Market Minute + First Snow

Mother Nature has been flirting with us here in Mammoth and has given us a nice little dusting (actually more than a dusting) to whet our appetites for the upcoming winter.  It’s been a stunning summer and fall here in Mammoth Lakes and we’re all hoping for another good winter to follow last season.

As far as the real estate market goes, it has remained steady.  As typically happens this time of year, we have seen condo inventory fall as properties go into escrow and those that haven’t sold decide to hang on for one more year and pull their properties off the market.  The number of condos on the market at one point this summer got up to around 170 and we are now at 129 condos on the market.  Properties that are priced well seem to be selling and we are even getting multiple offers in certain situations (not all).  There are currently 38 condos in escrow.  We think it’s fair to say that it’s neither a buyer’s nor a seller’s market but rather a good market for both…again, as long as the properties are well priced.  To put these numbers in perspective, at one point in the last decade or so we had well over 300 condos listed for sale.  At another point (at the peak when properties were being purchase sight unseen) we were down to about 35 or so.

Single family homes aren’t seeing as much activity but are still moving if priced well.  We currently have 64 single family homes on the market and 11 homes in escrow.  There are definitely some good deals to be had and we’re seeing some locals try to get into the real estate market as first time home buyers or even upgrading from a condo or smaller home.  If you already own a home in Mammoth, time to make sure your heat is turned up to prevent pipes from freezing.

With the Mountain opening day right around the corner, it’s time to make sure you’ve got your equipment ready to go!  And THINK SNOW!!!!!!