4th of July kicks off summer in Mammoth Lakes

Getting ready for a busy July 4th weekend here in Mammoth Lakes, California.

With the Holiday weekend approaching and the Mammoth Motorcross just finishing up, our little town is starting to buzz with the arriving crowds. The weather couldn’t be better and looks to stay that way for a while. But then again, Mammoth has always been known for its stellar weather, especially when it comes to the summer months. Events over the coming weekend include the Footloose Freedom Mile (1-mile race on the parade route), followed by our small town parade along Main St and Old Mammoth Rd, followed by a pops concert at Mammoth Creek Park and then fireworks at Crowley Lake. Tent vendors will accompany beer gardens and live music along Main Street.

Also seen this time of year are thru-hikers on the Pacific Crest Trail taking a break and stocking up are seen walking through town to stock up on supplies and take a short break before they continue north. Families are donning helmets and pulling kids on bike trailers through town. Golfers and mtn bikers are loving the greens and trails. Campers and fisherpeople are filling campsites and lining the lakes.

As far as Mammoth real estate goes, we have definitely seen an increase in activity over the past month. Typically in the springtime we see a slow down in real estate activity and an increase in inventory. Things have been a bit different this spring. Our inventory is actually down compared with the winter inventory (only 252 condos on the market now when just a few months ago there were over 300). And there were 119 condo sales in the first half of 2009 vs only 74 in the last half of 2008 (a 61% increase!).

Most buyers we are working with feel that the bottom of the market is near and have been writing offers. We are seeing multiple offers on bank-owned listings and on well-priced properties (priced very comparable to foreclosures). And a few segments of the market are showing price support for a 'bottom.' That being said, we still have more foreclosures coming down the pipe in the near future.

Even on some of the newer developer-owned inventory (i.e. The Westin and Woodwinds) the developer is taking significantly less than their asking prices. One 2-bedroom that recently sold for $600,000 was listed for $819,000. I guess you could say prices are going up since the last one sold for $540,000 (ha!). The original prices for these 2-bedrooms were in the high $800’s (starting) and up to almost $1.4 million for the premium units.

If you’re looking for a deal, now sure seems to be the time. Although none of us have a crystal ball, we do think it’s going to be a busy summer. We’ll see if we’re right!


Tara Peterson & Dennis Cox
RE/MAX of Mammoth