Smart People Are Buying Now
It’s true! Smart people are positioning themselves to buy great property deals now rather than later. Mammoth real estate has been on the decline since summer of 2006. Three years in and more than 25% down in dollar volume and units sold, prices are resembling 2003 and 2004. We are not seeing many Mammoth foreclosures as in other parts of California and I believe this is due to Mammoth home owners mostly being second home owners.
Short sales are more prevalent than foreclosures in Mammoth but it’s still contingent on the bank accepting the offer. Many times, short sales can take longer as the bank holds the cards of whether the offer is accepted or not.
The average price per square foot of condominiums sold in Mammoth in 2003 was $458.23. There are more than 70 properties currently for sale with prices per square foot lower than that and many are newer properties such at The Lodges at Snowcreek.
According to sales statistics for Mammoth properties sold in May 2008, Mammoth is up in both units sold and dollar volume from the previous month. It’s the first time in the last 8-9 months that both of those indicates have risen opposed to the previous months of a consistent decline. This could be an earlier indicator that the market could be on the way back.
When you consider that Mammoth Mountain Ski Area is launching their new brand this winter, in addition to the start of scheduled regional commercial air service from Southern California airport(s) to Mammoth Yosemite Airport. Runway improvements are underway and Town of Mammoth Lakes reports that the work is a month ahead of schedule.
See what is for sale now at Search Mammoth Property Listings
Stacie Robbins, Realtor-Associate, ePRO
Coldwell Banker Mammoth Real Estate