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 significant real estate surplus formed after this , during which Mammoth Lakes had a total of over 1200 properties on the market . The development of the 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 reached $ 750,000 . Another peak occurred in 2006 with the sale of the Mammoth Mountain ski area to Starwood Capital Group . As of February 2010 , the median listing price was $ 460,000 . This represents a drop of over 38 % from the peak reached in 2006
1980 eruption of Mount St. Helens
1980 eruption of Mount St. Helens
Mammoth Lakes, California