Aurora Real Estate Market Update
The Aurora Real Estate continues its growth in August. There was an increase in median sales price for both single family homes and condo/town homes sold in August 2018. In addition, a decrease in market times for both property types makes the market perfect for sellers to capitalize. Sellers have begun to capitalize on these conditions with an increase in new listings for both single family homes and condo/town homes. Months supply remains critically low for both single family homes and condo/town homes continuing to be a marketplace for sellers.
Aurora Home Sales
195 single family homes and 68 condo/town homes closed in August. Compare that to the 197 single family home closings at the same time last year and you’ll find an decrease of about 1% in the number of single family homes sold. Condo and townhome sales in August took a dip from last year with 68 closings this year, or about a drop of 31%, compared to the 99 that sold at the same time last year.
Aurora Sales Price
During August 2018, there was an increase in median sales price for single family homes of just over 11% with a median sales price of $239,900 this year compared to $217,000 last year. Condo/townhomes saw their median sales price slightly increase to $178,000 this year compared to $168,000 this time last year, or about a 6% increase.
Aurora Market Times
Market times for both single family homes and condos/townhomes in Aurora decreased this year. Single family homes were on the market for 45 days at the end of August 2018, compared to 53 days on the market in August 2017 or a 15% decrease. Condo/townhome market times dropped significantly this August with 27 days on the market, compared to the 44 days we saw at this time last year or a 39% drop.
Aurora New Listings
During August 2018, 240 single family homes were listed for sale in Aurora, compared to the 210 new listings last year, an increase of 14%. New condo/town home listings have had an increase of 3% with 107 new listings this August compared to the 104 last year at this time.
Aurora Months Supply
Aurora single family home inventory decreased by 4% this August, dropping to 2.6 months supply of homes for sale. The months supply of Aurora single family homes for sale at the same time last year was 2.7 months. The months supply of condos/townhomes in Aurora is super low with only 2.0 months supply for sale, up 18% from last August when there were 1.7 months of supply. Anything under a 5 months supply is considered favorable conditions for sellers.
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