Aurora Real Estate Market Update
The Aurora Real Estate Market continues to pick up in April with both single family sales and condo/townhome sales price increasing. Limited supply has helped an increase in median sales price for both single family and condo/townhomes. 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
119 single family homes and 56 condo/town homes closed in April. Compare that to the 147 single family home closings at the same time last year and you’ll find a decrease of 19% in the number of single family homes sold. Condo and townhome sales in April also decreased by 16% from last year with 56 closings this year, compared to the 67 that sold at the same time last year.
Aurora Sales Price
During April 2017, there was a noted increase in median sales price for single family homes of 8% with a median sales price of $195,000 this year compared to $181,000 last year. Condo/townhomes saw their median sales price raise to $163,500 this year compared to $153,000 this time last year, or a 7% 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 50 days at the end of April 2017, compared to 91 days on the market in April 2016 or a massive 45% decrease. Condo/townhome market times saw a decrease of 35% this April with 34 days on the market, compared to the 52 days we saw at this time last year.
Aurora New Listings
During April 2017, 219 single family homes were listed for sale in Aurora, compared to the 271 new listings last year, a decrease of 19%. New condo/town home listings have had a decrease by 13% with 103 new listings this April compared to the 118 last year at this time.
Aurora Months Supply
Aurora single family home inventory decreased significantly by 38% this April, dropping to 2.1 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 1.2 months supply for sale, down 56% from last April when there were 2.7 months of supply. Anything under a 5 months supply is considered favorable conditions for sellers.