Lately, my clients have been asking me, “Lauren, how far are we off the bottom? Do you have a graph that shows the last 10 years of sales history so we can see where we are? Where are the good deals right now?”
Here are the raw facts and data comparing average sales price of all residential property and land in Mammoth Lakes, Crowley Lake and June Lake.
In Mammoth Lakes, during the crash we saw a drop in average sales price of 50%. Currently prices have risen 22% overall since the bottom in 2011. That is an increase of 7.3% per year, leading me to believe that Mammoth is still a good deal (although the most costly town in Mono County) and bargains are there to be had, with a lot of room on the upside for improvement.
Crowley Lake has seen a 59% drop in average sales prices from the peak in 2007 to the bottom in 2012. Crowley has also seen the greatest gains in average sales prices (due to some recent high-end sales in Sierra Springs) with an increase of 69% since the bottom in 2012, giving Crowley Lake an average growth rate of nearly 35% per year. This trend confirms that prices in Crowley and June Lake lag behind the prices in Mammoth Lakes by 6-12 months.
Crowley Lake is also taking on much of the aging and procreating Mammoth High graduates from the 1990’s who can’t quite afford to buy in Mammoth and get the size and space they need in a family home by moving over to Crowley Lake. Crowley is more of a family community as well, boasting a primary homeowner rate of 75%, as compared to the primarily second home market of Mammoth and June which both have primary resident rates near 35%.
In June Lake, there was a 58% plummet in average sales prices during the crash, and June Lake has gained 22% since the bottom in 2012, about 11% gain per year or just under 1%/month. The total number of sales is up in June Lake this year after a year of slow sales during the closing of June Mountain. Consumer confidence is strengthening in June Lake as the mountain has reopened for the past winter season, the rodeo grounds have been purchased by an investor, and the beauty of the area cannot be surpassed. June Lake still has some great opportunities for excellent deals and prices this year for both single family residence and condominiums.
With interest rates having just been lowered again, this year is shaping up to be a great buying opportunity for investors and locals alike. If you would like to take advantage of this opportunity to make purchase at record low prices, please give me a call at (760) 914-3848. I will be happy to help you get started.