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Mammoth Lakes Real Estate Market Update

housing marketThere are several different data points to review when answering this question including median price, days on market and total inventory sold.   Below is a snapshot of the last two years closed transaction in Mammoth Lakes and 2013 so far.

Condos  

2013 (as of Nov 30)

2012

2011

Median   Price

$259,000

$244,000

$242,000

Median   Days on Market

103

123

98

Total Condos SOLD

314

299

309

Single   Family Homes

2013 (as of Nov 30)

2012

2011

Median   Price

$575,000

$575,000

$560,000

Median   Days on Market

103

181

120

Total SF Homes SOLD

88

91

75

While this information is useful in observing trends, the current inventory must also be considered.  Below is a snapshot of the available properties available today:

CURRENTLY LISTED

Condos

Single Family Homes

Median   Price

$379,900

$754,000

Median   Days on Market

100

101

Total   Available as of 11/30

109

Relatively flat all of 2013

52

Relatively flat all of 2013

In summary, both condos and single family homes are selling more quickly than 2012 and at a higher price.  Although inventory  levels  have been low throughout 2013, total sales of both condos and single family homes will surpass totals for the previous two years.

What does this mean to you?  Prices are trending slightly up.  People interested in buying should increase their search and also need to be ready to move quickly when the right property is identified.   Sellers can expect to get more than they would have last year at this time.    Of course, there is no crystal ball.  Will the upward trend continue?  Time will tell.

Mammoth Lakes Real Estate Market Update

analysisThere are several different data points to review when answering this question including median price, days on market and total inventory sold.   Below is a snapshot of the last two years closed transaction in Mammoth Lakes and 2013 so far.

Condos  

2013 (as of Oct 29)

2012

2011

Median   Price

$251,750

$244,000

$242,000

Median   Days on Market

104

123

98

Total Condos SOLD

286

299

309

Single   Family Homes

2013 (as of Oct 29)

2012

2011

Median   Price

$592,500

$575,000

$560,000

Median   Days on Market

101

181

120

Total SF Homes SOLD

80

91

75

While this information is useful in observing trends, the current inventory must also be considered.  Below is a snapshot of the available properties available today:

CURRENTLY LISTED

Condos

Single Family Homes

Median   Price

$389,900

$659,950

Median   Days on Market

87

126

Total   Available Today 09/29

117

Relatively flat all of 2013

56

Slightly higher than 2013 average

In summary, both condos and single family homes are selling more quickly than 2012 and at a higher price than in the previous two years.   Inventory  levels  are low and have stayed relatively flat for 2013. Based on actual closed sales so far this year,  the trend indicates there will be more condos sold this year than last and about the same number of single family homes.   Inventory is needed to support this trend.

What does this mean to you?  Prices are trending up.  People interested in buying should increase their search and identify a property before prices go higher.    Sellers can expect to get more than they would have last year at this time.    Of course, there is no crystal ball.  Mammoth Lakes has historically followed Orange County and San Diego by 6-8 months.  These areas are still in an upward cycle.   Will the upward trend continue?  Time will tell.  My advice, if you find something you love, then now is the time to make that offer.

Mammoth Lakes Real Estate Market Update

magnifying glassThere are several different data points to review when evaluating the current real estate market including median price, days on market and total inventory sold.  Below is a snapshot of the last two years closed transaction in Mammoth Lakes and 2013 so far.

Condos  

2013 (as of Sept 29)

2012

2011

Median   Price

$260,000

$244,000

$242,000

Median   Days on Market

103

123

98

Total Condos SOLD

250

299

309

Single   Family Homes

2013 (as of Sept 29)

2012

2011

Median   Price

$639,000

$575,000

$560,000

Median   Days on Market

103

181

120

Total SF Homes SOLD

71

91

75

While this information is useful in observing trends, the current inventory must also be considered.  Below is a snapshot of the available properties available today:

CURRENTLY LISTED

Condos

Single Family Homes

Median   Price

$375,000

$764,000

Median   Days on Market

88

108

Total   Available Today 09/29

109

Relatively flat all of 2013

58

Slightly higher than 2013 average

In summary, both condos and single family homes are selling more quickly than 2012 and at a higher price than in the previous two years.   After a slight increase over the summer, inventory  levels  are low and relatively flat for 2013. Based on actual closed sales so far this year,  the trend indicates there will be more condos sold this year than last and about the same number of single family homes.   Inventory is needed to support this trend.

What does this mean to you?  Prices are trending up.  People interested in buying should increase their search and identify a property before prices go higher.    Sellers can expect to get more than they would have last year at this time.    Of course, there is no crystal ball.  Mammoth Lakes has historically followed Orange County and San Diego by 6-8 months.  These areas are still in an upward cycle.   Will the upward trend continue?  Time will tell.  My advice, if you find something you love, then now is the time to make that offer.

Mammoth Lakes Real Estate Market Today

real estate marketThere are several different data points to review when evaluating the current real estate market including median price, days on market and total inventory sold.   Below is a snapshot of the last two years closed transaction in Mammoth Lakes and 2013 so far.

Condos  

2013 (as of 8/27)

2012

2011

Median   Price

$256,500

$244,000

$242,000

Median   Days on Market

106

123

98

Total Condos SOLD

216

299

309

Single   Family Homes

2013 (as of 8/27)

2012

2011

Median   Price

$634,500

$575,000

$560,000

Median   Days on Market

104

181

120

Total SF Homes SOLD

54

91

75

 

While this information is useful in observing trends, the current inventory must also be considered.  Below is a snapshot of the available properties available today:

CURRENTLY LISTED

Condos

Single Family Homes

Median   Price

$349,000

$699,500

Median   Days on Market

78

88

Total   Available Today 8/27

143

up from 106 in May

70

up from 46 in May

 

In summary, both condos and single family homes are selling more quickly than 2012 and at a higher price than in the previous two years.   Inventory  levels  are finally increasing after very low levels during the first half of 2013.   Based on actual closed sales so far this year,  the trend indicates there will be more condos sold this year than last.   The increased inventory appears to support this trend.

