Aurora Real Estate Market Conditions: March 2017

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Aurora Real Estate Market Update

The Aurora Real Estate Market begins to pick up in March with both single family homes and condo/town homes sales 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

146 single family homes and 73 condo/town homes closed in March. Compare that to the 128 single family home closings at the same time last year and you’ll find an increase of 14% in the number of single family homes sold. Condo and townhome sales in March also increased slightly by 6% from last year with 73 closings this year, compared to the 69 that sold at the same time last year.

Aurora Real Estate Market closed sales

Aurora Sales Price

During March 2017, there was a noted increase in median sales price for single family homes of 15% with a median sales price of $195,000 this year compared to $170,000 last year. Condo/townhomes saw their median sales price raise to $158,000 this year compared to $149,000 this time last year, or a 6% increase.

Aurora Real Estate Market median sales price

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 92 days at the end of March 2017, compared to 96 days on the market in March 2016 or a 4% decrease. Condo/townhome market times saw a decrease of 23% this March with 69 days on the market, compared to the 90 days we saw at this time last year.

Aurora Real Estate Market average market time

Aurora New Listings

During March 2017, 251 single family homes were listed for sale in Aurora, compared to the 293 new listings last year, a small decrease of 14%. New condo/town home listings have had a decrease by 21% with 103 new listings this March compared to the 131 last year at this time.

Aurora Real Estate Market new listings

Aurora Months Supply

Aurora single family home inventory decreased significantly by 35% this March, 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 3.4 months. The months supply of condos/townhomes in Aurora is super low with only 1.3 months supply for sale, down 57% from last March when there were 3.0 months of supply. Anything under a 5 months supply is considered favorable conditions for sellers.

Aurora Real Estate Market months supply

#AuroraRealEstate #AuroraRealEstateMarket

Arif Molla

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