Spring is struggling to come to Mammoth. We have a few days of warmth and then it feels like winter again. Just recently, Mammoth Mountain received an additional 8+ inches of snow which makes for great spring skiing. I am expecting a superb display of wildflowers when summer finally does come.
There are so many positive things happening in Mammoth. Year round flights. San Francisco to Mammoth for next season is looking good. Awaiting final approval. In addition, cities like Phoenix and Las Vegas are being considered.
Mammoth Mountain will be continuing work on the ski back trail which ends in the Village. Last year the trees were cut down and the trail was put to use. This year they will be working on grading the slope and building the bridge over Forest Trail.
Along with many other things the Mountain is considering building a ‘beginner’s only’ lift and run at Eagle Lodge.
The Village is now 85% booked. That is a big difference from a year ago when that number was closer to 55%. The Village is bustling with activity, new restaurants and shops. For a schedule of events check the website at www.villageatmammoth.com. Also, go to www.visitmammoth.com for this summer’s Town events calendar.
Below is my market update comparing the first 3 months 2006 through 2010.
Mammoth
Residences Number Closed Median Price
2006 15 $846,200
2007 17 $925,000
2008 11 $735,000
2009 7 $885,000
2010 17 $770,000
Currently Active: 58
Currently Pending: 13
Condominiums Number Closed Median Price
2006 109 $530,000
2007 50 $540,000
2008 88 $557,000
2009 59 $326,000
2010 87 $290,000
Currently Active: 174
Currently Pending: 56
Lots Number Closed Median Price
2006 20 $737,500
2007 9 $300,000
2008 2 $267,500
2009 2 $329,500
2010 1 $430,000
Currently Active: 39
Currently Pending: 2
Mono County
Residences Number Closed Median Price
2006 26 $686,592
2007 32 $712,000
2008 89 $550,000
2009 9 $885,000
2010 26 $695,500
Currently Active: 128
Currently Pending: 17
Condominiums Number Closed Median Price
2006 109 $530,000
2007 50 $540,000
2008 89 $550,000
2009 60 $325,500
2010 88 $298,500
Currently Active: 178
Currently Pending: 59
Lots Number Closed Median Price
2006 34 $480,000
2007 16 $278,250
2008 4 $207,500
2009 4 $165,000
2010 4 $ 95,550
Currently Active: 128
Currently Pending: 5
**Current Active and Pending data retrieved 5/11/10**
As far as real estate is concerned the market is active. Sales are up, inventory is down, but pricing, for the most part, continues to be soft. Exciting properties are still coming on the market at prices that amaze us.
What does this mean for home values? While I can’t say for sure, it feels to me like we are close to or at the bottom. In speaking with a local appraiser and looking at the MLS, stats pricing in some projects is strengthening. But then there is talk of another potential wave of foreclosures in California and I have to ask what effect that could have on us. Obviously, time will tell.
If you are considering selling your property and want to discuss it further- call me. If you are thinking of buying, it’s a great time – call me. If you know of anyone who is thinking of buying or selling – call me or have them call me. I love referrals.
Hope all is well with you and yours, happy spring, and I look forward to hearing from you soon.
Warm regards,
Darcy Bauer
Broker Associate
Mammoth Realty Group
760 934 6516
866 500 6515
darcy@qnet.com or darcy@mammothrealtygroup.com
www.buymammoth.com
If your property is currently listed with another agent, this is not meant as a solicitation. The information in this report was obtained through the Mammoth Lakes Board of Realtors and is deemed reliable, however, accuracy cannot be guaranteed.