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.
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