JUST IN TIME FOR CHRISTMAS
Two things have arrived just in time for Christmas: snow, 131 inches so far according to Mammoth Mountain, and belated third quarter sales results. I must apologize to anyone who hoped for a steady—even weekly—post on this real estate blog. It's not that easy. Life intrudes. The blog gets shoved to the back of the plate like lima beans or brussels-sprouts. The void soon grows into a chasm. Who could blame you for moving on.
Well, I'd promise to do better but all I can offer is to do my best. I'm testing a new hip, two weeks old last Tuesday. And, speaking of early Christmases, I'm heading to Dr. Joel Matta's clinic at St. John's Hospital in Santa Monica next Tuesday for a second hip, the left one. 14 days before the fat man's sleigh is due and I'll already have everything on my list.
Recent real estate news has been mostly upbeat. Median home prices are higher in nearly every major market. Case-Shiller, keepers of a widely followed index of 20 metropolitan real estate markers, pegs the price "recovery" at a two year high.
Confidence among home builders is at a 6 year peak. Mortgage interest rates are near record lows—conforming 30 year fixed rate loans for primary and second homes are at 3.5% with one point—and credit requirements seem to be easing.
With that backdrop, condo sales in Mammoth slipped to 70 units in the July-September quarter from last year's 80 sold condos. The median price drifted lower to $212,500 from $223,000 in the same period in 2011. Sold homes at 18 were marginally behind last year's 20 third quarter homes sales. But the median home price jumped 21% to $642,500. Equally important, listing inventories have shrunk. Just 142 condos are currently for sale in Mammoth and a scant 44 homes. Please email me for a current list of properties available, dennis@mammothrealtygroup.com.
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