Aurora Real Estate Market Update
The Aurora Real Estate Market continues to move up in September with condo/town homes sales price increasing. Limited supply has helped an increase in median sales price for both single family and condo/town homes. It is a great time for sellers, as market times and months’ supply continue to decrease putting sellers in an advantageous negotiating position yielding higher sales prices.
Aurora Home Sales
136 single family homes and 76 condo/town homes closed in September. Compare that to the 143 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 September increased by 13% from last year with 76 closings this year, compared to the 67 that sold at the same time last year.
Aurora Sales Price
During September 2017, there was a noted increase in median sales price for single family homes of nearly 12% with a median sales price of $201,000 this year compared to $180,000 last year. Condo/townhomes saw their median sales price raise to $162,250 this year compared to $152,500 this time last year, or a 6% 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 24 days at the end of September 2017, compared to 36 days on the market in September 2016 or a 33% decrease. Condo/townhome market times saw a decrease of 35% this September with 13 days on the market, compared to the 20 days we saw at this time last year.
Aurora New Listings
During September 2017, 181 single family homes were listed for sale in Aurora, compared to the 185 new listings last year, a decrease of 2%. New condo/town home listings have had an increase by 3% with 78 new listings this September compared to the 72 last year at this time.
Aurora Months Supply
Aurora single family home inventory decreased significantly by 29% this September, dropping to 2.2 months supply of homes for sale. The months supply of Aurora single family homes for sale at the same time last year was 3.1 months. The months supply of condos/townhomes in Aurora is super low with only 1.5 months supply for sale, down 29% from last September when there were 2.1 months of supply. Anything under a 5 months supply is considered favorable conditions for sellers.