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.
