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.

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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%.

Aurora, Oregon Real Estate Update

New Aurora, Oregon home sales figures from Ticor Title show a drop in our local median list price, with an increase in the average days on the market.

Aurora Oregon, 97002, Oregon Aurora
Click Image For Report

View this complete latest Aurora, Oregon real estate report here or click on the image above.

Aurora, Oregon Real Estate News

 

A recent report on Aurora, Oregon real estate provides some very interesting insights into our current market. The new study includes local market data on Aurora for easy comparison with neighboring towns.

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Notable New Aurora, Oregon Real Estate Stats In Red-Click Image To Enlarge

In the table above, several key elements are circled in red, showing where Aurora is a standout in several categories.

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Some Aurora History

Here’s a summary of the latest report with key information on our Aurora, Oregon real estate market:

Fewer Homes Are Sold In Aurora, Oregon
With just 9 properties sold last month in the survey, Aurora is behind only Hubbard’s 8 sold properties in having the fewest local home sales. Woodburn enjoys the distinction of most local homes sold, far outpacing the closest runner-up, #2 Silverton.

Aurora, Oregon Homes Are Big!
Aurora homes that sold last month averaged 2,153 square feet of living space. That figure dwarfs Woodburn (1,355 square feet) and Canby (1,530 square feet). Closest to Aurora’s large average home size was #2 Silverton at 1,985 square feet.

Aurora, Oregon Homes Are More Expensive
Related to Aurora’s larger average sold home size, Aurora also has the highest average selling price of all neighboring communities listed in the survey at $275,588. This is more than twice Woodburn’s average home price of $138,073. Closest to Aurora’s price was Canby at $262,637.

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Oregon’s Choice Since 1950!

Thinking About Selling Your Aurora, Oregon Property?
The experts at Certified Realty will provide you with a FREE report on what your home could sell for in today’s market. Certified Realty is Oregon’s choice since 1950, with features like dual multiple listing coverage for maximum marketing of your Aurora property. Dual multiple listing gets the word out to more qualified buyers about your property, so it routinely translates to a higher selling price, plus a faster closing.

Now’s The Time!
With nice weather and fewer competing homes on the market, now is a great time to contact the Aurora experts and our AuroraOregon.com sponsor, Certified Realty using the convenient contact form below.