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.