St. Anton properties built in 1972, feature an easy walk to Canyon lodge ski lifts and many HOA amenities. Residents enjoy pool, jacuzzi, sauna and club house access.
There are two floorplans available including a 1 bed +1 bath layout and 1 bed/loft + 1 bath. HOA fees range for these units from $350-$620. In the last 15 years, the highest sold unit went for $510,000 (November 2005) and the lowest went for $180,000 (February 2012).
Red Slate properties were built in 2005 with a 4 bedroom 3 bath open layout. These townhomes feature high ceilings and great location close to Canyon Lodge. These units have the highly desired attached garage parking. Each property is just over 2000 sq. ft. and has HOA dues ranging from $430-$500.
In the past 15 years the highest sold unit went for $915,000 (September 2006) and the lowest sold unit went for $630,000 (October 2016).
San Sierra is a condominium complex built in 1972 with a total of 32 units. These units are located close to Mammoth Village which means there is dining and shopping within walking distance. Located in the Mammoth Village is the ski resort gondola, so an easy walk to the gondola and you are on the slopes.
Home owner association amenities include: Sauna, Spa and laundry facilities. HOA fees range from $450-$650. The blue line shuttle is within steps to San Sierra complex offering easy access to the entire town.
In the last 15 years, the highest sold San Sierra condo went for $480,000 (August 2018) and the lowest sold for $155,000 (November 2014).
Ski Run Villas are located near the Juniper Springs Area and Canyon Lodge. 11 totals units built in 1982 each with a garage for private parking. There is an adjacent forested area which gives space for summer activities with children or dogs.
Ski Run incorporates a 3 bedroom plus loft town home design which means nobody living above or below you. These properties are bordered by a bike path which means easy access to Mammoth and the great outdoors.
In the last 15 years the highest priced Ski Run Villas Unit was sold for $685,000( September 2020) and the lowest for $370,000 (October 2010).
CC&R’s (Covenants, Conditions and Restrictions) at Chateau Tyrol prohibit short term rentals (STR’s), so the minimum rental period is 30 days.
Each condo has 3 bedrooms and 3 bathrooms with an attached garage. There are no amenities at this complex.
Floorplans include the following:
3 Bedroom / 3 Bathroom: Approx. 1,800 sq ft. Highest sale price: $650,000 in Oct 2004. Lowest: $405,000 in May 2011.
Click Here for all active listings at Chateau Tyrol.
Better Get Your List Price Right: An analysis of condo sales over the last ten years shows that the average time it took a condo to sell was 75% quicker when priced right. By ‘priced right’, we mean that a property was priced in line with the market that it received an offer and went into escrow without ever having to reduce its list price.
Put another way, it took an average of 172 days to sell condos that were fishing for a higher price and had to employ at least one price reduction, versus only 42 days for condos that went into escrow without any price reductions. These is a significant difference.
Many sellers like to test the market with a listing price that is higher than what their Realtor recommends. And they are okay if the condo sits on the market for a while, because many are also making rental income at the same time. But if you need to sell your property quickly, we recommended studying recent sales of comparable properties (‘comps’) with us, noting how quickly it took them to sell, and then pricing your property appropriately.
Availability: Another factor that will influence your ‘DOM’ (Days on Market) is whether your condo is available for showings. As alluded to previously, many sellers like to keep their condo available for short term rentals while it is also listed for sale. This can seriously limit the number of showings, as potential buyers are often in town during busy weekends when many condos are occupied by vacationers.
Months of Supply / Absorption Rate: One overall measurement of how quickly it takes listings to sell is called ‘Months of Supply’ or ‘Absorption Rate.’ This is the number of months it would take to sell off the entire inventory at the current pace of sales (i.e. how quickly current listings get absorbed by buyers).
Mammoth’s current condo Supply is 4.0 months. Calculation: 124 active condos for sale divided by the average of 31 condos selling per month over the last three months. Theoretically, if you listed your condo in line with the market, you could expect it to sell in about 4 months. If you choose a higher listing price, it could take longer (and require several price reductions). If you are aggressive with the price, you might expect to sell it more quickly than 4 months.
