The Mammoth Lakes real estate market has gone through ups and downs over the
past few decades. In 1980, an earthquake with magnitude of 6.1 on the Richter
scale sent area property values plummeting on fears of a potential volcanic
eruption similar to the 1980 eruption of Mount St. Helens. A huge real estate
surplus formed after this, Mammoth Lakes had a total of over 1200 properties on
the market. The development of Mammoth Mountain ski area has had a direct
effect on housing in more recent years. The tourist market has led to an
explosion of property values. This peaked in 2003 when the median property
value
