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Happy New Year!

Thursday, January 2, 2025
by Liz Warren

Market Summary November Sales 2024

HAPPY NEW YEAR!

As we head into 2025 here is  a brief recap of some stats of the 2024 market. Many real estate sites report that this was a very difficult year with so little inventory and high interest rates. Since the beginning of the year the average market absorption is 2.7 months which is a seller’s market and unbalanced based on all pricing points.

 

Once I removed the sales for Colton which are mapped into our area through RMLS, we had a total of 136 sales for the year. Here’s a rundown of some of the stats that may be interesting:

 

13 forest cabins sold

102 detached single family homes sold

11 sales were over $1,000,000

19 sales were in Government Camp

14 condos sold and 9 were in Government Camp

8 sales were in Mt. Hood RV Village with tiny homes

 

Predictions for 2025 include more inventory coming on the market. We’ll see how that plays out. Currently our mountain market has 36 active listings. There are nine currently pending. So we will see how much the inventory goes up soon after the holidays.

 

Interest rates, low inventory, and consumer debt are slowing buyers down. Here are predictions for interest rates in 2025. Consensus is that rates will be slightly lower than 2024 but if inventory doesn’t increase, buyers may be paying the same as a todays rates because prices will be higher.

 

Mt. Hood Furture interest rates prediction

Consumer debt is another obstacle. People are tapped out which makes saving for a home tough.

Consumer Debt

consumer debt

Here are the statistics for November 2024’s market from RMLS.

 

November 2024 sales for Mt. Hood Real Estate

Listed below are the ten sales for November.

 

Mt. Hood Real Estate Sales for 2024 November

Mt Hood Real Estate Sales November 2024

December 2024 National Overview

U.S. Real Estate Overview

Note: October 2024 data below are the most recent released by the National Association of Realtors.

Existing-home sales rose in October, according to the National Association of REALTORS®. Sales improved in all four major U.S. regions. Year-over-year, sales elevated in three regions but were unchanged in the Northeast.
 
Total existing-home sales – completed transactions that include single-family homes, townhomes, condominiums and co-ops – expanded 3.4% from September to a seasonally adjusted annual rate of 3.96 million in October. Year-over-year, sales progressed 2.9% (up from 3.85 million in October 2023).

National Association of Realtors October 2024 Data

"The worst of the downturn in home sales could be over, with increasing inventory leading to more transactions,” said NAR Chief Economist Lawrence Yun. "Additional job gains and continued economic growth appear assured, resulting in growing housing demand. However, for most first-time homebuyers, mortgage financing is critically important. While mortgage rates remain elevated, they are expected to stabilize.”
 
Total housing inventory registered at the end of October was 1.37 million units, up 0.7% from September and 19.1% from one year ago (1.15 million). Unsold inventory sits at a 4.2-month supply at the current sales pace, down from 4.3 months in September but up from 3.6 months in October 2023.
 
The median existing-home price for all housing types in October was $407,200, up 4.0% from one year ago ($391,600). All four U.S. regions registered price increases.
 
"The ongoing price gains mean increasing wealth for homeowners nationwide,” Yun added. "Additional inventory and more home building activity will help price increases moderate next year.”
 
According to the monthly REALTORS® Confidence Index, properties typically remained on the market for 29 days in October, up from 28 days in September and 23 days in October 2023.
 
First-time buyers were responsible for 27% of sales in October, up from 26% in September but down from 28% in October 2023. released in November 20234 – found that the annual share of first-time buyers was 32%. NAR's 2024 Profile of Home Buyers and Sellers – released earlier this month – found that the annual share of first-time buyers was 24%, the lowest ever recorded.
 
Cash sales accounted for 27% of transactions in October, down from 30% in September and 29% in October 2023.
 
Individual investors or second-home buyers, who make up many cash sales, purchased 17% of homes in October, up from 16% in September and 15% in October 2023.
 
Distressed sales – foreclosures and short sales –  represented 2% of sales in October, unchanged from last month and the previous year.
 
According to Freddie Mac, the 30-year fixed-rate mortgage averaged 6.78% as of November 14. That's down from 6.79% one week ago and 7.44% one year ago.
 
Regional Breakdown
 
Existing-home sales in the Northeast in October grew 2.2% from September to an annual rate of 470,000, identical to October 2023. The median price in the Northeast was $472,900, up 7.6% from last year.
 
