Lake of the Pines Real Estate. How Are We Doing? Summary

said on May 23rd, 2012 filed under: Lake of the Pines, Localism, Neighborhood Profiles, Real Estate Nuts and Bolts

There are about 2,000 homes at Lake of the Pines.

159 Lake of the Pines homes sold during the past two years (May,2010-May,2012).  That’s about 4% per year.

 

(1) APPLES TO APPLES

Sales of “average” homes during the past two years

About the same number of “average” homes (43 to 46) sold this year as in the previous year, but sold 25 days  faster.

Prices of “average” homes have risen slightly, about 6%, (comparing the median of $224,000 in 2010-2011 with the median of $239,900 in 2011-2012).

Prices of “average” homes have risen slightly, about 3% (comparing the average of $241,992 in 2010-2011 with the average of $248,931 in 2011-2012).

Prices of “average” homes are almost identical (comparing price per square foot  ($130 to $129).

SUMMARY

Prices of “average”  homes sold at Lake of the Pines have been relatively unchanged from the previous year through this year.

 

 (2) THE WHOLE FRUIT BASKET

About the same “total” number of homes sold this year (81)  as in the previous year (78), but sold 24 days  faster (101 days on the market to 125).

Prices have risen slightly, about 3%, (comparing the median of $231,500 in 2010-2011 with the median of $239,500 in 2011-2012).

But . . .

Prices have fallen slightly, about 4% (comparing the average of $303,652 in 2010-2011 with the average of $290,019 in 2011-2012).

Prices have fallen slightly, about 4% (comparing price per square foot  ($145 to $139).

SUMMARY

Sales of larger, more expensive, lakefront homes in 2010/2011 skewed the data, rendering contradictory results

 

(3) APPLES AND ORANGES

Lots of mixed results.

The number of distressed home sales in 2011/2012 (13) was 50% less than it was the previous year in 2010/2011 (26).  What happened to the “flood” of foreclosures?

The number of regular home sales in 2011/2012 (30) was 33% more than it was the previous year in 2010/2011 (20).

In 2010/2011 distressed properties were on the market longer than regular sales; in 2011/2012 distressed properties were on the market for a shorter time than regular sales.

Consistently, across all types of Lake of the Pines Properties, sellers are getting about 95% of their asking price.

Distressed properties sell for less money.  Using “price/square foot sold” as the basis of comparison, distressed homes sold for 21% less than regular sales in 2010/2011 and for 29% less in 2011/2012.

Fewer distressed homes sold this year than distressed homes sold last year, and for 14% less money.

More regular homes sold this year than last year, but for 4%  less money.

 

(4) THE FARMER’S MARKET–HOMES CURRENTLY FOR SALE

48                     total number of homes for sale at Lake of the Pines on May 21, 2012

REGULAR SALES

37                    number of regular homes for sale (no foreclosures)

$1,549,000     highest priced regular home for sale

$160,000        lowest priced regular home for sale

$452,541        average priced regular home for sale

$330,000        median priced regular home for sale

105                  average days on the market (and counting–from 5 DOM to 419 DOM)

$182                average price per square foot (asking price not sold price which will be lower)

DISTRESSED SALES (foreclosures and short sales–does not include back-up shortsales)

11                       number of foreclosures and short sales

$350,000         highest priced distressed home for sale at lake of the Pines

$135,900          lowest priced distressed home for sale at lake of the Pines

$238,780          average priced distressed home for sale at lake of the Pines

$244,000          median priced distressed home for sale at lake of the Pines

125                    average days on the market

$101                  average price per square foot

PENDING SALES

21                     number of pending sales at Lake of the Pines

78                     average days on the market when home went into contract

$272,966         average list price when home went into contract

$137                 average price per square foot  when home went into contract

BACKUP SHORT SALES

(Backup short sales are similar to pending sales, but the offered price has not yet been approved by the lender)

9                       number of current backup short sales

165                   average days on the market when home was submitted for short sale approval

$162,211          average list price when home was submitted for short sale approval

$110                average price per square foot when home was submitted for short sale approval

 

(5)  GOLDEN APPLES?  LAKEFRONTS

The number of lakefront homes sold rose from 9 to 13, or 31% in the past two years.

Based on average sold price, prices declined 19%

Based on median sold price, prices declined 15%.

Based on price per square foot, prices declined 14%

Lakefront home prices are not being dragged down by foreclosures and short sales.

ACTIVE MARKET, LAKEFRONT HOMES FOR SALE RIGHT NOW (May 22,2012)

Number of Lakefront homes for sale                   7

Highest price                                                    $1,549,000

Lowest price                                                        $799,000

Average price                                                    $1,076,142

Median price                                                       $998,000

Average days on market                                         235

Average price per square foot                              $312

Based on price per square foot, the prices lakefront homes sold at Lake of the Pines declined 14-15% during the past two years.

Based on price per square foot, current sellers are asking almost twice as much for their homes.

 

 

 

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To find out more about real estate in the Golden Hills of the Sierras, just call Bob at (530-906-1023) or CJ at (530-9064715) or email us at [email protected] or [email protected]

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