The the strong Mammoth Lakes real estate market of 2017 continued through the first quarter of 2018 with a nearly 10% jump in the number of condo units sold over the first quarter of last year. The median price of sold condos surged ahead 17% to $380,000. While the total value of condos sold in the first quarter spiked by 28% to nearly 38 million dollars. Condo listing inventories over the last 18 months have been constrained, hovering near historic lows.
Home sales volume was nearly unchanged from the first quarter of 2017. 17 homes changed hands this first quarter compared to last year's 19. But, the median price bounced up to $850,000, a 21% increase over last year's $700,000 median. The small number of homes listed for sale during 2017 and into 2018 confounded many home buyers limiting the number of transactions. We see inventories of available condos and homes increasing into the summer.
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