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.