News

Check out market updates

7 Year Real Estate Review / How Far From the Bottom are We & Which Properties are Performing Best?

7 Year Real Estate Review / How Far From the Bottom are We & Which Properties are Performing Best?

By Lauren Tracy, Broker-Associate at Mammoth Properties Exchange, Inc.  #01414631

June 10, 2016

SFRMedianSalesPriceChart2009-2016

MedianCondoSalesPrice2009-2016

Take a look at the gorgeous view of Mammoth Mountain and the Crest today!  With temperatures in the 70’s – 80’s in Mammoth and 80’s – 90’s in Bishop, we are seeing the full effects of spring quickly transitioning into summer.  Backpackers along the PCT are delayed because of the heavy snowpack still on the high trails and Mammoth Mountain has pledged to keep skiing going until July 4th this year!  Bishop kicked off summer with Mule Days last week, always a welcoming family event for the town.  Every few hours you can hear the deep rumble of the Harley Davidson motorcycle tours entering town.  RV’s are quickly filling up the local campgrounds and are dotting Hwy 395.  The Mammoth Half Marathon and Mammoth Motocross are the annual events of late June.

Here are some of the newest and best properties for sale this week.  It is still a great time to buy in the Eastern Sierras! (You will not receive spam from using these links or signing up on the website.)

 

In Real Estate news, the end of the 2nd quarter brings the following results for Mammoth Lakes median sales prices for the previous 12 months:

BEST-Single Family Homes 2000+ sq ft are up 11.4% to $1,025,000.  (That’s a 54% increase in sales price since the bottom of the market in 2013.)

Single Family Homes < 2000 sq ft are down by 10% to $430,000.  Overall, prices are up 26.5% since the bottom of the market.

Condominiums: Studio – 2 bedrooms are down by 6.8% to $225,000. Overall, prices are up 22% since the bottom of the market.

WORST-Condominiums 2+Loft and larger are down by 1.8% to $397,500. Overall, prices are up 9% since the bottom of the market.

Details graphs can be found in links at the beginning of the post.

In Bishop, the end of the 2nd quarter brings the following results for median sales prices for the previous 12 months:

-Single Family Homes 2000+ sq ft are down by 7% from $467,500 to $435,000. Overall prices are up 22% since the bottom of the market.

-Single Family Homes under 2000 sq ft are up to 10% from $285,000 to $311,850. Overall prices are up 22% since the bottom of the market.

Interest rates remain very low and this is still a prime buying opportunity for those who are wondering if the area is still affordable.  We continue to see the trend toward purchasing larger homes.  The decrease in condo sales prices is an indicator that increasing HOA dues and dated condo interiors may be a dragging force on condo sales prices, especially larger condos.

If you’re looking to buy or sell in the Eastern Sierras, work with a seasoned pro who understands the ins and outs of the business.  Call me anytime to discuss your goals!

LAUREN TRACY – Broker-Associate

Mammoth Properties Exchange, Inc.
cell: 760.914.3848 • office: 760.934.6881• fax: 760.923.7733
BRE#01414631

3310 Main Street (UPS/Fedex)
P.O. Box 9302 (USPS)
Mammoth Lakes, CA 93546

Affiliate Office: Owen’s Valley Realty – Bishop, CA 93514

LTracyRealtor@gmail.com

www.PropertiesofMammoth.com