One of the major local economic engines of recent years has been the real estate market in Mammoth Lakes. Now numbers released by the Town of Mammoth reflect the sour state of the market.
This week, Mammoth Town Officials reported that the tax that covers real estate transactions is down 44% from last year at this time. The county and town take a cut of every piece of real estate that changes hands. This tax is known as the real property transfer tax and the Town of Mammoth gets $.28 for every $500 that changes ownership.
Between July and September of this year town staff calculates that over $44 million dollars in real estate value changed hands. Town officials report that this number is down 44% from the same period last year.
The drastic downturn could be a bummer for sellers or boon for buyers, but town officials report that it shouldnt hurt their bottom line as 230 units at the new Westin Monache should change ownership in the next several months.