Market Update Letter mailed to Juniper Corridor homeowners 04-20-09
April 20, 2009
As a property owner in what many consider the best part of Mammoth, we would like you to be one of the first to hear about our most recent listing reductions in prime ski-in/ski-out locations. We have considered what the experts are saying about the market – that although California will be one of the first to recover, there may be a little more room for prices to decline as we move through the summer and head towards the end of this year. With that said, we have educated our most motivated Sellers to price their properties with the future decline in mind. If you or someone you know is looking to pick up a great ski-in/ski-out location priced below the competition, we are presenting these opportunities to you. See these featured properties on the following page along with accompanying post cards for photos and descriptions.
Pinpointing the exact bottom of any market is impossible; however most are identified by a decline in inventory, a strong showing of demand for the product, and a leveling of pricing. We believe that we are definitely in the bottoming stages of the market right now in Mammoth as evidenced for example by a huge increase in recent demand. [Combining the current pending condo sales along with the closed escrows over the first quarter of 2009, we are well over a 50% increase in activity to that of the first quarter of 2008! 88 condos compared to 39! Single family home sales have had an approximate 15% increase.] We should also pay very close attention to where pricing is at the moment. The median price of a sold condo in the 1st Q of 2006 (our market peak) was $530,000 and the average was $646,000. In the 1st Q of 2009 it was $326,000 and $392,000 respectably; a 38.5% - 40% drop! We are most closely in line right now with where re-sale prices were in 2003. That’s 6 years ago! If the market analysts are predicting a 12 year real estate cycle this time versus our typical 7 year span, that would put us pretty much right in the middle of it – or one might conclude the near bottom? With such a strong selection of inventory still available, and interest rates at an all time low (in the 5% range!) could there be a better time to be looking to buy?
Please contact us if you are considering selling and would like a market evaluation of your home. With a combined total of over 25 years experience in real estate in Mammoth, Trish and I provide you with the elevated level of service, the negotiating skills, the strong local relationships & connections, and the inventory knowledge that you will need to have for a superior edge over your competition. Our clients receive two top agents in the strongest office in town for the price of one! Whether you are a Buyer or a Seller in these stimulating times, we look forward to hearing from you!
Most Sincerely,
Tracie Van Alstyne & Trish Dunlap
Tracie Cell: 760.447.0945 Trish Cell: 760.709.1205
Tracie@RealEstateMammoth.com TrishDunlap@Earthlink.net www.RealEstateMammoth.com