Aurora Real Estate Market Update
The Aurora Real Estate Market remains slow in January with single family sales slightly increasing and condo/town homes sales decreasing. Limited supply has helped increase median sales prices for condos/town homes. It is a great time for sellers, especially those looking to sell condo/town homes as they are able to capitalize on limited supply driving market times down and raising sales price.
Aurora Home Sales
84 single family homes and 34 condo/town homes closed in January. Compare that to the 81 single family home closings at the same time last year and you’ll find a slight increase of 4% in the number of single family homes sold. Condo and townhome sales in January decreased by 17% from last year with 34 closings this year, compared to the 41 that sold at the same time last year. That decrease is mostly likely being driven by the shortage of properties for sale.
Aurora Sales Price
During January 2017, there was a noted increase in median sales price for single family homes of 12% with a median sales price of $164,125 this year compared to $146,500 last year. Condo/townhomes saw their median sales price rise to $152,950 this year compared to $145,000 this time last year, or a 5.5% 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 78 days at the end of January 2017, compared to 105 days on the market in January 2016 or nearly a 26% decrease. Condo/townhome market times saw a similar decrease of 24% this January with 55 days on the market compared to the 72 days we saw at this time last year.
Aurora New Listings
During January 2017, 124 single family homes were listed for sale in Aurora, compared to the 184 new listings last year, a large decrease of 33%. New condo/town home listings have decreased by 26% with 64 new listings this January compared to the 86 last year at this time.
Aurora Months Supply
Aurora single family home inventory decreased significantly by 50% this January, dropping to 1.7 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 1.4 months supply for sale, down 48% from last January when there were 2.7 months of supply. Anything under a 5 months supply is considered favorable conditions for sellers and there is no question that Aurora home sellers are in a great position now.