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Jan. 7- This broker has waited until after the holidays to file this
report. The holiday season was about as big as it could be. Tourism
is alive and well in Mammoth. Lots of snow and very cold temperatures
at the beginning of the period turned into almost spring-like weather
in the past few days. The ski mountain was in excellent condition and
all town services were packed. Many people remarked how many new
Hummers were in town during the period.
The Christmas/New Year's period is not typically a busy real
estate time-people simply have other things on their mind. The weeks
prior to the holiday are typically, and it certainly was, busy with
buyers who are motivated to close before the holiday or end of the
year. The holiday time IS a time when people become interested in
purchasing property here.
So what is going on with the market? Inventory, or the the
lack thereof, is the major issue. Because of low inventory, many
newly listed properties are coming on the market at higher prices. In
fact in the past few months there has been a consistent absorption of
higher and higher priced properties. Asking prices and values are
definitely moving upward. Average and median prices are moving up in
all categories.
The low end of the condominium market continues to be very
strong. The third season of cheap ski passes (almost 31,000 sold for
this season) continues to influence the real estate market. For the
past couple of months there have only been a handful of condos at any
one time listed for sale under $225,000. The absorption of newly
listed condominiums in the low-end of the market is pretty amazing.
Much of it is being driven by new pass holders who are looking for
"crash pads".
The cheap ski passes are beginning to influence other market
segments too. More and more Southern California families are becoming
endeared to Mammoth. The combination of affordable passes, the
obvious refinements on the Mountain and in town, easier access via
highways and soon through the air, and the increasing awareness of
Mammoth's awesome attributes ALL make Mammoth more and more
appealing, especially to those considering investment here. More and
more buyers are looking for liveable townhomes and single family
homes.
The residential market inventory total has been floating
between 20 and 25 with average prices over $1 million and median
prices just below $1 million. A few "spec" homes come on the market
in the $600-700,000 price range. Residential lots are heading into
even more dangerous territory. Lots under $300,000 are scarce and
this holiday period did see a push by buyers on lots. Overall
residential values are truly beginning to reflect that there are no
new residential neighborhoods slated (or even feasible) in Mammoth.
"They aren't making any more." Residential buyers are finding some
good values in the Crowley area, both new and resale homes, but
scarcity is rapidly becoming an issue there too.
Another notable trend in the market is the appearance of
investment dollars coming from the East coast. In the past this was a
rare occurrence, but more and more East coast addresses are appearing
on the settlement sheets here in Mammoth.
Intrawest anticipates closing escrows on Village condominiums
starting in the next few months. There are units still available in
the Village and Intrawest is planning on commencing construction soon
on the third building (the Grand Lodge) adjacent to the present
construction, thus finishing the first and core quadrant of the
Village. The gondola is proceeding and should be operable in the next
45 days.
As usual this time of year and after lots of snow and short
days we think about summer. This summer is slated to see major
construction both along Old Mammoth Road and at the airport. Phase 6
of Snowcreek is graded and about ready for structures and it is quite
possible the grading for the back nine will begin. And the Village
will see life with occupancy of both the commercial portions and the
housing units. It will be interesting to see where the market is
then, but for now we get to enjoy some great snow conditions all
around the area.
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