Aurora Real Estate Market Conditions: May 2018

Aurora Real Estate Market Update

The Aurora Real Estate market begins to sputter in May. There was a decrease in both single family homes and condo/townhomes in home sales, market times, and months supply. Sales price and new listings remained stagnant from last May.

Aurora Home Sales

162 single family homes and 68 condo/town homes closed in May. Compare that to the 178 single family home closings at the same time last year and you’ll find an decrease of about 9% in the number of single family homes sold. Condo and townhome sales in May decreased by 36% from last year with 68 closings this year, compared to the 106 that sold at the same time last year.

Aurora Sales Price

During May 2018, there was a slight increase in median sales price for single family homes of just over 1% with a median sales price of $243,250 this year compared to $240,000 last year. Condo/townhomes saw their median sales price slightly increase to $169,900 this year compared to $168,800 this time last year, or a 1% 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 8 days at the end of May 2018, compared to 16 days on the market in May 2017 or a 50% decrease. Condo/townhome market times saw a decrease of 45% this May with 6 days on the market, compared to the 11 days we saw at this time last year.

Aurora New Listings

During May 2018, 276 single family homes were listed for sale in Aurora, compared to the 277 new listings last year, a slight decrease of 1%. New condo/town home listings have had a noted increase of 4% with 112 new listings this May compared to the 108 last year at this time.

Aurora Months Supply

Aurora single family home inventory decreased by 22% this May, dropping to 2.1 months supply of homes for sale. The months supply of Aurora single family homes for sale at the same time last year was 2.7 months. The months supply of condos/townhomes in Aurora is super low with only 1.4 months supply for sale, down 7% from last May when there were 1.5 months of supply. Anything under a 5 months supply is considered favorable conditions for sellers.

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