PACE OF REO'S, SHORT SALES SLOWS

Have real estate values in Mammoth turned the corner? Are foreclosures drying up? Buyers and Sellers facing the old buy, sell, or hold conundrum should take note of the following year to date sales and listing figures. Since January 1st, 165 condos have sold or are in escrow (291 sold in all of '09). Of those 29 were REO's (lender owned) and another 37 were short sales–40% of this year's total. 40 homes have gone into escrow or sold since the first of the year (65 homes sold in '09). 8 were REO's and 8 were short sales, also 40% of the total.

The median price of sold condos edged up in the first 4 months to $328,000 from $325,000 last year, a statistical wash. While the median price of homes sold this year eased to $731,000 from 2009's median of $799,567. That's an 8.5% drop. Although median prices are a coarse market metric especially in a small sample, it's fair to say that home prices are still slipping while condo values are stabilizing.

Where do we go from here? Of the 175 condos currently for sale, just 5 are REO's and 27 are short sale listings. 66 homes are on the market and only 4 are REO's or short sale listings. Does this mean that the flood of distressed properties has abated? Any slowing would be good news for Mammoth property owners and portend firming prices, but the picture is still not entirely clear.

Barclays Capital in New York calculated that as of the end of February 4.6 million homeowners nationwide were 90 days late on their mortgage payments according to an April 28 online Wall Street Journal report. But the experts can't seem to agree on how many of those delinquent home loans will translate into foreclosures or short sales. Barclays thinks 1.6 million this year and in 2011, and another 1.5 million in 2012.

Mammoth with its limited private real estate base is a unique market and may be somewhat immune to national foreclosure trends, but Buyers still need to shop smart. And if you are a Seller, listen to your REALTOR® when it comes to setting an asking price. We're selling properties priced right, but set your sights too high and you may end up chasing the market down.