The speed record for the Mammoth condo market in the last 15 years was only 0.7 Months of Supply recorded in January 2004 (things were selling like hotcakes in that market! Remember Intrawest?). The slowest absorption rate was during September 2008 (Recession) with a Supply of 40.4 months! Can you imagine it taking 3 1/3 years to sell your condo?
Looking forward: As you can see in the graph below, the current trend is ever-so-slightly upwards. This is because there are more listings and slightly slower sales…signs of a possibly cooling market. Better get your listing price right!
Months of Supply (Current Inventory / Pace of Sales)
Homes: The current Supply for single family homes in Mammoth is 6.4 months (66 homes for sale divided by 10.3 homes selling per month). Even through some minor seasonal fluctuations, the average Supply over the last year and a half has been 6.3 months.
The current nationwide Supply for residential real estate is 6.4 months as reported by the Federal Reserve Bank. (The hottest market was 3.5 months of Supply in August 2003 and slowest was 12.2 months in Jan 2009. https://fred.stlouisfed.org/series/MSACSR)
The Extra Mile
We try to go the extra mile to get our listings to sell as quickly as possible. From providing refreshments at Realtor caravans, to turning up the heat before showings, we like doing the little things that help show our sellers’ properties in the best light. We have been known to shovel snow from walkways before showings (or remove the occasional dead animal!).
And then there are the extra things done during escrow to help get to the finish line… zipping up to the property at the drop of a hat to welcome in inspectors, contractors, appraisers, etc. We are pros at installing smoke alarms and carbon monoxide detectors to help pass inspection. We sometimes help move furniture when sellers cannot do so.
In our resort market with many absentee homeowners, we feel that it is just part of the job to be the boots on the ground and help wherever necessary to get to the close of escrow. -Dennis & Tara (Sept 2019)
We often get questions about if our real estate market is seasonal like our weather and our outdoor activities are.
It is a good question, as the impression is that everything revolves around our ski season and our world class ski resort at Mammoth Mountain. And the assumption is that ski season is when buyers fall in love with Mammoth and wish to purchase real estate. It is true, ski season is when many people discover Mammoth and fall in love.
But buyers looking for that perfect ski-in/ski-out condo do not always buy in the wintertime. They might need to get finances in order or have already mapped out their lodging for the rest of the ski season. Also, it is hard to get buyers inside to see listings because many of them are on rental programs and are occupied much of the season.
Moreover, our market is subject to the macroeconomic conditions of our feeder market, Southern California, which is not seasonal.
However, there actually is some seasonality to the inventory portion of our market.
Like a Heartbeat…
The graph above charts the number of condo + home + lot listings over time versus their Days On Market. Taking the difference between these two numbers (red line) shows a very regular rhythm to our inventory, looking like an EKG.
Every summer, the red line peaks with an influx of new listings combined with their inherent low days on the market. Every winter, the red line takes a dive to a low point when inventory drops and the existing listings get stale.
Why does inventory drop? We typically see a mini buying spree around Labor Day each year when the itch to ski returns and folks want to close escrow on a place before Thanksgiving. And some sellers take their condos off the market during winter to capture the seasonally higher rental income. In addition, single family homes and vacant lots are harder for buyers to assess when covered in snow, so they tend to fall off the market when the snow flies.
And when the daffodils bloom again in spring, houses come back on the market, nightly rental income starts waning and sellers put their places back on the market.
Opportunity…
Winter: When inventory goes into hibernation, sellers could use this to their advantage when there is less competition, especially if they keep their property off a rental program so that it can be shown.
Summer: Buyers can use the swell in inventory to their advantage to pick and choose among more options.
All this being said, there is still plenty of real estate activity year-round in the Eastern Sierra as local families need to move, long-time homeowners sell off their vacation homes, and Mammoth Enthusiasts upgrade from a condo to a house. We are even seeing an uptick in second homeowners making the move to Mammoth full-time.
So, while we wish there was a simple answer to ‘when is the best time to buy or sell in Mammoth?’, the best answer is to talk with us and we will assess current market conditions and match them with your specific family goals.
Speaking of current market conditions…
The national cooling in the real estate market may be creeping into our local market as well. The current number of condos in escrow is 23, which is the lowest in 2½ years, down from a high of 61 in Sept 2017.
