If all indicators from the California Association of Realtors and National Association of Realtors is true, we will realize a 40% improvement from the bottom of the market for single family homes in Mammoth Lakes, CA by the end of 2015. Currently, we’ve seen a 25% increase from the bottom of the market, which occurred in 2011.
For condos, Mammoth has already experienced a 19.3% gain in average sales prices since the bottom hit in 2012. If all things continue as predicted by the chief economic advisors, condos will be up 36% from the bottom of the market by the end of 2015. Real estate is looking to be a good investment with sales prices moving up about 1% per month in Mammoth Lakes.
If you live in Crowley Lake, the news is even better! In the past 9 months, Crowley Lake has seen a 38% increase in sales prices. That’s a huge spike of over 4%/month! Unbelievable! If you are considering selling in Crowley Lake, this may be a good year to take advantage of sharp gains.
Crowley Lake has an abundance of rivers and natural springs throughout the area, which means it will be more drought resistant in the future. If you can find a spot on the Juniper Loop, that is a great location for natural springs. Most of the homes there have a well or take water directly from the springs that are flowing out of the US Forest Service land above. It is the Mammoth local’s favorite area to live that is outside of Mammoth Lakes, other than June Lake.
June Lake sales prices bottomed only last year in 2013! Prices have risen from the bottom at a good pace of 16% over 21 months. June Lake still offers many good deals as it is still selling very close to the bottom of the market. If you love to have mountain views and lakes all around and a slower pace of life, June Lake may be the place to consider making a purchase right now.
If you or anyone you know if interested in buying or selling property in Mammoth Lakes or the Eastern Sierras, I would be honored to help them in their search.