Red-tailed Hawk with Snake Image by Mary Barnett, Moodesigns.com
Merlin with prey Image by Mary Barnett, Moodesigns.com
Water Lilly Image by Mary Barnett, Moodesigns.com
American White Pelican in flight Image by Mary Barnett, Moodesigns.com
Great Egret with Frog Image by Mary Barnett, Moodesigns.com
Ring-billed Gull Image by Mary Barnett, Moodesigns.com
Fox Squirrel Image by Mary Barnett, Moodesigns.com
Snowy Egret at sunset Image by Mary Barnett, Moodesigns.com
Dragonfly Image by Mary Barnett, Moodesigns.com
Damselfly Image by Mary Barnett, Moodesgins.com
Spiderweb Image by Mary Barnett, Moodesigns.com
Northern Harrier Male w/ nesting materials Image by Mary Barnett, Moodesigns.com
Black Phoebe taking a dust bath Image by Mary Barnett, Moodesigns.com
Praying Mantis Image by Mary Barnett, Moodesigns.com
Anna's Hummingbird Image by Mary Barnett, Moodesigns.com
Canadian Goose Image by Mary Barnett, Moodesigns.com
Snowy Egrets and Canada Geese Image by Mary Barnett, Moodesigns.com
Flower Image by Mary Barnett, Moodesigns.com

Pine Mountain Lake Real Estate Market Conditions

4th Quarter Report, 2017

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.

Median sales price for 2017 was $230,000 (.006% higher than the median sale price for 2016), and median list price for those homes was $239,000, so median sale price/list price ratio was 96.23% (for homes that sold, sale price averaged 3.77 % less than listing price).  62.5% of PML homes listed were sold and average days on market for homes that sold was 127 days (median was 89 days).

In summary, we had more homes on the market, more homes that sold, a larger percentage of the inventory sold, and values remained stable (likely because there was more supply).  What we saw last year is more buyers and more of them are interested in lower price homes ($250K-); they were typically 2nd home buyers/investors, and we had less buyers interested in upper end homes.  And I expect this trend to continue in 2018.

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 very good.  A strong economy has some worried that the Federal Reserve will soon move to raise rates, and this is prompting some who have been on the fence about real estate investments.

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.

Market Forecast 2018

So, what can we expect for the first quarter of 2018?…  Inventory of homes for sale are lower and there will be less buyers looking, but not a lot less.  December was a very busy month for us in which I had 3 sales myself plus 1 sale already in January, and this website is getting an impressive 400-500 page views per day so far in January.  If you are a buyer, there are less homes to look at but also less competition from other buyers (as compared to Spring/Summer).  So come and check out the inventory now, and if you don’t find the right home now, you can keep an eye out for new listings that come up.

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.  Many Realtors will tell you to wait until spring to put your home on the market, and that is wrong.  With the inventory so low now, it is a good opportunity to get a better price.  With more competition in the Spring/Summer, values are likely to be suppressed during that period.  So get a jump on the competition and call me today to get the ball rolling.

Other notes on the market:  With today’s building costs, don’t expect lot values to go up anytime soon.  We still have very little new construction in the area, primarily because existing housing is so much more affordable.  The majority of home buyers this year will continue to be in the 250K or less price range.  Higher priced homes, and/or those designed for “full time” residences are not getting as much attention as more affordable homes that are being bought for vacation homes/rentals.  We still have a higher than usual inventory of lakefront homes on the market, and the primary reason is that they have mostly been listed too high on price.  Hopefully we will see more realistic pricing on some of these this year.

 

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. 

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