Pine Mountain Lake Real Estate Market Conditions

2024 2nd Quarter Update

The inventory of homes on the market in Pine Mountain Lake is still relatively low with 57 homes on the market.  As of this writing (June 30, 2024) we have 14 PML homes in escrow, which is also low for this time of year.

As of June 30, there have been just 31 homes sold in Pine Mountain Lake so far this year, with a median list price of $449,000 and a median sale price of $430,000. This compared to 2023 when median list price was $429,000 and median sale price was $419,000. 2024 Median list price to sale price ratio has been 95.8% (4.2% under asking price).

31 sales represent only 41% of the 75 homes that were on the market so far this year (down from 67% in 2023, and 77% in the very hot market of 2022) and the median marketing period for homes that sold was 65 days (81 days in 2023, 56 days in 2022).

In summary, the market has been pretty sluggish for home sellers so far, especially those in the higher price ranges.  The biggest factor has been high interest rates (currently 7% for a 30-year fixed mortgage).  Which continues to make things tough for a primarily second home market in PML.

Insurance has also been a factor with California Fair Plan raising rates 15% this year, and Allstate, Farmers, and State Farm dropping new insurance policies on a large scale in California.  If you are insured with one of these companies don’t be surprised if they dump you at your next renewal date.  You will likely need to go to a Calif Fair Plan and recent quotes I have seen range from 3K/year for a 960 sq ft home to 12K for a 3500 sq ft home with hangar (higher because of location beyond 5 miles from fire department).  If you need to find a new insurance broker, I recommend Kirk Clifton of Leavitt Insurance in Sonora – (209) 743-4409.

I don’t see interest rates improving this year and expect the market to continue to be somewhat slow.  Some current homebuyers who need to finance are opting for Adjustable-Rate Mortgages, which start at lower rates.  Others have negotiated a seller credit to “buy down” their interest rate.  And all figure they can re-finance down the road, when rates are more favorable.

So, who’s buying homes here now?  Most are vacation home buyers and probably a third of them are considering renting the homes when they are not used by their families.  We have a larger amount of cash buyers or buyers with larger downpayments who are not as concerned about the higher interest rates.

Rates aside, these are good days for homebuyers, who will have less competition and better opportunities to negotiate.

If you want to monitor new listings, “Get New Listing Alerts” is a great tool of my website that allows you to personalize and save a property search and be immediately updated when a new listing that matches your criteria comes on the market. Please utilize it, and don’t worry; I won’t pester you if you sign up for updates.

If you’re ready to begin your home search, give me a call. It would be my pleasure to show you any homes that you find on this site. I also can also give you a tour of Pine Mountain Lake and Groveland, and show you the numerous amenities, restaurants, and attractions that make this community such a great place to vacation and live.

Tom Knoth
Owner/Broker – Knoth Properties

#1 agent for total PML Sales in 2018, 2019, 2020, and 2021, #1 for Total PML Sales Volume in 2022.
36 Years Experience as a Real Estate Broker
(209) 770-5838 (Cell/Text)
[email protected]

Market Statistics (2012-2022)

For the “propeller heads” among you, who just can’t get enough stats, I add the following market statistics from recent years:

In 2022, there were 118 homes sold in Pine Mountain Lake in 2022, with a median list price of $425,000 and a median sale price of $422,500.  That is 1.8% higher than the median sale price in 2021 of $415,000.  73% of the homes that were listed in 2022 were sold and the median marketing period for homes that sold was 56 days.

In 2021, there were 199 single family homes sold in Pine Mountain Lake, with a median list price of $425,000 and a median sale price of $415,000. The median sale price to list price ratio was 98.72%. These homes which sold had a median marketing period of 72 days on the market. The median sale price in 2021 was 45.61% higher than it was in 2020.

In 2020, there were 196 single family homes sold in Pine Mountain Lake, with a median list price of $292,400 and a median sale price of 294,000. The median sale price to list price ratio was 97.4%. These homes which sold had a median marketing period of 148 days on the market. The median sale price in 2020 was 6.36% higher than it was in 2019.

In 2019, there were 127 single family homes sold in Pine Mountain Lake, with a median list price of $274,900 and a median sale price of 262,000. The median sale price to list price ratio was 95%. These homes which sold had a median marketing period of 92 days on the market. 57% of all homes listed in this period sold. The median sale price in 2019 was 0.077% higher than it was in 2018.

In 2018, there were 166 single family homes sold in Pine Mountain Lake, with a median list price of $265,000 and a median sale price of 260,000. The median sale price to list price ratio was 98.1%. These homes which sold had a median marketing period of 86 days on the market. 74% of all homes listed in this period sold. The median sale price in 2018 was 13% higher than it was in 2017.

In 2017, there were 167 single family homes sold in Pine Mountain Lake, with a median list price of $239,000 and a median sale price of 230,000. The median sale price to list price ratio was 96.23%. These homes which sold had a median marketing period of 89 days on the market. 62.5% of all homes listed in this period sold. The median sale price in 2017 was 0.006% higher than it was in 2016.

In 2016, there were 136 single family homes sold in Pine Mountain Lake, with a median list price of $236,250 and a median sale price of 228,497.  The median sale price to list price ratio was 96.72%.  These homes which sold had a median marketing period of 96 days on the market. 59% of all homes listed in this period sold.  The median sale price in 2016 was 17.17% higher than it was in 2015.

In 2015, there were 127 single family homes sold in Pine Mountain Lake, with a median list price of $195,000 and a median sale price of 189,000.  The median sale price to list price ratio was 97%.  These homes which sold had a median marketing period of 112 days on the market. 60% of all homes listed in this period sold.  The median sale price in 2015 was 1.82% lower than it was in 2014.

In 2014, there were 106 single family homes sold in Pine Mountain Lake, with a median list price of $199,450 and median sale price of $192,500.  The median sale price to list price ratio was 96.52%.  These homes which sold had a median marketing period of 99 days on the market.  In 2014, 56% of all homes listed in PML were sold.  The market had a slow start in 2014 but finished strong.  The median sale price in 2014 was 2.67% higher than it was in 2013.

In 2013, there were 123 single family homes sold in Pine Mountain Lake, with a median list price of $197,000 and median sale price of $187,500.  The median sale price to list price ratio was 95.17%.  These homes which sold had a median marketing period of 136 days on the market.  In 2013, 68% of all homes listed in PML were sold.  Keep in mind that the Rim Fire was in August 2013 and market conditions were subsequently very slow in the fall and winter.  Despite this, the median sale price in 2013 was 12% higher than it was in 2012.

In 2012, there were 120 single family homes sold in Pine Mountain Lake, with a median list price of $175,000 and median sale price of $165,000.  The median sale price to list price ratio was 94.28%.  These homes which sold had a median marketing period of 148 days on the market.  In 2019, 60% of all homes listed in PML were sold.