Pine Mountain Lake Real Estate Market Conditions
3rd Quarter Report, 2019
98 homes have closed sale so far (51% of the 193 homes that were marketed this year) and the median days on the market for the homes that sold was 82 days. The median sales price of the homes sold was $251,500 and the median asking price for them was $264,999. So, on average, homes sold for 5% less than asking price.
This year’s median sales price of $251,500 is $8,500 (3.2%) less than last year’s median sale price of $260,000. And as of this writing on Oct 2, there are currently 15 homes in escrow and 101 homes on the market. With summer ending and school starting a slowdown is typical this time of year, but this is quite a bit slower.
So, how will our market be for the rest of the year, and how about in 2020? It will be slower than usual like it has been so far this year and here are some reasons:
- Forest fires in recent years have made some folks nervous about buying in the foothills and the higher home insurance rates are also scaring some off.
- The economy is a little shaky lately and the California Real Estate Boom is over. Confidence in real estate as an investment has declined.
- Gas prices are high. It costs more money for our typical Bay Area based buyer to travel to Groveland.
On the positive side, interest rates are terrific right now. So it’s a good time to buy and also a good time to refinance (contact me if you need a referral for a loan officer).
Another thing that is happening is that I have been getting more retirees looking in the area. Tuolumne County is still eligible for Prop 60/90 transfers, which allow people over 55 to transfer their property tax base value from another county to this county, so if they are paying low property taxes elsewhere, they can continue to do so when they buy here.
There are a couple of other positives that are helping to buoy our home values. First, with an increasing number of PML vacation homes and even more visitors to Yosemite Park, we continue to get more vacation home renters each year, and more people enjoying PML vacation homes will continue to boost the number of home buyers taking interest in our community. Like em’ or not, vacationers are good for property values.
Secondly, you can’t beat the affordability of Pine Mountain Lake! Most from outside the area are shocked to see how inexpensive PML homes are. Where else in this state can you find a vacation or retirement home in a community like this, at such low prices, and within 2-3 hours’ drive from the Bay Area?
For homebuyers, this market is good news. There are more homes on the market to choose from, and there will be more motivated sellers and less multiple offer situations.
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 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 vacation and live.
If you are contemplating selling your PML home, check out my home selling marketing plan, by visiting my “For Home Sellers” page.
If you have a lakefront home that you are planning to sell, please contact me ASAP! Inventory is low. I sold 4 lakefronts this year and I still have 2 more buyers looking for one. If one of them works out for your home, I can offer a significantly reduced commission.
Tom Knoth
Owner/Broker – Knoth Properties
#1 agent for PML Sales in 2018
209-770-5838 (Cell/Text)
tom@tomknoth.com
Market Statistics (2012-2018)
For the “propeller heads” among you, who just cant get enough stats, I add the following from recent years:
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.
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.