In the Midwest, existing-home sales bounced 6.7% in October to an annual rate of 950,000, up 1.1% from the prior year. The median price in the Midwest was $305,300, up 7.2% from October 2023.
 
Existing-home sales in the South climbed 2.9% from September to an annual rate of 1.77 million in October, up 2.3% from one year before. The median price in the South was $361,200, up 0.9% from one year earlier.
 
In the West, existing-home sales increased 1.3% in October to an annual rate of 770,000, up 8.5% from a year ago. The median price in the West was $627,700, up 4.4% from October 2023.

 

Warranties for older homes

New homes come with warranties to protect the buyer in case of the unexpected. But what about existing homes? Fortunately, there are a number of companies today who offer warranties for existing homes. Sellers can now offer their buyers a level of assurance that was previously reserved for new construction, and buyers can buy with confidence! If you are in the market to buy or sell, ask us about the advantages of a home warranty. You might be surprised at how much protection is offered at a very reasonable price.

Seller strategy

Selling your home in today's market requires strategy and execution. Here are some tips to help sellers reduce their time on market while getting excellent value:

  • Make it shine. Buyers are attracted to attractive homes. To make your home stand out, mow the lawn, rake the leaves, wash your windows, and clean the carpets. These small things can make a big difference.
     
  • Remove clutter. Not only do clean homes show better, but tidy homes offer more to the imagination. One person's treasure is another person's trash. Removing unnecessary clutter will help potential buyers envision their own potential for the home.
     
  • Consider removing art and personal keepsakes. This one is tough for certain people emotionally, but don't take it personally. Some savvy sellers go beyond de-cluttering and remove all (or most) of their personal artwork, family photos and personal mementos to make easier for potential buyers to imagine the home being theirs. 
     
  • Pay attention to the market. Work with your agent and price your home to sell. A competitively priced home is the one that sells first, and in this market that counts for a lot. Even in fast-moving markets in many parts of the United States, overpricing your home can lead to selling it for less or incurring greater holding costs than if you had priced the house appropriately in the first place. An experienced agent will help you arrive at the most advantageous price for your home.

These simple tips can help you sell your home and take advantage of our today's market. Please contact us if you have any questions about selling your home. We are here to help!

 
 
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Mt. Hood Real Estate Sales in March

Thursday, April 23, 2020
by Liz Warren

Mt. Hood real estate sales for March 2020 came in with a total of twelve closings. The sales run the gamut from a Mt. Hood Village cottage, two forest service cabins and two Government Camp chalets closing. The Covid-19 shut down will hugely impact our April sales. Many sellers are holding off putting their homes on the market till things open up a bit more. Current inventory sits at 33 properties for sale. 

The twelve sales are listed below. 

Mt. Hood Real Estate Sales 2020


Mt. Hood Real Estate Sales March 2020

 

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Mt. Hood 1927 Classic Cabin for Sale

Friday, April 13, 2012
by Liz Warren

Step back in time and enjoy this secluded Mt. Hood cabin right on the Zig Zag River! Just offered at $185,000. A stone fireplace is the heart of the open living room and dining area. Wood floors and original paned windows take you back in time. An updated kitchen and bath with a claw foot tub bring modern conveniences to your mountain getaway. Skiers will love the seven minute drive to Government Camp slopes. No more heavy traffic jams to get to your hill. The Mt. Hood forest gives a pristine setting for exceptional hiking and mountain biking! This leased land cabin sits in a magical location between the Zig Zag river and a seasonal creek with an old fashioned foot bridge for crossing. 

Mt. Hood National Forest CabinMt. Hood National Forest Cabin

Take your Mt. Hood Cabin Tour below or see more details here.

 

Play VisualTour

 

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Mt. Hood Real Estate Sales for August 2011-14 Sales

Friday, September 16, 2011
by Liz Warren

Mt. Hood Real Estate Sales for August 2011

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Fantastic Forest Cabin Just Listed in the Mt. Hood National Forest

Saturday, August 27, 2011
by Liz Warren

Here's a great Mt. Hood vacation getaway for skiers that's VERY affordable. Located in the pristine Mt. Hood National Forest it sits in a prime location near Rhododendron and it's only an hour away from Portland. Listen to the Zig Zag River from your front deck and let your cares slip away in your Mt. Hood cabin.

This cozy A-Frame features a toe warming wood stove, a loft upstairs for sleeping and a bonus room down that could be another bedroom. The kitchen is open to the living room area. There's a back deck too for enjoying the surrounding firs and wildlife. Lots of wood and big beams make a warm setting in your living room area. Big windows face out to the forest.

