Fresh figures were just released on Oregon’s real estate market by the Regional Multiple Listing Service, or RMLS. To put the results in a nautical vernacular, we remain ‘steady as she goes.’
Let’s begin with greater Portland, where our backlog of home supply is unchanged at 1.8 months.
This means greater Portland’s housing supply remains well below the oft-suggested ‘normal’ range of 3 to 6 months, especially when compared to years past. When the pipeline of homes is this low, it suggests we remain squarely in a ‘seller’s market.’
Along with housing inventory, home prices are another helpful indicator of market direction. The above chart is evidence of greater Portland’s sustained price growth, providing more confirmation of a ‘seller’s market.’ Most recent figures show an overall regional home price increase around greater Portland of 7.1%.
Greater Salem is also experiencing stable growth, as evidenced by little change in a relatively modest housing supply of 3.9 months as seen above, matched with an overall trend of increased home prices, seen below.
Most recent figures show an overall regional home price increase around greater Salem of 8.4%. Click here for the free latest complete Salem area real estate report, which includes Woodburn, or on the Market Action image below.
Given our location between Salem and Portland, Aurora routinely experiences a mix of both markets. While figures specific to Aurora are sparse, the bottom line is that greater Marion County home values have risen a grand total of 7.8% over the past year.
Neighboring Community Comparisons
Greater Canby came in with an annual home price increase of 11.2% and neighboring Wilsonville saw a home price increase of 9.5% during that same period. As a result, Aurora and our region remains on an upward trend. Click here and view page two for specifics about the latest housing figures that include Aurora.
Time to Sell?
Thinking about selling your Aurora, Oregon property in this hot seller’s market? Whether you live in Aurora or somewhere else in Oregon, our AuroraOregon.com sponsor, Certified Realty can help with a free consultation, provide information on your Oregon property’s value, or answer questions about steps in the home selling process.
Contact Certified Realty using the convenient form below, or call (503) 682-1083 today for smooth sailing ahead!