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REAL ESTATE NEWS | DEC 2024

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REAL ESTATE NEWS | DEC 2024

 
Mt Bachelor
 
Happy Holiday season! I wish I could say yes to every single event this month, but I can't for good reason: real estate has been busy! Predictions of a post-election pick up has rung true, with serious buyers resurfacing who are actually ready to write offers and close in December or January. See the yellow & orange graph below for statistical proof. Based on this and my own increased showings on both listings and for buyers, I'm advising Sellers not to take their homes off the market over the holidays or for the winter, at least not until the numbers tell us otherwise. Also see the next graph for YTD comparisons from 2023 to 2024, showing slightly higher number of closed listings and median sales prices in 2024, yet the number of days it took to sell these listings was higher. The next black graph - yes, I love graphs - depicts the rising home price for conforming loan limits, another indicator that home prices keep rising so Fannie Mae & Freddie Mac have adjusted over the years to help keep home purchases more attainable. Read on for what this means for various types of buyers to have a "conforming" loan vs. a "jumbo" loan.
 
Here's to your hearth & home, and a prosperous New Year!
The predicted post-election boost happened!
Activity from 11/6 - 12/6, 2023 vs. 2043
The month following the election brought significant activity to our local real estate markets, showcasing increased buyer and seller confidence compared to the same period in 2023.
 
In Bend, sold listings increased by an impressive 19%, climbing from 149 properties in 2023 to 178 in 2024. Total sales volume grew by 15%, reaching $154.3 million, reflecting the strong buyer activity despite a slight decrease in median prices. Deschutes County saw a similar boost with a 16% rise, growing from 254 sold properties to 295 during the same timeframe. Total sales volume surging by 15% as well, hitting $221.5 million.
 
It's fun to analyze the data and see actual results ring true. I predict steady and welcomed growth for 2025.
Central Oregon Market Update 2023 vs. 2024
Comparing Jan 1 - Dec 15 for each year
Bend's real estate market, as well as overall Deschutes County, shows just a small gain Year Over Year, but perhaps the end of year surge will create a more impressive finish. In Bend, total closed listings increased slightly by 3% (2,257), while total sales volume rose 9% to $2.07 billion. The average sale price jumped 6% to $919,162, with a median price of $735,000 (up 2%). However, the average days on market (DOM) from 43 days to 55 days, an increase of 28%, reflecting a slower sales pace.
 
These trends suggest a market where property values are rising slowly but steadily, benefiting sellers, while buyers can take advantage of the slower pace to find the right fit.
Conforming Loan Limits Rise to $806,500
For 2025, conforming loan limits will increase to $806,500, a 5.2% increase from the 2024 limit of $766,500. The increased loan limits are making homeownership more accessible in a competitive housing market, boosting affordability, stimulating housing market activity, and expanding buying opportunities nationwide. Conforming loans typically have lower mortgage interest rates and allow lower down payments and other advantages. The impact for various groups of buyers is:
 
First-Time Buyers: Lower down payments, more competitive interest rates, and easier qualification make it simpler to purchase a first home.
Move-Up Buyers: Finance larger homes without the need for jumbo loans, reducing costs.
High-Cost Area Buyers: Afford homes in expensive regions without crossing into jumbo territory.
Investors & Repeat Buyers: Benefit from lower monthly payments and better loan terms to expand portfolios.
Avenir Events Update
Pumpkin Pie Giveaway at Roundabout Books!
Avenir Realty Holiday Party: a cooking class by Molly from Wit & Thyme!
Property Spotlight: 60470 Arnold Market Road, Bend
This SE Bend property on 18.7 acres is a tremendous value for not only the 4,556 SF home with 5 bedrooms and Cascade Mountain views, but also for the elegant pool, a spacious shop with guest quarters & RV parking, a barn, and 11.5 acres of water rights. See all photos here!
Neighborhood Spotlight: Broken Top
Broken Top is a serene, gated golf community in Bend’s West side with a mix of luxury homes, townhomes and natural beauty. The community features a private championship golf course (membership not required), a beautiful Clubhouse, pool, park and miles of paved walking paths. Ask me for a list of Broken Top homes for sale!
 
Visit www.AvenirRealtyGroup.com to see more neighborhoods we love. What others would you like to see?
Local News
The best things to do in Bend for December
Walking in a winter wonderland sounds cool, but Bend can do even better. How about biking, sledding, snowshoeing, skiing, snowboarding, skiing, ice skating, dog sledding, golfing, even surfing in a […]
Habitat for Humanity to open ReStore in Redmond
Bend-Redmond Habitat for Humanity plans to reopen its Redmond ReStore in summer 2025, the organization announced Thursday.
How to navigate the winter market
The real estate market, like the seasons, experiences its own ebbs and flows. While spring and summer often bring a flurry of activity, winter tends to see a slowdown. But don't let the frosty air cool your real estate goals...
Energy-efficient upgrades for a warmer winter
As the days grow shorter, there's no time to lose in preparing your home for the winter months ahead...
Avenir Realty's Latest Real Estate Activity
LB: Laura Blossey, FW: Frank Wood
AC: Angie Cox, AW: Amanda Wrenn,
TE: Traci Engel HB: Heather Blaine
SS: Stephen Saunders.
 
LOOKING FOR YOUR NEXT HOME?
Customize your own search here:
Active (LB)
$5,249,000
Active (LB)
$3,495,000
Tumalo Tranquility
Active (LB)
$3,195,000
Active (LB)
$2, 999,000
Active (LB)
$2,190,000
Active (LB & TE)
$1,795,000
Active (AC)
$1,350,000
Lincoln City Getaway
Active (LB)
$1,195,000
Active (LB & AC)
$699,999
Active (LB)
$649,000
Butler Market
Active (AC)
$315,000
Active (FW)
$315,000
Active (FW)
$309,000
Active (AC)
$ 65,000
SOLD (LB & SS)
$1,667,000
SOLD (LB)
$1,485,000
Pending (LB)
$645,000
Larkspur Area
SOLD (LB)
$635,000
"Off Brookswood"
Powers Rd
SOLD (SS)
$630,000
Pending (LB)
$599,900
Pending (FW)
$290,000
Laura Blossey
Founder and Principal Broker
 
949-887-4377
Lic# 201204340
All information deemed reliable but not guaranteed. If your property is listed with a real estate broker, this is not a solicitation of brokerage services. Laura Blossey, License 201204340, Avenir Realty.
 
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1051 NW Bond St., #410
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