Skiers will love the convenience of a short 20 minute drive to the slopes. With the Mt. Hood National Forest out your back door there are tons of hiking trails to take advantage of. It's a short walk to either the Zig Zag River or Still Creek. 

Asking $100,000

New to the market! Take a tour of this Mt. Hood cabin!

Play VisualTour

 

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Mt. Hood Real Estate Sales from Market Action-RMLS

Tuesday, August 16, 2011
by Liz Warren

Here is a recent chart of activity comparing last year to this year in our Mt. Hood real estate area from Government Camp, Welches, Brightwood, and Rhododendron. This is direct from RMLS reflecting activity in July 2011.

Mt. Hood Real Estate Sales for July 2011 from RMLS

Comparing 2010 to 2011 pending sales are down 45%. Our average sale price, year to date, is down 11.1%. This figure doesn't give much of an indicator though due to so little data. Closed sales by the end of July for the mountain hit 49. This is really surprising considering the incredible interest rates available. Now is the time to buy on the mountain with plenty of inventory and excellent rates for great affordability. 

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Mt. Hood Sales Numbers for July 2011

Sunday, August 14, 2011
by Liz Warren

Sales numbers are in for the Mt. Hood real estate sales for July 2011. A flurry of activity is occurring in August so sales numbers should be up into September and October as pending sales get to closing. The late summer weather may have compressed activity into a short time frame. Time will tell.

Eleven sales in Government Camp, Welches, Brightwood and Rhododendron for the month of July brought in the greatest numbers of this year.

The break down in numbers:

Six foreclosures or short sales

One forest service cabin

Five creek or riverfront sales

Mt. Hood real estate sales for July 2011

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New Update on the Mount Hood National Forest Homeowner's Association and the Latest on C2

Wednesday, August 10, 2011
by Liz Warren

If you've kept up with the MHNFA's efforts with C2 on getting a resolution on CUFFA, it's been a long time project. With the budget debate in Congress it might be difficult to get their attention to deal with these issues. Here is the latest news. Does this sound like an alphabet soup you might not understand? 

Visit the Mount Hood National Forest Homeowner's Association web site to get caught up with what you can do and who you can write to help move forward in this political process.

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Refurbished Mt. Hood 1930's Cabin

Wednesday, August 10, 2011
by Liz Warren

Located in the Mt. Hood National Forest cabin is a  gem of a cabin has been refurbished with brand new windows, updated plumbing,refinished original Douglas Fir hardwood floors and more. All the tough work has been done and this turn key  Mt. Hood cabin is ready for occupancy. There's a large stone fireplace in the main cabin living area, tons of windows to look out on the forest and high vaulted wood ceilings! A bedroom is on the main level and a loft up the stairs with two beds for company. The kitchen has brand new hickory cabinets and butcher block counter tops. Sit on your deck and listen to the Zig Zag River just steps from the cabin. It's just a short drive up to premium ski areas and there's tons of hiking and biking trails close by. This is the perfect Mt. Hood getaway to your recreational paradise! Only one hour from Portland on leased land in the Mt. Hood National Forest.

$160,000

​Take a tour of the Mt. Hood National Forest Cabin.

Play VisualTour

 

 

 

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Custom Home on Over a Third of An Acre in Welches Only $210,000!

Monday, August 8, 2011
by Liz Warren

This custom built home is a gem in the woods. It's very close to the Mt. Hood National Forest, in fact, just down the street. Have the entire forest at your disposal with hiking trails along the Salmon River! The home was built by local builder Dave Eldredge of Welches. This charming three bedroom, two bath home has a large great room that is perfect for family or friends gathering. A huge covered deck faces a treed setting and seasonal creek. It's perfect for entertaining!

If you're a skier, the convenience of the slopes only 20 minutes away is a real bonus. A 27 hole golf course at the Resort at the Mountain is a just down the road too so you've got the recreational end covered. There's nothing like a day of skiing and putting your feet up in front of the wood stove to warm up the toes! Or, hop into the hot tub just steps away from the deck. 

Asking $210,000, this is a great buy!

Take a tour of this Welches home here:

Play VisualTour

 

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Liz Warren
Merit Properties Group - Keller Williams Realty PDX Central
Box 131
Welches OR 97067
Direct: 503-705-3090
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