Pine Mountain Lake Real Estate Market Conditions
2022 End of Year Update
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 “days on market” for homes that sold was 56 days.
But these stats paint a rosier picture than what has happened to our market in recent months. The median sales price for PML homes sold in the 1st two quarters of 2022 was $472,661 and the median sale price for homes sold in the last half of the year was $394,500 (16.5% lower!). But much of this decrease is due to less buyers looking in higher price ranges.
As of this writing (Jan 3rd, 2023) we have just 5 PML homes in escrow, and an inventory of 27 homes on the market.
Yes, the market has cooled dramatically, thanks to recession and high interest rates (6.5% for a 30-year fixed mortgage). We are seeing decent activity for homes priced under $350K, with a lot of investors working this price range. But it has been a very tough go for higher priced homes.
I’d like to tell you that things are going to get better soon, but I am afraid we are just going to have to ride out this recession and wait for inflation and interest rates to come down before home values start to creep up again; and I don’t think that will happen this year.
The good news is for homebuyers, who will have little 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 Updates” 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 PML Sales Volume in 2022.
33 years’ experience as a Real Estate Broker
209-770-5838 (Cell/Text)
tom@tomknoth.com
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 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.
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.