Mammoth Lakes Real Estate Market Overview - May 1
Mammoth Real Estate April Update
The Mammoth Lakes real estate market continues to be in limbo for the most part. There was little movement in April with the exception of canceled, withdrawn and expired listings decreasing our already low inventory. Few new listings, few sales, and a decline in the number of closed escrows. While the median sold home price increased, that price was on average only 89% of asking. In the past year sales prices have been 95%-97% of asking. The median condo sold price was down but still at 97% of asking. Thus the higher end of the market didn't see much action but sellers who closed escrows did not come off their prices more than usual.
With only a few new escrows in April, closed transactions will be down significantly in May and I would also anticipate a larger variation between asking and selling price. Unfortunately, I do not anticipate our sales volume to increase significantly until visitors are welcome back to view properties in person. Sellers, however, are not lowering their prices perhaps anticipating demand to return in the coming months.
Sellers - If you can hold off listing I would for now. If you are thinking of selling give me a call and I’ll watch the market and try to discern the best time to list, a little closer to re-opening.
Buyers - If there is a property you’ve had your eye and you are in a position to purchase then I would consider making an offer. (MammothPropertySearch.com) Not a low-ball offer but maybe 2-4% off the asking price. If demand bounces back with the return of our visitors, then our supply may be considered low again and prices could even increase. CNBC quoted the National Association of Realtors chief economist Laurence Yun predicting home values would not fall this year but “are likely to squeeze out a gain in 2020”. Wow, crazy right?? Here is another Wall Street Journal article conveying a similar sentiment. We’ll see…..
Yes! You can still get a loan at a terrific rate if you qualify. Conforming loans under $529K are readily available but you may have to go to a large bank for a Jumbo.