Pine Mountain Lake Real Estate Market Conditions
2023 2nd Quarter Update
There were 20 homes sold in Pine Mountain Lake in the second quarter of 2023, with a median list price of $469,500 and a median sales price of $433,500. That is 16.5% higher than the median sales price of $372,000 in the 1st quarter, and 2.6% higher than the median sales price of $422,500 in 2022. We had a flurry of sales of higher price range homes which helped bring the median up.
The inventory of homes on the market in Pine Mountain Lake has been low this year, and currently stands at 38 homes. 43% of the homes that were listed in the second quarter were sold (compared to 73% in 2022) and the median “days on market” for homes that sold was 111 days (nearly double the median DOM of 56 days in 2022).
I’ve noticed that many recently listed homes have been overpriced, and that would account for the large percentage of unsold listings. It is still a sluggish market and starting at the right price is critical. Homes that start too high and sit on the market too long are being lowballed.
As of this writing (July 29th, 2023) we have 12 PML homes in escrow, with this traditionally being the time of year when we have the most sales.
The market remains cool, thanks to recession and high interest rates (currently 7.1% for a 30-year fixed mortgage), but it has not been as bad as I feared it would be. The investors have kept our market afloat, with a large proportion of our buyers intending to rent their properties when they are not using them. If you are curious about PML’s rental policy, check out my recent blog “What You Need to Know about Renting Your Property in Pine Mountain Lake“
The good news is for homebuyers, who will have less competition and better opportunities to negotiate. One thing to consider negotiating is for a seller credit to buy down your interest rate!
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.
34 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.
