Aurora Real Estate Market Conditions: May 2017
Aurora Real Estate Market Update
The Aurora Real Estate Market continues to pick up in May with both single family sales and 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 they are able to capitalize on limited supply driving market times down and raising sales price.
Aurora Home Sales
174 single family homes and 105 condo/town homes closed in May. Compare that to the 183 single family home closings at the same time last year and you’ll find a decrease of about 5% in the number of single family homes sold. Condo and townhome sales in May increased by 24% from last year with 105 closings this year, compared to the 85 that sold at the same time last year.
Aurora Sales Price
During May 2017, there was a noted increase in median sales price for single family homes of 12% with a median sales price of $240,000 this year compared to $213,500 last year. Condo/townhomes saw their median sales price raise to $169,100 this year compared to $155,000 this time last year, or a 9% 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 54 days at the end of May 2017, compared to 69 days on the market in May 2016 or a 22% decrease. Condo/townhome market times saw a decrease of 9% this May with 49 days on the market, compared to the 54 days we saw at this time last year.
Aurora New Listings
During May 2017, 276 single family homes were listed for sale in Aurora, compared to the 247 new listings last year, an increase of 12%. New condo/town home listings have had an increase by 9% with 108 new listings this May compared to the 99 last year at this time.
Aurora Months Supply
Aurora single family home inventory decreased significantly by 29% this May, 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 3.4 months. The months supply of condos/townhomes in Aurora is super low with only 1.3 months supply for sale, down 48% from last May when there were 2.5 months of supply. Anything under a 5 months supply is considered favorable conditions for sellers.