It's a swell time to be in Mammoth.
It's not a bad time to be looking for real estate either. Mortgage rates hover near 4%. Sellers are eager to move on before the real snow hits, and marked down prices, paced by short sales and REOs, haven't looked this cheap since, well, since 2001. For instance, one lucky Mammoth Realty Group client snapped up an 1849, 4 bedroom/3 bath condo recently for the prehistoric price of $380,000.
80 condos changed hands in the third quarter this year, up 11% from 2010's third quarter. The median price eased 16.6% to $223,000 from the same period in 2010. Bank and developer negotiated transactions accounted for 55% of sales while just 17.5% of the current 215 active condo listings are short sales, auction offerings or bank owned.
20 homes sold in the third quarter, a 150% increase over last year, leaving just 66 homes actively listed. The median price slid 10% to $530,000. REOs and short sales made up 27% of sales and constitute just 10.5% of current single family listings.
If you hurry you may still catch a bit of Mammoth's Fall glory and if your even luckier you might snag a piece of Mammoth real estate. For the latest listings please contact me at: dphillips.dpbp@verizon.net.
