Market Report: August 1, 2023
MAMMOTH LAKES
MARKET TRENDS REPORT
August 1, 2023
www.MatthewLehmanRealEstate.com
For more information email: Matthew@HomesMammoth.com or Ashley@HomesMammoth.com
Or Call us a 760-934-1110
Mammoth Rocks: For nearly 13 years Matthew Lehman Real Estate has been a proud sponsor of Mammoth Rocks. This event is a free tribute to the rock genre of music, but I use the rock genre loosely as there is always one or two surprises in the lineup. We always try to include local entertainment as well as nationally known groups. For more details on this great event, please visit MammothRocks.com.
Jeffrey Dean – mammothrocks.com – Jeffrey Dean is a brilliant musician, singer songwriter, guitarist and performer with his infinite styles of Music,
(Americana) Jeffrey can soothe the weary soul or work the crowed into a Rock & Roll fury. Jeff was our the first local to play Mammoth Rocks.
Ragdolls- A Tribute to Aerosmith – Delivering energetic and powerful performances, RagDolls dig deep into the soul of America’s greatest rock and roll band. If imitation is the greatest form of flattery, then it is blatantly clear that these women capture the essence of Aerosmith out of a love for the music and its energy.
LA Rock Revival – Playing memorable hits from bands such as Led Zeppelin, Bon Jovi, Bruce Springsteen, Foo Fighters, Rolling Stones, Beatles, Doobie Brothers, Lenny Kravitz, Doucette, Prism, and more.
The Felt Cutouts – Another local favorite, The Felt Cutouts are an indie rock and blues quartet based in Mammoth Lakes, CA. Music from 8000 feet.
ABBA LA – ABBA LA is a Los Angeles based tribute band that celebrates the timeless music of ABBA. The band is comprised of top notch national and international musicians, who all have one thing in common: their love for ABBA and their intricate music. ABBA LA takes pride in offering the most authentic ABBA sound out there. Put your dancing shoes on and come celebrate ABBA’s amazing and unforgettable music with ABBA LA!
Hollywood Stones – The ultra-cool ROLLING STONES look & sound. The HOLLYWOOD STONES are a completely true live band, packed with street fighting stage attitude.
Single Family Homes
The median sales price for a single-family home as of August 1, 2023, was $1,299,000. This figure is based on 26 closed sales in Mammoth Lakes Year-to-Date. 26 sales would put us on pace for a total of 44 sales for the year, compared to 83 total sales in 2022. The lower volume is attributed to limited available inventory vs. the lack of demand; demand remains high.
Single-Family Residential History Mammoth Lakes
The graph below is a representation of the median single-family home pricing taken from table above:
Median Home Sales Prices by Month for 2022 and 2023 YTD
As can be seen from the graph below, the median price of single-family homes was higher in July than the prior 11 months. This is attributed to two, of five, home sales over $2,300,000 during the month of July.
Below is a summary of available (active) home listings at the beginning of each respective month:
As seen in the graph above, the number of active home listings (inventory) has been increasing since December 2022. As of August 1, 2023, the inventory is up 237% since December 2022, with the greatest increases taking place in the past three months. The obvious benefits of increasing inventory is the market’s ability to fill demand, giving buyers more options and creating more competition among sellers.
Condominium Market
The Median price for a condominium in Mammoth Lakes as of August 1, 2023, was $735,000, which is slightly below the median price observed for all of 2022. This median price is slightly lower than the YTD median price of $755,000 observed last month. August 1, 2023, median price was determined through 106 sales Year-To-Date.
The graph below is a representation of the condominium pricing table on the previous page:
Median sale prices for condominiums, by month, allows us to observe Buyer and Seller attitudes throughout the year. As of August 1, 2023, median home prices showing lower than observed a year ago.
Over the past 12 months, the number of active listings for condominiums peaked in August 2022 with 78 active listings at the beginning of August. As of August 1, 2023, there were 47 condominiums available for purchase in Mammoth.
Vacant Residential Land Market
As of August 1, 2023, there were eight land sales in Mammoth for the year. The price per square foot for a lot in Mammoth pulled back from $40 per foot to $38 per foot.
Below is a graph reflecting the table above:
Featured Listings
FOR LEASE or SALE (FORMERLY BLEU MARKET AND KITCHEN) 106 Old Mammoth Road
7,459 Square feet of premium restaurant space located on the corner of Old Mammoth Road and Tavern Road. This space is turn-key and ready for the next big restaurant in Mammoth Lakes. One block from “The Parcel” housing development which will consist of more than 400 new units and is right across the street from the Tesla charging station. Liquor license to be negotiated with a new lease.
Take a Virtual Walkthrough of this unique opportunity.
Location is key for this well-cared for house only .3 miles from the Village at Mammoth! Backing to the Town of Mammoth Lakes community center tennis courts and park, it is an easy, flat walk to shops, restaurants, entertainment at The Village. Three bedrooms, three bathrooms and 1,754 square feet of living area.
Coming Soon
One Bedroom, One Bath condominium located in the Summit Condominiums. Short walk to Eagle Lodge and Sierra Star Golf Course. Nicely upgraded unit.
A cute four bedroom, three bath home located between the Village at Mammoth and Canyon Lodge. Built in 1969, this home is well maintained by the original owner.
294 St. Anton Circle
Located in the popular Mammoth Knolls community, this little home has three bedrooms, one bathroom, and a bunk room above the garage. Walking distance to the Village and restaurants.
Watch our “Why Mammoth?” Video and see what Mammoth Lakes has to offer you.
