Pine Mountain Lake Real Estate Market Conditions
1st Quarter Report, 2018
2018 got off to an exceptional start with 42 homes sold in the first quarter and median sales price up to $238,225 (up 3.75% from the median sale price of 2017). Median list price for the homes that sold was $245,000, so the average home sold for 2.76% under asking price. 69% of PML homes listed were sold and average days on market for homes that sold was 127 days (median was 98 days).
To boot, there are an additional 31 PML homes in escrow as of this writing (April 1st, 2018) and inventory is presently at 64 homes for sale. What we saw in the first quarter is what I predicted at the beginning of the year – lots of homebuyers. I encouraged those who are considering selling to get on the market early and those who did scored! Eight of my listings this year are pending or already closed sales. We also had quite a few multiple offer situations, which resulted in good sales prices for sellers. Additionally, we saw a boost in lakefront sales and I presently have three clients in escrow on lakefront properties.
2017 was an extraordinarily busy year for the PML real estate market with 167 residential homes sold, and as of this writing (Jan 5, 2018) there are 18 PML homes in escrow and 69 homes on the market.
What we have seen so far this year is what I expect to continue; more buyers and many of them are interested in lower price homes ($250K-); typically 2nd home buyers/investors. We will likely see a few more buyers in the upper price ranges than usual as we get into our busiest home selling season of the year (May-July).
Why has the market been so good? Here are my thoughts:
1) There is much more confidence in our economy.
2) Interest rates are still pretty good. A strong economy has some worried that rates will come up, but this is prompting many who have been on the fence about real estate investments to make a move.
3) While the stock market is doing incredible lately, investors are getting a little more nervous about the possibility of a bubble. Real estate is again becoming popular as a solid investment. With steady gains in real estate over the past few years, confidence is once again in place. The majority of my clients are buying second homes in PML for both investment and vacation use; with many of them having the property on a vacation rental program when they are not using it.
4) Self management options for vacation rentals. Websites such as HomeAway, VRBO, and Hometogo have become great vehicles for self management of properties, saving investors on the management fees of traditionally used property management companies. There are now smartphone controlled lockboxes and home thermostats, and local housecleaners who will do inventory and linen changes. The self management option has definitely increased our percentage of investor buyers.
5) More tourists are visiting Pine Mountain Lake. We continue to get more vacation home renters each year, and more people enjoying PML vacation homes has brought a corresponding increase in home buyers.
6) Great home values! The majority of our buyers are from the Bay Area, which has experienced incredible gains in values. Many are shocked to see how affordable PML homes are.
Inventory of homes for sale are lower and there are lots of buyers looking. This website is getting an impressive 400-500 page views per day right now.
“Get New Listing Updates” is a great tool of this 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 wont 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 live.
If you are contemplating selling your PML home, I encourage you to get your home on the market ASAP. The market is HOT right now.
Tom Knoth
Owner/Broker – Knoth Properties
209-962-5838 (Office)
209-770-5838 (Cell)
Market Statistics (2012-2017)
For the “propeller heads” among you, who just cant get enough stats, I add the following:
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 2012, 60% of all single family homes listed in PML were sold.
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 single family 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 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 single family 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 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 single family homes listed in this period sold. The median sale price in 2015 was 1.82% lower than it was in 2014.
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 single family homes listed in this period sold. The median sale price in 2016 was 17.17% higher than it was in 2015.
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 single family homes listed in this period sold. The median sale price in 2017 was 0.006% higher than it was in 2016.
