Aurora Real Estate Market Conditions: December 2016

Aurora Real Estate Market Update

The Aurora Real Estate Market slows in December with single family sales decreasing and condo/town homes sales with a slight increase. Limited supply has helped a large increase in median sales price for condo/town homes. It is a great time for sellers, especially those looking to sell condo/town homes as they are able to capitalize on limited supply driving market times down and raising sales price.

Aurora Home Sales

104 single family homes and 58 condo/town homes closed in December. Compare that to the 141 single family home closings at the same time last year and you’ll find a decrease of 26% in the number of single family homes sold. Condo and townhome sales in December increased slightly by than 12% from last year with 58 closings this year, compared to the 52 that sold at the same time last year.

Aurora Sales Price

During December 2016, there was a nominal decrease in median sales price for single family homes of 0.3% with a median sales price of $176,500 this year compared to $177,000 last year. Condo/townhomes saw their median sales price raise to $159,000 this year compared to $126,000 this time last year, or a 26% 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 90 days at the end of December, compared to 97 days on the market in December 2015. Condo/townhome market times decreased massively by 52% this December with 50 days on the market, compared to the 105 days we saw at this time last year.

Aurora New Listings

During December 2016, 74 single family homes were listed for sale in Aurora, compared to the 91 new listings last year, a slight decrease of 23%. New condo/town home listings have had a major decrease by 50% with 21 new listings this December compared to the 42 last year at this time.

Aurora Months Supply

Aurora single family home inventory decreased significantly by 44% this December, dropping to 1.9 months supply of homes for sale. The months supply of Aurora single family homes for sale at the same time last year was 3.4 months. The months supply of condos/townhomes in Aurora is super low with only 1.3 months supply for sale, down 56.6% from last December when there were 3.0 months of supply. Anything under a 5 months supply is considered favorable conditions for sellers.

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