Happy New Year!
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.
Consumer debt is another obstacle. People are tapped out which makes saving for a home tough.
Consumer Debt
Here are the statistics for November 2024’s market from RMLS.
Listed below are the ten sales for November.
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.
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!
