Real estate statistics provided by Amber Woodruff of Matthew Lehman Appraisal Services show that the volume and sales prices of Mammoth’s residential real estate dropped year-over-year from 2010 to 2011.
In 2011, the median sales price for a single-family home was $580,000, a 10% drop from 2010’s median price of $645,000.
In 2011, the median sales price for a condominium was $242,000, down from $280,000 in 2010.
303 condos were sold in 2011, down from 375 the year prior. Of those sold, one was a probate sale, 11 were from developer auction, 43 were short sales and 90 were REOs (bank-owned).
Home sales were up slightly in 2011. There were 72 sales, up from 69 in 2010. Of those, 2 were probate, 7 were short sales and 14 were REOs.
Re/Max of Mammoth Owner/Broker Paul Oster observed that the banks continue to try and uphold values, pricing new REOs on the high side.
“They’re willing to hold properties an extra 60 to 90 days to get a higher valuation,” he said.
Regarding the overall market, Oster said, “My take is we’ll see a continued, slow decline, but we do have price support in certain segments.
“The middle-tier in the condominium market is taking the biggest beating,” he continued, “and there’s gonna be a lot of people who won’t like that [assessment], but tough s%$t, that’s the truth.”