The Town of Mammoth Lakes is a seasonal resort community primarily, so there are prime times to buy property cheaper than others and times to sell for more. With this knowledge you can strategize with your Realtor for the best results. (Please note that the graph above shows the closing dates of these properties, not the dates that contracts were entered into. With an average escrow period of 30-45 days we can assume that the buyer and seller entered into contract 30-45 days before the close dates shown here.)
Single Family Homes: There have been 261 sales over the past 3 years.
Buying a SFR: Many single family residences come onto the market in May, however the greatest number of sales of single family residences occurs in the month of August which accounts for the large spike in closed sales in the month of September. This is during the Summer when the landscaping shows the best, and just before the kids head back to school from their summer break. Sellers who have listed their properties earlier in the summer may be more flexible on sales price as winter nears, as they know that most buyers do not like to move during the winter months.
Selling a SFR: If you plan to sell, you can do so during the winter months as there is a slight peak in sales during February and also in April, accounting for the spike in closed sales in March and May. If you have a home near the ski lift, this is a good time to consider listing it. If you have a home on the meadow or an area of town away from the ski lifts, you will have the best chance to sell during the month of August, as the most buyers are in town looking for single family residences during this time, when summer is in full swing and they can take advantage of the nice weather.
Condos: There have been 919 sales over the past 3 years.
Buying a Ski Condo: You can get the best deal on a ski condo from May – July. These properties are all a bit cheaper to purchase during those months as sellers know they will have to carry the property with minimal rental income through the summer months.
Selling a Ski Condo: Generally a seller should plan to list a ski condo in the month of August or September for best results. In September, the number of condo sales spikes drastically. As buyers prepare for ski season, they are looking for a ski condo that will begin to generate income right away. Usually if you list your condo during this month the demand is the highest and you can get a bit more for the condo.
Buying a Meadow Condo: These condos sell for the least during ski season, as the rentals are lower during this time of year. If you don’t mind carrying the property without rental income, this is the best time to buy.
Selling a Meadow Condo: If you own a condo on the meadow, say in Snowcreek or the surrounding area, you will want to list it early to mid-summer, just before the 4th of July. The demand is greater then as rental income is greater then also.
Buying/Selling a Condo in Town: These condos sell year round and do not have a peak season for rental income. They tend to rent as well in the winter as in the summer. You can expect that more of these condos will sell in the month of September as inventory and demand are greatest for condos during that month of the year.
Vacant Lots: There have been 67 total sales of vacant residential lots over the past 3 years.
Buying A Lot: The Town of Mammoth Lakes building permit office is currently taking 3-6 months for permit approval, much longer than in the past few years when the building market was stagnant. Knowing this, you might be better off buying vacant land at the end of the summer, so that you will have time to create and submit plans to the TOML building department for approval and can get your permit just in time to break ground once the ground has defrosted in spring.
Selling a Lot: Most contracts are entered into in the months of February, June, July, August and September. These properties are best to list in the months of April – May, as ski season is winding down and buyers will begin to make their summer building plans. Lots tend to sell better when the ground is visible and not covered by snow.
If you are considering buying or selling a home, condo or vacant land in the Eastern Sierras this year, please visit my website at: http://MammothLakes-Real-Estate.com or call me directly at (760) 914-3848.
I would love to help you find the best deal available and have the resources to help both buyers and sellers find the best options to make their Eastern Sierra dreams come true.