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2015 Mammoth Lakes Real Estate Market Review & 2016 Predictors

2015 Mammoth Lakes Real Estate Market Review & 2016 Predictors

1.22.16

2015 Mammoth Lakes Real Estate Market Review & 2016 Predictors

By Lauren Tracy, Broker-Associate at Mammoth Properties, BRE#01414631

www.propertiesofmammoth.com

 

The year finished off strong in Mammoth Lakes, with an 11% median sales price increase in single family homes and a 6.7% median sales price increase in condominiums.  Vacant residential land’s median sales price dropped 16% to $168,000. Average days on market to sell a single family home increased to 202 days, condos decreased to 142 days and lots jumped up to 421 days.  The average cost per square foot for a single family home was $323/sf and Condos came in at $289/sq ft. Both of these numbers are up from 2014.

All major areas in the Eastern Sierras: Mammoth Lakes, Crowley Lake, June Lake and Bishop all saw median sales price gains this year.  Please see the chart below for details on specific areas.

The trend we are currently seeing is upgrading the size of home as families now demand more space for growing families, a sign of the improving economy.  Many older homes in Mammoth will need updates to keep in line with the requirements of today’s younger buyers.  As Gen-X and Millenials are commading a larger percentage of the buyers in play, remodeling is becoming more and more necessary to sell.  Larger price drops are needed if a home or condo is in original condition from the 1960’s – 1990’s.  Most buyers are looking for newer product these days, anything built 2000 or newer.  Outdated floorplans will need to be remodeled at quite an expense.  Few buyers get excited anymore about 1980’s styling and the first concern is the cost to bring the property to modern standards vs. paying the difference for a newer home.  Seller’s will need to keep this in mind when listing to sell.  As always, keeping your property fresh looking with new paint, floor coverings and updated fixtures is a great way to bring offers in.  In many cases, the cost to make these minor but important refurbishments will be less than the amount of time, effort and price reductions needed to make a sale in this current competitive market.

Investment properties are still a main trend in the condo buyer’s market, as most buyers want to earn monthly income on their investment while enjoying the property themselves as well. Ski-in ski-out properties are as always extremely desirable, especially with the epic winter season we are having.  All talk of the drought has vanished as the snow flies.  The town occupancy rates are averaging over 100% on most weekends in Mammoth Lakes and vacation rental income is much stronger overall this year than in the past 4 years.

HUGE NEWS IN LOCAL LENDING!  We can close in 15-20 days on condos now! In addition, we now have 65%LTV conventional financing available at the Westin on sales prices $460,000+ : We have conventional financing back in The Village at Lincoln House & White Mountain Lodge and at Sunstone & Eagle Run at any sales price!  This hasn’t been available in many years and is a huge game changer in regards to the amount of leverage you may use in purchasing these top rental income properties.  These properties have most always been a cash only purchase or ARM purchase.

Please see the available properties below for newly financeable condos:

Westin Monache Condos

1.)    http://mls.propertiesofmammoth.com/property-search/detail/1/108257/

2.)    http://mls.propertiesofmammoth.com/property-search/detail/1/108212/

Sunstone Resort & Eagle Run

1.)    http://mls.propertiesofmammoth.com/property-search/detail/1/108229/

2.)    http://mls.propertiesofmammoth.com/property-search/detail/1/108172/

3.)    http://mls.propertiesofmammoth.com/property-search/detail/1/108172/

4.)    http://mls.propertiesofmammoth.com/property-search/detail/1/107260/

5.)    http://mls.propertiesofmammoth.com/property-search/detail/1/108132/

6.)    http://mls.propertiesofmammoth.com/property-search/detail/1/108280/

7.)    http://mls.propertiesofmammoth.com/property-search/detail/1/107104/

The Village at Mammoth

1.)    http://mls.propertiesofmammoth.com/property-search/detail/1/108156/

2.)    http://mls.propertiesofmammoth.com/property-search/detail/1/108289/

3.)    http://mls.propertiesofmammoth.com/property-search/detail/1/106820/

For Rental Income history on any of these properties, please contact me at Ltracyrealtor@gmail.com

Important Lending Update 1.12.2016

From Shelly Logemann, one lender for Mammoth Lakes

Wow, the market is rallying again….even after the rate hike by the Feds, we are seeing the 10 year bond approach limits we have not seen in over a year.

Sound familiar?  This is what occurred last year this same week.  If you remember, the window was open for only a few weeks. We just do not know how long this will last.  

Reasons to Refinance:

  • Did you purchase a home in the last 9 months?

  • Did you have value, income or credit challenges in the past that didn’t allow you to refinance recently?

  • Are you are interested in taking cash out for a remodel, taxes that are due, education costs or to pay off debt?

  • Do you want to consolidate a 1st and 2nd?

  • Are you on an ARM product and want to extend your term or convert to a fixed rate?

