventory is up four (4) to 64. There were 24 new condo listings in the period and seven (7) are already under contract and in escrow. So we have new condo listings and eager buyers ready to pounce on the best ones. And there were some worthy properties that came to the market and sold quickly. But they were reasonably priced. And a couple that appeared to have sold quickly but came back to the market within a week. Obviously there are buyers watching the inventory and willing to make “blind” offers. That may be the story for the balance of the year.
Single Family Inventory
The inventory of single-family homes is down six (6) 33. The least expensive home in Mammoth remains priced at $604,000 and according to the listing agent the sellers are frustrated and may just lease the property. The inventory really shouldn’t be going down right now, but several of the very expensive homes that were on the market through the fall and winter have recently been removed (cancelled) from the market.
The total number of properties in “pending” (under contract) in Mammoth Lakes is up 10 to 51 at period’s end. Of the 51 properties in “pending,” there are 39 in “Active Under Contract” status (formerly “back-up”). The total number of pendings in the aggregate Mammoth MLS (which includes outlying areas) is up 26 to 93. But 11 of those pending sales are vacant lots listed under $100,000 in non-Mammoth locations in both Mono and Inyo Counties. There appears to be a land rush for cheap rural locations. The numbers would indicate that the local real estate market took a small pause in the “tax-time” period but has regained momentum.
Market Updates and News
Favorite New Listing For The Period!