REAL ESTATE MARKET IN MAMMOTH LAKES AS OF AUGUST 7, 2020
All we can say is wow!! Our market is so hot right now it's almost too much to handle! The Mammoth Lakes marketis proving to be exceptionally strong since opening in June. Why you ask? Much of it is attributed to the fact that many have become frustrated, and even fearful, of the urban lifestyle during this pandemic. Many are simply looking for a slower and safer way of live. Another factor is people are now able to work from anywhere so coming to the Sierra's for work sounds ideal right?
If you read this article about the “Rural Boom”, a phenomenon being written about in many credible publications, you will see that Mammoth is not the only mountain town experiencing this. There is similar activity in lots of competing mountain resorts across the country. Activity in competing mountain resorts.
Other reasons the real estate market is hot may be attributed to the volatility and perceived instability in the stock market. Some investors believe the stock market, and other markets, are overvalued or just unstable. Simply put, people are looking for a secure place to put the investment dollars. With interest rates at, or near, all time lows real estate may be the ideal place to put dollars for the long-term investors coupled with the fact that our Airbnb/VRBO market is one of the best places to invest for excellent year round rental income. Many of our condos are seeing a 10-15% CAP rate.
SINGLE FAMILY HOMES
The single-family home market in Mammoth Lakes has produced 48 sales so far this year. Median home prices are...