Aurora, Oregon Real Estate: Steady

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.’

Woodburn, Woodburn Oregon, Woodburn OR, 97071, Woodburn Homes, Woodburn Real Estate, Woodburn Houses, Oregon WoodburnFor a helpful comparison, here’s a summary of our regional markets, including Portland, Salem and greater Aurora.

Portland Metro
Let’s begin with greater Portland, where our backlog of home supply is unchanged at 1.8 months.

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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.’

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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%. 

marketaction

View the entire new free real estate report on your Portland area town or neighborhood by clicking here or on the Market Action image above.

Salem Metro

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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.

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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.

Oregon Real Estate, Willamette Valley, Willamette Valley Real Estate, Oregon Homes, Oregon Real Estate, Oregon PropertiesAurora, Oregon
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.
Woodburn Homes, Woodburn, Woodburn Oregon, Woodburn Homes For Sale, Woodburn Properties, Woodburn Real Estate, Woodburn Realty, Woodburn Oregon Realty, Woodburn Oregon Properties, Woodburn Oregon Homes, Woodburn Oregon Homes For SaleTime 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.

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Contact Certified Realty using the convenient form below, or call (503) 682-1083 today for smooth sailing ahead!

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Aurora Real Estate: Breathtaking

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.’

Ingrid Style
A different kind of breathtaking: Film star Ingrid Bergman in 1946  (1915 – 1982)

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:

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Portland Home Inventory

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:

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Salem Home Inventory

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.’ 

Advantage: Sellers
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 areaEach 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.

 

A Tale of Two Auroras

New housing figures on our local real estate market were recently released. These stats include both hyper-local and also more regional numbers on things like area home prices, market time and inventory. This first report is from Ticor Title.

Aurora Oregon, 97002, Oregon Aurora, Aurora OR
Click to Enlarge

A ‘Mixed Bag’
Certain Aurora, Oregon housing figures are mixed, depending on where you live around Aurora. This is because part of the 97002 zip code is located in Marion County and the other part is Clackamas County. This is also essentially where the Portland and Salem markets meet. Depending on where an Aurora home is located can affect school districts and commute times. The good news is that Aurora, Oregon home prices are up, no matter which metric is used. 

Housing Inventory
Housing inventory can help determine how fast and how high a real estate market climbs. With fewer homes for sale, prices typically rise. With just 1.7 months of home inventory, the Clackamas County inventory figures for Aurora suggest a continued distinctly ‘seller’s market’ in that area of Aurora.

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Portland Metro Home Inventory – In Months

With 4.8 months of home inventory, the Marion County portion of Aurora remains within the normal range for a ‘balanced market,’ distinctly favoring neither buyers or sellers.

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Salem Metro Home Inventory – In Months

Click here for the latest housing information from the greater Portland metro report, which includes Clackamas County portions of Aurora. Click here for the latest housing information from the Salem metro report, which includes Marion County portions of Aurora.

Attention Aurora, Oregon Home Sellers
Thinking of selling? Prices are up and the market is good. For a free report on your property’s current value, contact the Aurora, Oregon experts and our sponsor, Certified Realty, using the convenient form below.

Aurora, Oregon Home Sales

Multiple listing records confirm five Aurora, Oregon home sales have occurred over the past thirty days.

Aurora Oregon, 97002, Oregon Aurora, Aurora OR
Recent Aurora, Oregon Property Sales – Click Map to Enlarge

Sold prices for these five properties range between $150,500 and $1,500,00. 

Thinking about selling your Aurora, Oregon property? Contact our sponsor, the Aurora specialists at Certified Realty, using the convenient contact form below for a FREE report on what your property could sell for in today’s market! 

Aurora, Oregon Real Estate Update

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.

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Click here or on the above image to view this new report on Aurora, Oregon real estate.

Thinking about selling your Aurora, Oregon property? For a free consultation, contact our sponsor, Certified Realty using the convenient contact form below.

Aurora, Oregon Real Estate: What To Expect In 2015

Feature Article by Realtor Roy Widing

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! 

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Accurately Predicting Weather & Real Estate Trends Can Be Difficult

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.

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Although Fun, Darts Are A Poor Choice For Accurate Real Estate Forecasting

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.

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Regional Home Price Chart Including Clackamas County

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.

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Credit (FICO) Requirements Have Loosened

2. Lower Down Payments
Government-sponsored loans from Fannie Mae and Freddie Mac recently brought out a 3% mortgage option. If conventional lenders also start offering similar low-down payment choices, this could bring more first time homebuyers into the market. This vital Oregon homebuyer group has long been under-represented, with their levels at the lowest since 1987.

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.

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Orange & Red = Strong Single Family Home Consumer Confidence

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.

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Regional Home Inventory Remains Low

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.

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Many Aurora Homeowners Are No Longer ‘Under Water’

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%.