Fresh figures on Aurora, Oregon real estate from Ticor Title Company were just released. This new data includes helpful information like median home list price, average days on market and the percent of homes with a price reduction.
Predictions on Aurora’s real estate market are difficult to make with great accuracy. Take, for example, local weather forecasts. Even when armed with advanced technology like detailed satellite images, plus wind, barometric and temperature data, weather forecasters can get it wrong…and that’s for predictions merely a week or two away!
Predicting Aurora’s Real Estate Trends Now imagine the difficulty in predicting local real estate market activity a full year into the future. Along with seasonal influences, other challenges in real estate forecasting include changing mortgage interest and employment rates, ever-shifting home inventory levels, plus a myriad of lending regulations and the mysteries of the Federal Reserve’s monetary policy, just to name a few. Little wonder, then that some view real estate predictions as akin to flipping a coin or using a dart board.
Real Estate Forecasting: What Can Work While not foolproof, one generally helpful tool for predicting future real estate trends can be past real estate trends. Major unpredictable shifts occasionally occur, but the key word here is occasionally.
For example, the Great Recession that hit Aurora and the rest of the country starting around 2007-2008 was our nation’s worst economic downturn since 1929. Thankfully we haven’t seen such financial meltdowns every year, or every decade, or even every half century. So aside from similar cataclysmic shifts, a certain degree of real estate predictability is possible.
Four Key Reasons For Aurora, Oregon Real Estate Optimism In 2015 Several factors are coming together to provide for an optimistic New Year in our area. As you’ll see, some factors are under federal control and others occur locally, but each has an impact on Aurora real estate. So if you’ve held off selling your Aurora area home, here are four of them that portend a good 2015:
1. Credit Scores Loosen Most homebuyers need a home loan, generally known as a mortgage. The good news is that mortgage credit is becoming more available as lenders loosen credit requirements.
3. Consumer Optimism Recent figures from the National Association of Realtors confirm homebuyers are now more optimistic. This includes Oregon. When it comes to single family homes, the ‘Confidence Index’ chart below shows most states now have a majority level of optimism in their region.
4. Home Inventory Remains Low Thanks in part to the reduced level of local new construction, home inventory in our region is still near historic lows. Our most recent survey shows we have 3.2 months of housing backlog. This suggests we have more buyers than sellers. As a result, Aurora homesellers can take advantage of what remains largely a ‘seller’s market’ heading into 2015.
Ride The Tide Our regional real estate market has changed. Experts predict home price growth to continue at a steady, albeit slower pace through 2015. If you’ve held off selling your Aurora home because you were ‘under water,’ or concerned about the market being too low, now is a good time to consider re-evaluating.
Aurora Home Price Forecasting Complications
Price forecasting for Aurora is complicated by the fact that part of Aurora is located in Marion County, which according to the Regional Multiple Listing Service (RMLS) experienced a 15.8% home price increase for 2014, year-to-date. The rest of Aurora is located in a portion of Clackamas County where RMLS reports a 6.5% home price increase over the same time period.
The Bottom Line
For Aurora properties located in Clackamas County, expect home prices to rise approximately 3% to 5% in 2015. For Aurora properties inside Marion County, expect 2015 home price appreciation of between 6% to 8%.
This new report shows an increase in the median list price of Aurora properties from $771,500 earlier this month up to $798,000. The average market time for an Aurora, Oregon home is now 254, or between 8 and 9 months.
Market times are typically shorter for Aurora homes in price ranges significantly below Aurora’s relatively high median list price.
Thinking about selling your Aurora, Oregon property? Contact our sponsor, Certified Realty using the contact form below for a FREE report on what your property could sell for in today’s market.
A very telling article was recently released in a national real estate journal. In just two images, it explains why the vast majority of homesellers work with a Realtor.
The infographic on the left shows the huge percentage of homesellers who hire a Realtor.
The infographic on the right shows why. Homesellers average a 25% higher selling price with a Realtor.
Thinking about selling your Oregon property? Don’t leave money on the table. Certified Realty is AuroraOregon.com’s sponsor and Oregon’s choice since 1950. Contact Certified Realty for a FREE report on what your Aurora, Oregon home could sell for in today’s market using the convenient form below.
Contact Certified Realty for a FREE report on what your home could sell for in today’s market using the convenient contact form below.
According to this new survey, the median list price for an Aurora, Oregon home is now $799,000. The average market time to sell an Aurora home is now 275 days, or around 9 months.
Several factors help explain these figures. Along with our improved local housing market, many Aurora properties included in the report feature acreage, which tends to influence both the higher price and longer market time. And with a median house size of 3,294 square feet, Aurora, Oregon homes are considerably larger than average.
Have you considered selling your Aurora, Oregon property? Contact our sponsor, Certified Realty using the convenient form below for a FREE report on what your property could sell for in today’s market. Family owned and operated since 1950, Certified Realty specializes in the sale of Aurora, Oregon properties.