What does this mean to you?  Prices are trending up.  People interested in buying should increase their search and identify a property before prices go higher.    Sellers can expect to get more than they would have last year at this time.    Of course, there is no crystal ball.  Mammoth Lakes has historically followed Orange County and San Diego by 6-8 months.  These areas are still in a upward cycle.   Will the upward trend continue?  Time will tell.  My advice, if you find something you love, then now is the time to make that offer.

Are Home Prices Going Up?

home pricesThere is little doubt that house prices have appreciated over the last twelve months in most regions of the country. However, with both the inventory of homes for sale and interest rates increasing, we have to be careful to not over judge what the market can bear.

Trulia just reported that asking prices have jumped dramatically and the increase is accelerating:

  • Year-Over-Year prices      jumped 10.7%
  • Quarter-Over-Quarter      prices jumped 4.1% (16.4% annualized)
  • Month-Over-Month prices      jumped 1.5% (18% annualized)

These types of increases in other parts of California have sellers in Mammoth Lakes thinking they can ask more for their property.  While prices do seem to be slowing increasing here, it is not the time to get carried away with current headlines about home price increases elsewhere in the state.  What matters most is what is happening here in Mammoth Lakes today.

Let’s look at a snap shot today versus this same time last year.

July 2012

July 2013

Median   Price

$327,000

$336,000

Median   Days on Market

96

76

#   of Active Listings

119

178

Of course, these numbers fluctuate daily.  However, one constant is both the median days on market and inventory levels are decreasing.    In terms of prices, they were relatively flat in 2012 and in 2013 they appear to be trending up.  What does this mean to you?    Anyone interested in buying should increase their search and identify a property before prices go higher.    This may be challenging with the limited inventory.  Sellers can expect to get more than they would have last year.    Of course, there is no crystal ball.  My advice, if you find something you love now is the time to make that offer.

Sonja Bush is a licensed California real estate broker.  As a Broker Associate with Mammoth Village Properties located at The Village in Mammoth, Sonja works with buyers and sellers in the Eastern Sierra.  Sonja can be reached at Sonja@sonjabush.com or www.sonjabush.com.

Mammoth Lakes Real Estate Market Update

market analysisThe first half of 2013 has been a roller coaster ride as far as home prices and the number of listings we have seen in the Mammoth Lakes area.  Average listing prices are down while median sales prices in Mammoth are up.

So, how is the market in Mammoth Lakes? There are several different data points to review when answering this question including median price, days on market and total inventory sold.   Below is a snapshot of the last two years closed transaction in Mammoth Lakes and 2013 so far.

Condos  

2013 (as of 6/19)

2012

2011

Median   Sold Price

$255,000

$244,000

$242,000

Median   Days on Market

107

123

98

Total Condos SOLD

155

299

309

Single   Family Homes

2013 (as of 6/19)

2012

2011

Median   Sold Price

$570,000

$575,000

$560,000

Median   Days on Market

123

181

120

Total SF Homes SOLD

38

91

75

While this information is useful in observing trends, the current inventory must also be considered.  Below is a snapshot of the available properties available today:

CURRENTLY LISTED

Condos

Single Family Homes

Median   Price

$330,000

$806,250

Median   Days on Market

91

92

Total   Available Today

106

66

In summary, both condos and single family homes are selling more quickly and at a higher price in 2013 than in the previous two years.   The total number of sales is trending similar to 2012.  Inventory levels  for condos is low (down 12% from January).   Single family home inventory is relatively flat so far this year.   Based on actual closed sales so far this year, the trend indicates there will be more condos sold this year than last.   Of course, inventory is needed to continue the trend.

Mammoth Lakes has historically followed Orange County and San Diego by 6-8 months.  These areas are still in an upward cycle.   The average price per square foot in Anaheim, CA is up 19.1 percent compared to this time last year.  The median home sales price in Anaheim increased 22.4 percent compared to this time last year as well.  Mammoth Lakes saw an increase of 0.1% in median home sales prices compared to this time last year.  With Mammoth about 6-8 months behind Anaheim and Orange County, California, an upswing may well be indicated here as well.

According to the National Association of Realtors, national sales are up from a year ago in median-priced homes and higher-priced homes.  Sales in the lowest priced category were down in the West, South, and Northeast due to limited inventory in this price range.    The national gain in median home prices is the best year-over-year performance in over seven years according to the latest quarterly report by the National Association of Realtors.  Will the upward trend continue?  Time will tell.

What does this mean to you?  Prices are trending up.  Anyone interested in buying should increase their search and identify a property before prices go higher.    This may be challenging with the limited inventory.  Sellers can expect to get more than they would have last year.    Of course, there is no crystal ball.  My advice, if you find something you love now is the time to make that offer.

For other articles written by Sonja Bush, visit http://www.SonjaBush.com

Sonja Bush is a licensed California real estate broker.  As a Broker Associate with Mammoth Village Properties located at The Village in Mammoth, Sonja works with buyers and sellers in the Eastern Sierra.  Sonja can be reached at Sonja@sonjabush.com or www.sonjabush.com.