Year over year, total real estate sales volumes in the town of Mammoth Lakes are up significantly.
Looking at the total sales volume of July and August 2012 as compared to July and August 2013 and YTD total sales compared with the same period in 2012, total sales volume is up 43.3% for the month of August, up 45.4% for the month of July and up 22.8% for the year-to-date.
Total Sales Volumes for Mammoth Lakes, CA
|YTD 2013||$140 Million|
|YTD 2012||$114 Million|
Other trends we are seeing:
1.) Buyers not willing to pay over market value. Recently we have seen a lot of properties falling out of escrow. Sellers have continued to try push prices back close to market highs as quickly as possible, but buyers are looking at the comps and cost per square foot very closely these days before making offers. Appraisals are based on comparable sales. Most buyers are willing to pay a little over the last sale, but not a significant amount. Even though prices have increased, they are increasing linearly, not exponentially.
Buyers are willing to purchase property that is in need of work again to get the discount as well. Many buyers are asking about the cost of remodeling before making an offer.
2.) Percentage of expired listings way down. The YTD percentage of expired listings for 2013 is down to 15.9% of all listings in Mammoth Lakes, CA compared with 33.83% for the same period in 2012. That’s a reduction of over 50%! Obviously the increase in demand is allowing for fewer expired listings overall.
3.) Sales price to list price ratio is stronger. The ratio of list price/sales price has increased to 96.41% YTD in 2013 vs. a weaker 93.29% in 2012. The properties that are selling are selling closer to list price now, with an average of only 3.5% off the asking price currently. Buyers, this signals a strengthening seller’s market, also evidenced by #4 below…
4.) Seller’s reluctant to perform repairs. More than ever, sellers seem less willing to perform repairs to their properties during the escrow inspection period. Most buyers are being forced into further repairs after the close of escrow. Be prepared to purchase property in its true “as is” condition.
If you would like specific data for other areas outside of Mammoth Lakes, CA, please contact me and I will be happy to provide you with specific regional data for your area.