Aurora Real Estate Market Update
The Aurora Real Estate slows in November. There was a decrease in both single family homes and condo/town homes across the in home sales price while showing an increase in months supply. Some noted sign of life was an increase in number of new listings for both single family and condo/town homes. Sellers have begun to realize the environment for their listings and may be a result of the increase in new listings.
Aurora Home Sales
109 single family homes and 53 condo/town homes closed in November. Compare that to the 130 single family home closings at the same time last year and you’ll find an decrease of about 16% in the number of single family homes sold. Condo and townhome sales in November increased from last year with 53 closings this year, or about a jump of 10%, compared to the 48 that sold at the same time last year.
Aurora Sales Price
During November 2018, there was a decrease in median sales price for single family homes of just over 2% with a median sales price of $194,000 this year compared to $190,000 last year. Condo/townhomes saw their median sales price slightly decrease to $160,000 this year compared to $176,000 this time last year, or about a 9% decrease.
Aurora Market Times
Market times for single family homes increased where condos/townhomes in Aurora decreased this year. Single family homes were on the market for 56 days at the end of November 2018, compared to 50 days on the market in November 2017 or a 12% increase. Condo/townhome market times significantly decreased this November with 40 days on the market, compared to the 48 days we saw at this time last year or about a 17% drop.
Aurora New Listings
During November 2018, 149 single family homes were listed for sale in Aurora, compared to the 140 new listings last year, an increase of 6%. New condo/town home listings have had an increase of 7% with 58 new listings this November compared to the 54 last year at this time.
Aurora Months Supply
Aurora single family home inventory increased by 29% this November, jumping to 2.7 months supply of homes for sale. The months supply of Aurora single family homes for sale at the same time last year was 2.1 months. The months supply of condos/townhomes in Aurora is jumped to 2.0 months supply for sale, up 43% from last November when there were 1.4 months of supply. Anything under a 5 months supply is considered favorable conditions for sellers.