  • Do you want to lower your payment?

Or, if you are considering a purchase, lots of reasons to buy:

  • Interest rates are low, so money is “cheap”- More Buying Power

  • Bank statement and asset based programs for the self employed

  • 95% financing for High Balance Loans (up to $625,500 loan amount) with no Mortgage Insurance

  • 90% financing to a purchase price of $2.75M with no Mortgage Insurance

From Doug Magit at Wells Fargo on 1.21.2016

  • The unemployment rate held at 5.0% for the third consecutive month in December. A year ago, in December 2014, it was 5.6%; two years ago it stood at 6.7%. During the recent recession, it peaked at 10.0% in October 2009.1

  • Employment expanded by 292,000 jobs in December 2015, the second-strongest monthly gain of the year (behind

    October’s 307,000 increase).1

  • Employment expanded by 2,650,000 jobs in 2015. This 1.9% growth in payroll employment was less than the 2.3% gain recorded over 2014. Since the recovery began over six years ago, employment has grown at a 1.4% average annual rate.1

  • Consumer credit outstanding rose 6.8% in the year ending in November 2015. While the average annual growth during this recovery has been 4.9%, the year-over-year growth rate of consumer credit debt has hovered between 6.6% and 7.0% for the last 20 months.2

  • About 42% of all households are headed by someone 55 years old or older, according to National Association of Home Builders. Among the states, Utah has the lowest share of 55+ households, at 34.8% (DC has 34.3%); the highest shares are in West Virginia (48.3%) and Florida (47.7%).3

  • US manufacturing contracted for the second consecutive month in December, according to a popular gauge of factory output produced by the Institute for Supply Management®. The index fell to 48.2 in December, following November’s 48.6 reading. A figure below 50 indicates that the manufacturing sector is contracting, and these are the first readings signaling contraction since July 2009.4

  • The average rate on 30-year fixed-rate mortgages in Freddie Mac’s survey was 3.92% during the week ending January 14, down five basis points from the previous week. That’s two weeks of declines since the 4.01% average posted during the last week of 2015, which itself was the first time the weekly average hit 4.00% or above since late July. The December average was 3.96%. All rates quoted have fees and points averaging 0.6% to 0.7% of the loan amount.5

Conforming

Loan Type

Interest Rate

APR

15-yr fixed Conforming

3.375%

3.478%

30-yr fixed Conforming

4.000%

4.048%

Non-Conforming

Loan Type

Interest Rate

APR

5/1 ARM Non-Conforming

2.875%

3.224%

30-yr fixed Non-Conforming

3.625%

3.638%

Information displayed is accurate as of 1/21/2016 4:23:06 PM (CT) and is subject to change without notice.

For information on the many other loan options we have available, please contact me. I look forward to hearing from you.

Market Data from Mammoth Lakes MLS and Bishop MLS Systems

Mammoth Lakes

2015

2014

2013

# SFR Sales

90

85

90

Median Sales Price

$687,200

$619,000

$580,000

# Condo Sales

270

250

345

Median Sales Price

$306,250

$292,500

$265,000

# Land Sales

11

18

30

Median Sales Price

$168,000

$195,000

$352,000

Avg Sell Price/List Price SFR/CD/LD

94%/96%/88%

95%96%/91%

97%/ 97%/ 95%

Avg Days on Mkt: SFR/CD/LD

202/142/421

178/157/333

103/156/371

Avg Sell Price/Sq ft.: SFR/CD

$323/$289

$319/$272

$298/$239

Crowley Lake

 

# SFR Sales

7

20

18

Median Sales Price

$503,000

$492,450

$405,000

# Condo Sales

2

2

3

Median Sales Price

$310,000

$175,000

$187,000

# Land Sales

6

6

4

Median Sales Price

$93,500

$76,750

$78,950

Avg Sell Price/List Price SFR/CD/LD

96%/96%/90%

94%/96%/135%

96%/96%/90%

Avg Days on Mkt: SFR/CD/LD

88/141/227

179/58/150

194/122/ 390

Avg Sell Price/Sq ft.: SFR/CD

264/182

$243/ $134

$180/$116

Sunnyslopes

 

# SFR Sales

1

1

6

Median Sales $

$39,900

$530,000

$291,900

Avg price/ sq ft

$36

$272

$216

Avg Days on Mkt

21

92

88

Aspen Springs

 

# SFR Sales

0

1

0

Median Sales $

N/A

$990,000

N/A

Avg price/ sq ft

N/A

$399

N/A

Avg Days on Mkt

N/A

143

N/A

June Lake

 

