Pine Mountain Lake Real Estate Market Conditions
Second Quarter Update – July 1, 2020
In my first quarter update, I suggested that we could have a pretty good real estate market in the summer if the Covid restrictions eased. Well, they did ease, and even before that happened the real estate market started going crazy. In fact, we did not have to wait for summer; it all started on the first weekend of May.
As of this writing (July 1, 2020), we have an amazing 40 PML homes in escrow, and an inventory of only 44 homes on the market (usually we have 110-130 at this time of year).
Why the sudden surge? Mostly because people are leaving the cities. Between the issues of traffic, higher Covid infection rates, and more recently – riots and threats to defund the police, who would want to stay there (if they have a choice)? Many of our buyers are folks who were asked to work from home during Covid and are opting to move here or buy a second home to work from here.
Median sale price of homes that sold in the first half of 2020 was $255,000 with a median sale price of $269,900. So homes sold on average for 5.5% lower than asking price. And that median sales price is 3% lower than the median sale price for 2019 ($262,000). Median days on the market for homes that sold was 164 days, quite a bit higher than the median for 2019 at 92 days. The bulk of the homes sold were priced under $300K, definitely a factor on the median sales price dropping.
With the inventory so low now, new listings will likely be priced higher, and our values should jump during the third quarter. 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 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 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.
Tom Knoth
Owner/Broker – Knoth Properties
#1 agent for PML Buyer Sales, Listings Sold, and Sales Volume in 2019
32 years experience as a Real Estate Broker.
209-770-5838 (Cell/Text)
tom@tomknoth.com
Market Statistics (2012-2019)
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.
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.
