As we close out 2024, we want to take a moment to reflect on the year and share what’s ahead for 2025. I think we can all agree, this past year was a challenging one for our industry. The political and economic landscape presented constant hurdles, with interest rates reaching a level of volatility we've never experienced before. Additionally, the National Association of Realtors settled a significant lawsuit that has brought dramatic changes to how we conduct business. One major shift requires buyers to sign a broker compensation agreement before viewing a home, a change that hasn’t been well-received by most home shoppers. Another key change is that sellers can no longer offer buyer broker compensation on the MLS. Fortunately, we’ve found that level-headed sellers are still willing to negotiate paying buyer brokers as part of the transaction.
Amid all this industry-wide turbulence, our team faced its own share of changes. While it was difficult to say goodbye to some wonderful colleagues who decided to leave the industry, we were fortunate to welcome two new team members who bring incredible energy and expertise to our group.
We are beyond thrilled to welcome Jayme Foster and Andy Taylor to our growing team. Jayme is a highly experienced and well-respected Realtor with an exceptional wealth of knowledge and expertise. Andy, one of our favorite lenders, has spent many years in the lending world and has now made the exciting transition into real estate sales. Andy is a true asset to the team, offering valuable insight into both the lending and real estate sides of every transaction. Both Jayme and Andy embody the core values of our team: honesty, integrity, and knowledge. We strive to provide exceptional service and care to each and every client—before, during, and after escrow. As Realtors, we understand that real estate transactions can be overwhelming, especially when faced with obstacles or tough decisions. Our role is to help guide our clients through those challenges, offering both expert advice and support along the way. As we look to 2025, I’m hopeful for a year of greater stability and continued success for our team and our clients!
2024 Market Recap
The real estate market in our region demonstrated remarkable resilience, with rising home prices and steady sales activity despite shifting economic conditions. Median sales prices climbed by 4-7% across most local markets, reflecting strong buyer demand amid persistently limited inventory. Mortgage rates, a key factor shaping market trends, rose from about 6.6% at the end of 2023 to just under 7% by December 2024. These higher rates created challenges for some buyers but did not significantly dampen overall activity. Many homeowners with existing mortgages in the 3% range remain reluctant to sell, contributing to ongoing inventory constraints. Although we continue to refer to today’s rates as “high,” it’s worth noting that the average 30-year mortgage rate over the last 40 years has been approximately 7.72%, according to Trading Economics—placing current rates within a historically normal range.
Inventory levels improved slightly in 2024, with active listings in Butte County up 13.85%. However, homes continued to sell quickly, with median days on the market dropping by 10%. This ongoing imbalance between supply and demand is likely to sustain upward pressure on prices into 2025. Buyers should be prepared to act quickly when opportunities arise, while sellers can benefit from strong demand and rising prices. As always, partnering with a trusted real estate professional is essential to navigating this dynamic market successfully.
Team Highlights
As a team, we had some fun giving back and celebrating together. We hosted our annual blood drive, collecting 23 successful donations to help save 69 lives! We also sponsored the Salvation Army Color Run, where we braved the rain running alongside our families and community, and participated in the Habitat for Humanity Golf Tournament. Beyond work, we made time to connect and recharge with team gatherings like Kristin’s BBQ swim party and countless potluck team meetings. These moments are a reminder that our team isn’t just made up of coworkers; they’ve truly become like family.
Looking Ahead to 2025
We are committed to being more than just real estate professionals—we are trusted advisors, here to ensure that our clients feel confident and informed through every step of their journey. We would love to help you, your family, and friends in 2025!
Wishing you a happy and prosperous New Year!
