LAURA GARCIA’S 2024 YEAR END REPORT 

ORTEGA REAL ESTATE MARKET UPDATE

In 2024, we survived two major hurricanes, the presidential election, and extended 7-percent interest rates. 2024 was the first year that control of the market started to shift to home buyers. Buyers had the upper hand in negotiations as home sat on the market and sellers’ desperation grew. The realization that interest rates would not fall caused more potential buyers to stay put and make their current home (and 2.5% mortgage rate) work. As the pool of home buyers decreased, numerous real estate markets grew to 6 months or more of available inventory. These current trends are expected to continue into 2025.

Ortega Fast Stats

39 Days. Properties sold faster in 2024 compared to 61 days in 2023.

$356 Average Price Per Square Foot. The average price per square foot increased from $253 in 2023.

32 Total Sold Properties in 2024. 2024 saw a decrease in inventory sold – 37 properties sold in 2023.

5.5 Months of Available Inventory. Four to six months of inventory is considered a balanced market – neither buyer nor seller are favored.

ORTEGA STATS BY DWELLING TYPE

Single Family Homes Over 2000 SQ FT Average Sales Price: $906,604

Single Family Homes Under 2000 SQ FT Average Sales Price: $425,771

Waterfront Average Sales Price: $2,600,000

Current Listings: 8 Active Listings. 2 Pending Listings.

* All data is based on information from the NEFAR MLS as of 1-14-2025.

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