Mammoth Lakes Real Estate Market Update amid Covid-19
April 22, 2020
The Mammoth Lakes Real Estate and Short Term rental market has been effectively closed in Mammoth Lakes, CA since March 15th, 2020. Many new laws around real estate sales are currently in place in Mono County, the most notable being:
- No in-person showings of real estate listings allowed. Virtual showings of vacant property is allowed with signed COVID disclosure for release of liability.
- The Town of Mammoth has asked all residents to shelter in place until June 1st and has asked 2nd homeowners not to visit the area during this time.
- Realtors have been designated an essential function of the economy, necessitating 3 new COVID disclosures for owners, buyers, and agents to fill out prior to entering property, during a listing and during an escrow.
- Escrow offices, title offices, appraisers, and inspectors are still at work.
- Interest rates are now at the lowest in years at 2.5% for purchase of new property. Refi rates remain higher in the low 3.0% range.
- During the shelter in place order for the county, it has become customary for buyers to ask for large discounts on list price whether in an offer or during an escrow. The gap between list price and sales price has increased significantly.
- Currently, the Mammoth Lakes median price has dropped from $544K in March 2020 to $442 in April 2020. The days on market has increased to 180 in April from 138 in February.
If you’re looking to buy or sell real estate in Mammoth Lakes, please give me a call to strategize how to best accomplish your goals. Lauren Tracy, Realtor-Associate MPE, Inc. BRE#01414631 760.914.3848 www.PropertiesofMammoth.com & www.MammothNightlyRental.com