Monthly Archives: December 2014

Mammoth Mountain buys Big Bear + Snow Summit

and more importantly…snow is here!

Mammoth Mountain Ski Area opened on 11/13/14 with a mix of manmade and nature-made snow.  After three subpar years of snowfall, we are all hoping for more natural snow to ski on and to quench California’s dry soil. At the time of this writing, it is snowing!

The big news at the ski resort is Mammoth Mountain Ski Area’s purchase of Big Bear and Snow Summit.

Consolidation has been the trend in the ski industry over the last decade, evidenced by Vail Resorts’ purchase of Northstar, Kirkwood and Park City over the last few years.  The general feeling around Mammoth Lakes is that this move can be a good thing.  SoCal resort loyalists may be enticed to try out Mammoth and we hope they like what they ski.  Similarly, those on the fence about committing to a weekend in Mammoth may choose to save time once in a while and ski/ride more locally. is now available for 4 resorts, Mammoth, Big Bear, Snow Summit and June Mtn!  MMSA and June are making efforts to attract more families.  June is even go so far as to let kids 12 and under ski free!

Real Estate Market Update for Dec 2014

Mammoth Condo prices up 18% since bottom of market

After falling 65.9% from the peak of our market in 2007 and bottoming out in 2012, the average $/sqft of condominiums and townhomes in Mammoth Lakes has risen 18.1% and currently sits at $295.2/sqft for all sales in 2014 (through November 16, 2014).  See the graph below.

If we separate Intrawest and non-Intrawest condos (for the reason that Intrawest built a distinct class of real estate that are newer and located adjacent to the ski area and golf course, and they typically sell at a higher $/sqft), Intrawest properties dropped from $895/sqft in 2007 (many Westin condos were over $1000/sqft) to $362/sqft in 2012 (a 59.5% drop!) and are now up to $466/sqft, a healthy increase of 28.7% from the bottom.

Intrawest properties include The Westin Monache resort, The Village at Mammoth, Juniper Springs Resort and a few complexes along the Sierra Star Golf Course.

Non-Intrawest condos peaked at $496.1/sqft in 2006 and valleyed at $222.4/sqft in 2012.  They are now at $259/sqft in 2014, an appreciation rate of 16.4% since the bottom.

If you are noticing that our peaks and valleys occur later than those in Southern California, you are probably right; it is felt that the Mammoth area market tends to lag behind SoCal by half a year to a year.

In addition, you are probably noting that our prices have a long way to go before reaching the bubble levels of 8-9 years ago.  We hear from our clients and follow Realtors in hot market areas like Santa Monica, Manhattan Beach, Santa Barbara, etc., that prices are now at or above the levels seen during the bubble.  Wow.  Makes the Mammoth market look like a bargain!

Our current market could be classified as healthy.  Inventory is historically low, foreclosures and short sale are rare, and many buyers are coming in with all cash or over 20% for their down payments.

-Dennis Cox & Tara Peterson

Pricepersqft graph Dec 2014 cropped




(Data is from the Mammoth Lakes Board of Realtors MLS and is deemed reliable but is not guaranteed.)