Aurora Real Estate Market Update
The Aurora Real Estate begins to show signs of life in July. There was an increase in median sales price for both single family homes and condo/town homes sold in July 2018. In addition, a decrease in market times for both property types makes the market perfect for sellers to capitalize. Single family home sellers have begun to realize these market conditions resulting in a 26% increase in new listings, however there was a 5% decrease in new listings for 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
167 single family homes and 74 condo/town homes closed in July. Compare that to the 176 single family home closings at the same time last year and you’ll find an decrease of about 5% in the number of single family homes sold. Condo and townhome sales in July slightly increased from last year with 74 closings this year, or about 3%, compared to the 72 that sold at the same time last year.
Aurora Sales Price
During July 2018, there was an increase in median sales price for single family homes of just over 11% with a median sales price of $240,000 this year compared to $216,000 last year. Condo/townhomes saw their median sales price slightly increase to $179,000 this year compared to $172,500 this time last year, or about a 4% 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 14 days at the end of July 2018, compared to 15 days on the market in July 2017 or a 7% decrease. Condo/townhome market times stayed the same this July with 8 days on the market, compared to the 8 days we saw at this time last year.
Aurora New Listings
During July 2018, 245 single family homes were listed for sale in Aurora, compared to the 195 new listings last year, an increase of 26%. New condo/town home listings have had a decrease of 5% with 94 new listings this July compared to the 99 last year at this time.
Aurora Months Supply
Aurora single family home inventory decreased by 14% this July, dropping to 2.4 months supply of homes for sale. The months supply of Aurora single family homes for sale at the same time last year was 2.8 months. The months supply of condos/townhomes in Aurora is super low with only 2.0 months supply for sale, up 18% from last July when there were 1.7 months of supply. Anything under a 5 months supply is considered favorable conditions for sellers.