Mammoth Lakes Real Estate Analysis: October 2023
Navigating the intricate world of real estate often hinges on understanding key metrics. These metrics can provide invaluable insights, guiding both buyers and sellers toward informed decisions. In this analysis, we’ll delve into the current state of Mammoth, California’s real estate market.
Months Supply of Inventory: Seller’s Market
Let’s start with the month’s supply of inventory, which currently stands at 4.52. This metric indicates the time it would take to sell all the homes currently available without adding any new ones. A lower number indicates that is currently a seller’s market, where demand exceeds supply, leading to potentially higher prices.
12-Month Change in Months of Inventory: Market Dynamics Shift
The 12-month change in months of inventory shows a significant increase of +98.25%. However, it’s important to note that inventory is still considerably lower than normal, a lingering effect of the surge in property demand during the pandemic. While the number has nearly doubled compared to last year, this might suggest that there are more homes available than buyers. Despite this increase, the relative scarcity from the pandemic period may still give buyers more leverage in negotiations.
Median Days Homes are On the Market: Swift Transactions
Next up, we have the Median Days Homes are On the Market, which currently sits at an impressive 9 days. This metric tells us how quickly homes are selling. A lower number indicates a hot market, where buyers quickly snatch up homes. This could be an exciting prospect for sellers, as it indicates high demand and potentially competitive offers.
List to Sold Price Percentage: Seller's Advantage
The “List to Sold Price Percentage” sits at a robust 98.7%. This metric indicates the percentage of the list price that homes are selling for. A higher percentage implies that homes are selling close to their original asking prices.
Sellers should find this encouraging, as it suggests offers align closely with their desired prices. Buyers, however, should prepare for effective negotiation within this market.
Median Sold Price: A Benchmark
The “Median Sold Price” currently stands at $850,000. This metric gives us a snapshot of the middle point of all the home prices that have recently sold. It serves as a useful benchmark to understand the overall market value. For sellers, this indicates a healthy market, with potential for good returns on their investment.
In short, the market has a decent amount of inventory that has grown a lot in the past year. Homes are selling quickly, with sellers achieving a high percentage of their asking price. The median sold price is also quite attractive. All this suggests a dynamic and active real estate market.
For buyers and sellers, these metrics give important information about the current real estate situation in Mammoth Lakes. Buyers have more options with inventory growing and can find better deals. Sellers, on the other hand, can take advantage of the high demand and secure a good sale price.
These metrics are only a quick look at the market now. It’s best to talk to a trusted real estate expert to fully understand the current Mammoth Lakes real estate climate.
For any questions about the Mammoth Lakes real estate market, I encourage you to contact me today!