The 2010 real estate year at Lake of the Pines was difficult in several regards.

• Many excellent houses languished unsold
• Distressed homes (short sales and foreclosures) dragged prices down for everybody
• The total number of homes sold was low compared to other years
• Buyers were skittish about job security or were waiting until the market really, really, really hit bottom
• Financing was harder to get

Here’s the snapshot of the year, data provided by Nevada County Association of Realtors.  It’s important to note that Lake of the Pines actually has two classes of homes: (1) lake front homes and (2) everything else. 

The Lake of the Pines Homes Sold in 2010 Report

Total Number of Homes Sold              Non-Lakefront Homes Sold                Lakefront Homes Sold

65                                                                                        57                                                              8

Average Days on the Market                                     95                                                             143

Average Listing Price                                             $295,423                                           $850,937

Average Selling Price                                             $279,970                                           $783,478

Percent Sold Price/List Price                                    95%                                                     92%                                    

Price Per Square Foot                                                 $149                                                    $288

Among the 68 homes currently for sale, 21 of them are “distressed” sales, either short sales or foreclosures.  That computes to 32%.  These distressed homes are typically priced below the list price of conventional sales.

The Lake of the Pines Homes Currently for Sale Report

Total Number of Homes for Sale          Non Lakefront Homes                     Lakefront Homes

68                                                                                    56                                                          12

High Price for Sale                                                $670,000                                         $2,250,000

Low Price for Sale                                                 $107,000                                            $624,900

Average Price for Sale                                         $290,480                                        $1,020,900*

Average Days on the Market                                  143                                                      189

Price Per Square Foot                                            $145                                                    $329*

*Note that this figure is skewed by one home that is for sale at $2,250,000.  This one home is $1,229,100 above the average lakefront home price of $1,020,900.  Also note that without this one home, the average list price for lakefront homes would be $909,163 with an average price per square foot of $317.