# SFR Sales

14

18

14

Median Sales Price

$374,500

$355,000

$300,000

# Condo Sales

4

4

4

Median Sales Price

$452,000

$313,500

$378,750

# Land Sales

12

3

8

Median Sales Price

$117,500

$120,000

$138,750

Avg Sell Price/List Price SFR/CD/LD

95%/97%/88%

91%/96%/89%

91%/92%/87%

Avg Days on Mkt: SFR/CD/LD

114/286/250

197/268/136

362/312/263

Avg Sell Price/Sq ft.: SFR/CD

289/269

$276/$219

$190/$247

Lee Vining

 

# SFR Sales

2

1

2

Median Sales $

$220,000

$249,900

$124,750

Avg Sell Price/List Price

88%

100%

99%

Avg Days On Mkt

193

257

98

Bridgeport

 

# SFR Sales

13

8

12

Median Sales $

$200,000

$154,500

$217,500

# Land Sales

0

4

4

Median Sales $

N/A

$48,500

$117,500

Avg Sell Price/List Price SFR

100%

94%/80%

80%/90%

Avg Days On Mkt SFR

530

311/211

138/73

Coleville

 

# SFR Sales

4

4

7

Median Sales $

$68,900

$155,000

$100,000

# Land Sales

0

1

0

Median Sales $

N/A

$40,000

0

Avg Sell Price/List Price SFR

100%

94%/100%

88%

Avg Days On Mkt SFR

530

160/369

145 SFR only

Mono City

 

# SFR Sales

2

2

3

Median Sales $

$227,250

$226,250

$119,900

# Land Sales

1

3

1

Median Sales $

$60,000

$22,000

$30,000

Avg Sell Price/List Price SFR/CD

97%/ 92%

92%/68%

98%/ 94%

Avg Days On Mkt SFR/LD

109/381

82/279

141/163

 

 

Walker

 

# SFR Sales

3

5

4

Median Sales $

$159,000

$175,000

$122,500

# Land Sales

1

0

1

Median Sales $

$60,000

NA

$32,000

Avg Sell Price/List Price SFR/CD

97%/ 92%

95%SFR only

98%/92%

Avg Days On Mkt

94/1906

347 SFR only

400/51

Topaz

 

# SFR Sales

0

2

1

Median Sales $

N/A

$131,450

$459,000

# Land Sales

1

1

0

Median Sales $

$3,000

$44,000

N/A

Avg Sell Price/List Price LD

100%

101%/90%

100% SFR only

Avg Days On Mkt LD

50

162/16

143 SFR only

Chalfant Valley

 

# SFR Sales

3

2

5

Median Sales $

$160,000

$109,900

$167,000

Avg price/ sq ft

$64

$56

$109

Avg Days on Mkt

69

190

61

Bishop

 

# SFR Sales

42

88

87

Median Sales $

$339,450

$323,250

$297,000

# Condo Sales

8

6

3

Median Sales $

$173,500

$125,000

$135,000

# Land Sales

18

3

12

Median Sales $

$95,000

$70,000

$107,500

Avg Sold Price/Sq Ft SFR/CD

$193/ $173

$185/$143

$180/$148

Avg Days on Mkt SFR/CD/LD

137/110/75

78/163/572

81/67/14

Swall Meadows

 

# SFR Sales

1

1

3

Median Sales $

$250,000

$365,000

$344,950

Avg Price/ Sq ft.

$98

$233

$195

Avg Days on Mkt

418

199

57

Paradise

 

# SFR Sales

0

5

2

Median Sales $

N/A

$539,000

$375,000

Avg Price/ Sq ft

N/A

$253

$172

Avg Days on Mkt

N/A

153

112

Wilkerson

 

# SFR Sales

3

7

6

Median Sales $

$260,000

$298,000

$222,000

Avg Price/ sq ft

$160

$135

$172

Avg Days on Mkt

198

72

117

Big Pine

 

# SFR Sales

5

24

18

Median Sales $

$185,000

$156,500

$171,700

Avg Days on Mkt

109

99

116

Avg Cost/ Sq Ft.

142

$105

$114

Lone Pine

 

# SFR Sales

1

14

9

Median Sales $

$290,000

$164,000

$157,500

Avg Price/Sq ft

234

$120

$126

Avg Days on Mkt

372

204

85

Independence

 

# SFR Sales

0

9

5

Median Sales $

N/A

$133,900

$175,000

Avg Price/ Sq ft

N/A

$120

$116

Avg Days on Mkt

N/A

144

91

Thanks again for following my local real estate newsletter.  By the way, I’ve recently become a Broker-Associate at Mammoth Properties. I am now offering property management services in addition to my current real estate services.  Have a prosperous & joyful 2016!

Please feel free to contact me with any real estate related questions.  I look forward to hearing from you!

LAUREN TRACY – Broker-Associate

Mammoth Properties Exchange, Inc.
760.914.3848 cell 760.934.6881 office 760.923.7733 fax
BRE#01414631
LTracyRealtor@gmail.com
www.PropertiesofMammoth.com