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