Pine Mountain Lake Real Estate Market Conditions

1st Quarter Report, 2019

Our first quarter of 2019 was a little slow, but busier than I expected it to be, with 23 homes sold in Pine Mountain Lake and median sales price was $250,000 (3.8% lower than the median sales price in 2018).  Median list price for the homes that sold was $249,000, so the homes sold for 0.4% over asking price.  It should be noted that the AVERAGE sale price of PML homes sold was $332, 550 and the AVERAGE list price for the homes that sold was $353, 830, so the AVERAGE home sold for 6% less than asking price (I know, statistics can be confusing).  What I have been experiencing is more in line with the 6% negotiation of the AVERAGE home sales stats.

Only 51% of PML homes that were listed during the first quarter were sold and median days on market for homes that sold was 171 days.  That’s a lot longer than we have been use to in recent years (under 100 days). There are currently 22 homes in escrow and inventory of homes for sale is quite low at 63 homes, but that figure will quickly rise with many new listings that will soon flood the market.

I have seen a surge in buyer activity in the last couple of weeks of clearer skies.  And this will continue as we move past tax season.  But the market will be somewhat slower than what we experienced last year.

There are a few reasons for the slowdown. One of the big ones is the devastation that we saw in the Camp Fire, as well as the numerous other wildfires that occurred in 2018. People are getting understandably nervous about buying in foothill communities now, and those that are not are being discouraged by higher home insurance rates.

Another problem is the higher interest rates which have contributed to an already slowing housing market nationwide. Our recently sizzling Bay Area market has really slowed, making the thought of buying a second home a little more tenuous for those folks.  One good thing is that it does appear that there will not be further interest rate hikes from the Federal Reserve.

For homebuyers, this market is good news. There will be more homes on the market to choose from, and we are seeing a lot of them popping up now. With the longer marketing times that we are experiencing, there will be more motivated sellers and less multiple offer situations.

There are a couple of positives that will hopefully keep our values from dropping. 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 home in a community like this, at such low prices, and within 2-3 hours’ drive from the Bay Area?

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, I encourage you to get your home on the market now, while the inventory is still low.  For more details on my home selling marketing plan, please visit my “For Home Sellers” page

Tom Knoth
Owner/Broker – Knoth Properties
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.