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MAMMOTH REAL ESTATE BLOG - MAMMOTH LAKES REAL ESTATE NEWS AND INFORMATION

Mammoth Lakes Real Estate Foreclosure Update and 2011 Market Update

The Mammoth Lakes Real Estate Market continues to show solid momentum for the 2011 year, with distressed properties (bank-owned, REO/foreclosure, pre-foreclosure and short sales) taking up a larger and larger portion of the closed sales volume. As of today in the Mammoth Real Estate Market, there are currently 333 total units listed for sale in the Residential, Condominium, and Multi-Family categories, however of all those active listings, only 17 units (5.2%) are bank-owned / REO units.

What is interesting about these market statistics, is that for the 2011 calendar year we have seen 205 total units that have sold YTD. Of all those closed 2011 sales, 89 of them were distressed (REO's or Short Sale) transactions. That is a whopping 43.4% off all 2011 sales falling into the distressed real estate category. So... only 5% of the listings are distressed, but 43% of closed sales are distressed. Hmmm. Another interesting market dynamic to note is that nearly 1/3 of all closed sales were cash buyers. That shift is a good market indicator that the investor-buyer is becoming a stronger component in the Mammoth Lakes Real Estate marketplace. Yes, the traditional "equity" sales from actual sellers are still part of the action, but we are continuing to see a ever growing demand for distressed property for sale.

If you would like to see all the available Mammoth Lakes Foreclosure properties for sale, click here. Although Short Sales require a little more patience and time, the activity in Mammoth is defintiely showing a lot of interest in that category too...click here to view all the active Short Sale Listings in Mammoth Lakes.

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