Aurora Real Estate Market Update
The Aurora Real Estate Market continues to move up in June 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
206 single family homes and 99 condo/town homes closed in June. Compare that to the 224 single family home closings at the same time last year and you’ll find a decrease of about 8% in the number of single family homes sold. Condo and townhome sales in June decreased by 15% from last year with 99 closings this year, compared to the 116 that sold at the same time last year.
Aurora Sales Price
During June 2017, there was a noted increase in median sales price for single family homes of 10% with a median sales price of $241,000 this year compared to $220,000 last year. Condo/townhomes saw their median sales price raise to $171,000 this year compared to $154,450 this time last year, or a 11% 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 47 days at the end of June 2017, compared to 57 days on the market in June 2016 or an 18% decrease. Condo/townhome market times saw a decrease of 22% this June with 42 days on the market, compared to the 54 days we saw at this time last year.
Aurora New Listings
During June 2017, 268 single family homes were listed for sale in Aurora, compared to the 244 new listings last year, an increase of 10%. New condo/town home listings have had an increase by 6% with 118 new listings this June compared to the 111 last year at this time.
Aurora Months Supply
Aurora single family home inventory decreased significantly by 27% this June, dropping to 2.5 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 42% from last June when there were 2.4 months of supply. Anything under a 5 months supply is considered favorable conditions for sellers.