Aurora Real Estate Market Update
The Aurora Real Estate Market slows in July with single family sales down, but condo/townhome sales prices increased. The number of new townhome listings has increased however single family listings has seen a slight drop. With such limited inventory for both single family homes and town homes it is a terrific time for sellers to capitalize on the current market conditions.
Aurora Home Sales
172 single family homes and 72 condo/town homes closed in July. Compare that to the 183 single family home closings at the same time last year and you’ll find a decrease of about 6% in the number of single family homes sold. Condo and townhome sales in July decreased by 18% from last year with 72 closings this year, compared to the 88 that sold at the same time last year.
Aurora Sales Price
During July 2017, there was a slight decrease in median sales price for single family homes of 2% with a median sales price of $219,500 this year compared to $224,000 last year. Condo/townhomes saw their median sales price raise to $172,500 this year compared to $159,250 this time last year, or an 8% 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 47 days at the end of July 2017, compared to 70 days on the market in July 2016 or an 33% decrease. Condo/townhome market times saw a decrease of 64% this July with 22 days on the market, compared to the 61 days we saw at this time last year.
Aurora New Listings
During July 2017, 195 single family homes were listed for sale in Aurora, compared to the 218 new listings last year, a decrease by nearly 11%. New condo/town home listings have had an increase by 16% with 99 new listings this July compared to the 85 last year at this time.
Aurora Months Supply
Aurora single family home inventory decreased significantly by 24% this July, dropping to 2.5 months supply of homes for sale. The months supply of Aurora single family homes for sale at the same time last year was 3.3 months. The months supply of condos/townhomes in Aurora is super low with only 1.5 months supply for sale, down 35% from last July when there were 2.3 months of supply. Anything under a 5 months supply is considered favorable conditions for sellers.