Twenty-three million dollars. That's the total value of homes sold in Mammoth Lakes in the first quarter of 2015. Coincidentally, $23 million also happens to be the value of condos sold in the first quarter of this year. Both results improved on the same quarter last year in which $16 million in homes and $19 million worth of condos were sold.
The number of homes changing hands was unchanged at 20, goosing the median price 25% to $895,000 from $717,500; while condo sales surged to 65, a 20% improvement over the 54 condos transacted in 2014. The median condo price remained at $299,000.
"We're thrilled to see improving results in the face of another crummy winter," said one local REALTOR® who's name is being withheld because the quote is fabricated. Indeed, although condo listing inventories have jumped a month or two earlier this spring due to snow conditions, there is little downward pressure on pricing, few short sales or REO's and no general stampede toward the exits.
Doug Magit, mortgage specialist at Wells Fargo Home Mortgage, thinks mortgage interest rates will stay within a narrow range this year and that the Fed is unlikely to push rates higher before late 2015 or even 2016. The current 30 year loan interest rate is around 3.75%. With rates near historic lows real estate investors have another reason to go shopping.
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