THE SHAPE OF THINGS: FIRST HALF SALES

Real estate sales were mixed in the completed first half of 2014.  38 homes changed hands through the end of June. Over $31 million worth. Only two were bank owned; only two were short sales. The median price jumped 13% to $650,750. That compares with 40 homes sold in the same period last year with 4 REO's and 5 short sales.

119 condominiums sold in the first six months of this year compared to 167 sales in the first half of 2013. Awkward results for a REALTOR® at first glance, but the median price climbed a bracing 22% to $305,000.

Further confirmation of a recovering market were found in the "distressed" column:  condominium REO sales declined from 17 in last year's first half to just 5 this year; while short sales dropped from 19 at this time last year, to just 7. Inventories remain low as we enter the summer selling season. 77 homes and just 136 condos are listed for sale on the Mammoth Lakes MLS.

With the stock market teetering near an all time high, conditions are ripe for a rotation to hard assets.

FIRST QUARTER RESULTS: 203 INCHES, $35 MILLION IN REAL ESTATE SOLD

There was another "storm" last week. In a normal year we'd hardly notice, call it snow showers. Leave the blower in the garage. 6 to 12 inches in Town, 10-18 reported on the Mountain. A child's piggy bank sort of year. Nickels and dimes. Adding up to 203 inches of snowfall by April 2nd. Escaping the stigma of being one of 4 years in the last 43 to not reach 200.

Here's the kicker. The skiing's been great. Especially for an old sod whose new hips and lots of borrowed gear, thanks John Armstrong,  prompted a return to the slopes after a 3 decade layoff. That's me on the groomers avoiding traffic, avoiding the stares that seem to insinuate, "You're going to need that helmet, pal". Struggling to sort out the modern shape of skiing. The 167 cm rockets lashed to my borrowed boots. These are not your 203 Rossi's.

We're already looking forward to what comes next. Shaking off the dry memories. Giving up on making the 342 inch average of the last 40 years. No, that's a goner. April and May together rarely produce 40 inches. Moving on.

They say an El Niño is building in the Pacific. That warm ocean expanse responsible for many wet winters along the west coast. Could be a big one like 1997-98 when the ski area picked up 450 inches. Reading the fine print the odds are still even. Fifty-fifty. More inspiring than the usual 33% chance of an El Niño. But hardly a certainty.

Real estate sales suffered from the dry conditions, too. 19 homes changed hands in the first quarter of this year. $15,677,000 worth. Two were REO's; one a short sale. The median price was $725,000.
That compares with 22 homes sold in last year's first quarter with a median sales price of $562,500. 4 were REO's and 5 were short sales.

2014's first quarter saw 54 condominiums sold for a total value of $19,244,250 at a median price of $298,000. Not one was an REO; just 3 were short sales. In the opening quarter of 2013, 73 condos  sold at a median of $272,000. 11 were bank owned; 9 were short sales.

Despite the uptick in median prices Mammoth's real estate remains a great value, still 35-45% below the 2006 peaks.

4 FOOT STORM

Mammoth Mountain Ski Area is reporting nearly 4 feet of new snow on this first day of March, bringing the season total up to 152 inches. Sure by East Coast standards we're limping along. Even after this 3 day storm, one of the few that have felt like real weather this season, we're 37.7% below the seasonal average. Meanwhile back East shell shocked inhabitants, stunned from bundling up and digging out, are lobbying hard for an early spring.

Inches of Snow, Last Three Months and Annual Average

A few more inches could fall before the low pressure system moves east Sunday, but temperatures have climbed and the opportunity to track up fresh powder has pretty much passed.  A lot of us will be heading for the corduroy on Monday.