There are many possible words to describe people, places, things and events. A recent shift in Oregon real estate brings to mind the word ‘breathtaking.’
And while that’s a term normally reserved for the Grand Canyon or certain Hollywood starlets, ‘breathtaking’ also conjures the notion of astonishment, breaking fresh ground, being out of the ordinary, or of something newly discovered.
Rarity Underscores Breathtaking
Given the new and dramatic change in one particular key Oregon housing factor, what we’re now observing as a regional housing trend surrounding Aurora, Oregon is ‘breathtaking’ to many real estate professionals. One reason is because the last time we saw a similar shift was clear back in the 1990’s, nearly two decades ago.
Oregon Housing Inventory
‘Normal’ real estate markets are calculated in months of supply and typically range in the neighborhood of 3 to 6 months of housing inventory. Remember that 3 to 6 month range, then see where we are now:
Simply put, this new data indicates that where things sit today, greater Portland would be ‘out of homes’ to purchase in a mere 36 days. And not even greater Salem, which routinely sees higher inventory levels than greater Portland, has escaped the drop:
What This Means
Given our location equidistant to both Salem and Portland markets, the Aurora, Oregon housing market is a bit mixed in how we’re affected. As a general rule of thumb, if your Aurora property is located within Clackamas County, expect to more closely reflect the Portland market. Marion County properties typically align more with the Salem market. Either way, housing demand is up and supply is way down.
A Big Question
Could these current low inventory figures significantly increase anytime soon? Certainly. But they could also drop even lower. For the moment and with fewer properties available for purchase, such drops in an already-low home supply routinely bring with them a rise in prices. This further stokes a ‘seller’s market.’
With both major regional housing markets in such short supply, now could be the time to consider selling. A seller’s market is typically the best time of all to sell real estate. In addition, interest rates remain near all-time lows. This makes your property even more attractive, since buyers can afford ‘more house for less money.’
It’s Your Move
For more information about the local market near you, click here for the latest home figures around the Portland metro area and click here for new housing stats on the Salem metro area. Each report has specifics on page 2 for your Oregon town or neighborhood, including areas surrounding Aurora.
Thinking about selling your Oregon home or other real estate? Contact AuroraOregon.com sponsor, Certified Realty using the convenient form below for a free consultation on what your property could sell for in today’s exciting real estate market.