Pine Mountain Lake Real Estate Market Conditions
3rd Quarter Report, 2018
2018 continues to offer a hot real estate market in Pine Mountain Lake with 139 homes sold in the first three quarters and median sales price up to $260,000 (up 13% from the median sale price in 2017!). Median list price for the homes that sold was $265,000, so the average home sold for only 1.9% under asking price. 71% of PML homes listed were sold and median days on market for homes that sold was 83 days!
To boot, there are an additional 18 PML homes in escrow as of this writing (Oct 2nd, 2018) and inventory is presently at 94 homes for sale. Of note, the market was markedly slower in August and September. This coincided with the Ferguson Fire, which brought smoke to our area and closed Yosemite Valley for a while. Considerably less visitors to Yosemite meant a drastic reduction in Pine Mountain Lake visitors and a corresponding drop in visitors who might consider buying here. Of course, concerns about wildfire affected real estate interest in all California foothill/mountain communities this summer. But with October here, I am now suddenly busy again with home shoppers.
Probably half of my home buyers are looking for homes priced under $250K. But, I have also been representing a growing number of buyers in higher price ranges, with many in the $300-500K range, and I have already sold 4 lakefront homes this year.
Fall typically brings a slower market and we will have less inventory on the market. The good news for buyers is there will be less competition for homes from other buyers. The good news for sellers is that there will be less competition from other sellers. Most local agents in the area will tell their potential listing clients to wait until Spring to list their homes. Many will advise their current listing clients to take their homes off the market over the winter. I really appreciate this advice from them, because with less competition it made it easy for me to sell my clients listings during the winter. In the last two years, approximately half of my sales went into escrow between November and March.
Despite the late summer slowdown, this has been a banner year for PML and has brought a 13% spike in local home values Here are my thoughts on why it has been so good:
1) There is much more confidence in our economy.
2) Interest rates are rising (that’s right, I said because they are rising!). A strong economy has caused some recent rate increases, but this is prompting many who have been on the fence about real estate investments to make a move, before the rates get too high.
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) The retirees are coming! I had quite a pick up in buyers looking for retirement homes this year.
5) 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.
6) More tourists are visiting Pine Mountain Lake. With an increasing number of 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 has brought a corresponding increase in home buyers.
7) 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. Where else in this state can you find a vacation home in a community like this, at such low prices, and within 2-3 hours drive from the Bay Area?
Inventory of homes for sale are lower and there are lots of buyers looking. This website is getting an impressive 200-400 page views per day . “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 vacation and live.
If you are contemplating selling your PML home, I encourage you to get your home on the market now, while the inventory is low. For more details on my home selling marketing plan, please visit my “For Home Sellers” page
Tom Knoth
Owner/Broker – Knoth Properties
209-962-5838 (Office)
209-770-5838 (Cell)
tom@tomknoth.com
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.