For the past year and a half, sellers had been successful at pricing their condos ahead of the market and getting an average of 97.9% of their asking price. However, buyers are now being pickier and showing some price resistance, and we are seeing this number drop to 97.2% in the current quarter.
For single family homes, the median sales price so far in 2018 of $939,500 is 21% higher than in 2017, but sales are slower (5.75 homes sold per month versus 7.4 per month last year).
Tara and Dennis would love to help you sell your property. When choosing an agent, experience matters. We have been through several market cycles and are able to advise sellers on appropriate list prices, employ proven marketing strategies, help negotiate repairs, direct clients to reliable contractors and leverage our large database of buyers.
We look forward to helping you with your family’s goals! -Dennis Cox & Tara Peterson
Here is a list of condo complexes in Mammoth Lakes which have private garages. Many are small complexes with only ~4 units, so they rarely come on the market. The ones with asterisks are the most likely to have HOA dues under $400/mo:
These complexes also have private garages but will usually be more than $500,000:
The complexes have common covered/underground parking (not private garage stalls):
And the rest of the complexes in Mammoth do not have covered parking (like Chamonix, Horizons4, Mountain Shadows, Seasons4, Sierra Park Villas, Viewpoint, etc.)
If interested in receiving listing notifications for any set or subset of the lists above, let us know. We can also add criteria for bedroom count, square footage, and max HOA dues. -Dennis C. & Tara P.
[Update on 5/28/18: The inventory increase is HERE! Scroll to bottom to see the stats]
[Original article from March 30, 2018:] We know you are frustrated, buyers! You want buy something in Mammoth but do not currently have many choices. Our inventory is at a 14-year low (only 52 condos for sale as of today!) so there is only one or maybe two listings that fit your criteria. Plus, many listings are kept on a nightly rental program and, therefore, are rented and unavailable when you are in town to look at them!
However, we are hopeful that we have the typical increase in inventory this time of year as rental income from the ski season starts to dry up and would-be sellers are more ready to list.
Between the months of April and July during the years 2010-2016, we have seen an average of a 30% increase in the number of condos for sale. See graph below:
Last year (2017) was a bit of an aberration (inventory went down 24% from spring to summer) because Mammoth announced it was being purchased by KSL in April, plus we were just digging out from an amazing snow year, which both helped kick off a buying spree.
Let’s hope we get back to the same spring bump in inventory and get our choices up to at least 70 condo listings (hopefully 90!) by summertime.
While you buyers are trying to be patient, we know you are also watching interest rates with keen interest. We are working hard to uncover listings before they get listed and position our buyers to be ready to pounce when something does fit the bill. We are often running up to a new listing to take a 360 deg video so our buyers can analyze it from home (typically in Southern California). Let us know how we can help you find your Mammoth getaway! -Dennis
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Update as of April 24, 2018: We now have 59 condos for sale, so inventory is slowly creeping upwards as predicted.
Single Family Homes: In the last 5 years, our single family home inventory swelled an average of 43% between May and August. With snow melting and daffodils popping up, would-be sellers are tending their gardens and doing projects to get homes ready for market.
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Update as of May 28, 2018: We now have 80 condos for sale! That is a 54% increase from a little over 8 weeks ago. Buyers now have a lot more to choose from and sellers better beware of more competition on the market. Historically, we still have low inventory: the average number of condos on the market over the last 15 years is 140.
As for single family homes, we have not had our seasonal increase in inventory yet. We are still at 34 Homes for sale, the same as one month ago.
Mammoth Lofts are a small condo complex of only 8 units at 436 Old Mammoth Rd. in Mammoth Lakes, CA. All units are studio + loft floorplans built in 2004 with monthly HOA dues around $295 (as of 2018). They’ve got a cool downtown industrial loft vibe and some good views. However, half are apparently deed-restricted (for affordable housing purposes) and nightly rentals are not allowed at the complex. Although the zoning allows for nightly rentals, the CC&R’s do not. The sizes range from 575 – 715 sqft.
Sales Extremes (2004-2018):
Low: $109,500 in 2012
High: $345,000 in 2007
Click here to see all active Mammoth Lofts listings (if any)
Click here to see a map of the Mammoth Lofts complex
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