Aurora Real Estate Market Update
Limited inventory continues in January in the Aurora Real Estate making it a great time to sell your home. Limited supply has helped an increase in median sales price as well as dropping the market times for condos/townhomes. It is a great time for sellers, as months’ supply continue to decrease putting sellers in an advantageous negotiating position yielding higher sales prices.
Aurora Home Sales
80 single family homes and 37 condo/town homes closed in January. Compare that to the 84 single family home closings at the same time last year and you’ll find a slight decrease of about 5% in the number of single family homes sold. Condo and townhome sales in January increased by 6% from last year with 37 closings this year, compared to the 35 that sold at the same time last year.
Aurora Sales Price
During January 2018, there was a noted increase in median sales price for single family homes of nearly 6% with a median sales price of $173,950 this year compared to $164,125 last year. Condo/townhomes saw their median sales price raise to $165,000 this year compared to $153,900 this time last year, or a 7% increase.
Aurora Market Times
Market times for single family homes in Aurora increased this year, where condos/townhomes saw a decrease. Single family homes were on the market for 44 days at the end of January 2018, compared to 43 days on the market in January 2017 or a 2% increase. Condo/townhome market times saw a smaller decrease of 32% this January with 13 days on the market, compared to the 19 days we saw at this time last year.
Aurora New Listings
During January 2018, 155 single family homes were listed for sale in Aurora, compared to the 131 new listings last year, an increase of 18%. New condo/town home listings have had an noted decrease of 18% with 54 new listings this January compared to the 66 last year at this time.
Aurora Months Supply
Aurora single family home inventory decreased by 15% this January, dropping to 1.7 months supply of homes for sale. The months supply of Aurora single family homes for sale at the same time last year was 2.0 months. The months supply of condos/townhomes in Aurora is super low with only 0.9 months supply for sale, down an amazing 44% from last January when there were 1.6 months of supply. Anything under a 5 months supply is considered favorable conditions for sellers.