Aurora Real Estate Market Update
The Aurora Real Estate market continues to sputter in February. Although market times and months supply continue to decrease, there is also a decrease in sales price and new inventory. Sellers can take advantage of this time in the market with limited new inventory and market time and months supply very, very low a seller holds a greater position in terms of negotiating.
Aurora Home Sales
75 single family homes and 39 condo/town homes closed in February. Compare that to the 88 single family home closings at the same time last year and you’ll find a slight decrease of about 15% in the number of single family homes sold. Condo and townhome sales in February increased by 11% from last year with 39 closings this year, compared to the 35 that sold at the same time last year.
Aurora Sales Price
During February 2018, there was a noted decrease in median sales price for single family homes of nearly 5% with a median sales price of $180,000 this year compared to $189,950 last year. Condo/townhomes saw their median sales price drop to $165,000 this year compared to $172,250 this time last year, or a 4% decrease.
Aurora Market Times
Market times for single family homes in Aurora decreased this year, where condos/townhomes saw a large increase. Single family homes were on the market for 32 days at the end of February 2018, compared to 52 days on the market in February 2017 or a 39% decrease. Condo/townhome market times saw a large increase of 105% this February with 39 days on the market, compared to the 19 days we saw at this time last year.
Aurora New Listings
During February 2018, 142 single family homes were listed for sale in Aurora, compared to the 191 new listings last year, a decrease of 26%. New condo/town home listings have had a noted decrease of 5% with 73 new listings this February compared to the 77 last year at this time.
Aurora Months Supply
Aurora single family home inventory decreased by 27% this February, dropping to 1.6 months supply of homes for sale. The months supply of Aurora single family homes for sale at the same time last year was 2.2 months. The months supply of condos/townhomes in Aurora is super low with only 0.9 months supply for sale, down an amazing 40% from last February when there were 1.5 months of supply. Anything under a 5 months supply is considered favorable conditions for sellers.