Aurora Real Estate Market Conditions: October 2017

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Aurora Real Estate Market Update

Limited inventory continues in October in the Aurora Real Estate making it a great time to sell your home. Limited supply has helped an increase in median sales price as well as the number of sold homes for both single family and condo/town homes. It is a great time for sellers, as market times and months’ supply continue to decrease putting sellers in an advantageous negotiating position yielding higher sales prices.

Aurora Home Sales

136 single family homes and 80 condo/town homes closed in October. Compare that to the 123 single family home closings at the same time last year and you’ll find a slight increase of about 11% in the number of single family homes sold. Condo and townhome sales in October increased by 16% from last year with 80 closings this year, compared to the 69 that sold at the same time last year.
Aurora Real Estate Market Conditions

Aurora Sales Price

During October 2017, there was a noted increase in median sales price for single family homes of nearly 12% with a median sales price of $200,000 this year compared to $178,000 last year. Condo/townhomes saw their median sales price raise to $164,500 this year compared to $156,000 this time last year, or a 5% increase.
Aurora Real Estate Market Conditions

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 31 days at the end of October 2017, compared to 36 days on the market in October 2016 or a 14% decrease. Condo/townhome market times saw an increase of 48% this October with 31 days on the market, compared to the 21 days we saw at this time last year.
Aurora Real Estate Market Conditions

Aurora New Listings

During October 2017, 150 single family homes were listed for sale in Aurora, compared to the 173 new listings last year, a decrease of 13%. New condo/town home listings have had an decrease by 5% with 71 new listings this October compared to the 75 last year at this time.
Aurora Real Estate Market Conditions

Aurora Months Supply

Aurora single family home inventory decreased significantly by 25% this October, 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 2.8 months. The months supply of condos/townhomes in Aurora is super low with only 1.2 months supply for sale, down 33% from last October when there were 1.8months of supply. Anything under a 5 months supply is considered favorable conditions for sellers.
Aurora Real Estate Market Conditions

#AuroraRealEstate #AuroraRealEstateMarket

Arif Molla

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