MAMMOTH: THIRD QUARTER HOME SALES JUMP 144%!

MCGEE CREEK, OCTOBER 2013

Paced by a ten fold increase in million dollar plus home sales, Mammoth residential real estate skyrocketed in the third quarter of this year. 34 homes changed hands in the period compared with just 19 sold in the third quarter of 2012. Of those 10 were priced over a million dollars while just one million dollar home closed escrow during the same quarter last year. The total value—$29,347,000 in recorded deeds was 144% greater than last year's third quarter total ($12,037,000). And in the million dollar segment 50% were cash transactions.

The condo market improved but not as explosively. The number of units climbed 22% to 88 units sold while total valuation spiked 37% to $26,519,000. The median condo price bounced up 29% to $275,000.

Another indicator of the real estate market's health was the decline in "distressed sales". REO's and short sales accounted for 40% of last year's third quarter condo sales and 31.5% of sold homes. In the same period this year just 3% of homes and 18% of condo sales were distressed.

Finally, if you're still with me, interest rates have leveled off after climbing sharply a year ago. 30 year fixed rate loans are back to 4.25%.  That's a very attractive rate historically. And it looks even better if you believe inflation is coming.