Pine Mountain Lake Real Estate Market Conditions
2021 2nd Quarter Update (July 4, 2021)
The market remains very hot with no signs of letting up in sight. For those who are selling, it has been wonderful! With our inventory of homes for sale being under 20 homes for most of the year, prices have climbed dramatically and multiple offer situations are now common.
For those that are looking to buy it has been difficult. Any home that is priced appropriately will have multiple offers and “bidding wars”, often times with up to 6 homebuyers involved. The lower the price range, the more likely that we see this.
The winners are those of us who already own a home here in PML. Many ask me if the market will slow down as Covid diminishes and in my opinion, the answer is NO! The exodus from the cities will continue.
Covid made many companies realize the benefits of having employees working from home and that will continue after the pandemic is gone. Additionally, many our fed up with the growing negative issues of city living (traffic, homelessness, civil unrest, theft, etc.).
We are also experiencing an exodus from California with some of our locals who are selling going to Arizona, Montana, Idaho, Nevada, and other states.
And now, how about some market statistics (and these are impressive):
There were an amazing 94 single family homes sold in Pine Mountain Lake in the first half of the year, with a median list price of $397,000 and a median sale price of $385,000. The median sale price in 2020 was $284,800 – 100K less!
The median sale price to list price ratio for the first two quarters 2021 was 97% (homes selling on average only 3% below asking price). Homes which sold had a median marketing period of 58 days on the market, a lot lower than the median for 2020 at 148 days.
As of this writing (July 4, 2021) we have 28 PML homes in escrow, and an inventory of 24 homes on the market. I think that is the most that we have seen on the market this year, thanks to a pre-holiday surge in listings in the last two weeks. That is about a quarter of the number of homes that we typically would have on the market at this time of year. We have continuously had more homes in escrow than homes on the market and that is pretty incredible.
With the inventory so low now, new listings are being priced higher, and our values should continue to increase in 2021. If you are thinking of selling your home, I encourage you to get on the market now while the competition is low and the market is still hot. You couldn’t have a better opportunity.
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, and 2020
32 years experience as a Real Estate Broker
209-770-5838 (Cell/Text)
tom@tomknoth.com
Market Statistics (2012-2020)
For the “propeller heads” among you, who just cant get enough stats, I add the following market statistics from recent years:
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 284,800. 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 single family 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 2012, 60% of all single family 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 single family 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 single family 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 single family 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 single family 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 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 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.
