Aurora Real Estate Market Update
Limited inventory continues in November 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 dropping the market times for both single family homes as well as condos/townhomes. It is a great time for sellers, as months’ supply continue to decrease putting sellers in an advantageous negotiating position yielding higher sales prices.
Aurora Home Sales
130 single family homes and 47 condo/town homes closed in November. Compare that to the 137 single family home closings at the same time last year and you’ll find a slight decrease of about 5% in the number of single family homes sold. Condo and townhome sales in November decreased by 34% from last year with 47 closings this year, compared to the 71 that sold at the same time last year.
Aurora Sales Price
During November 2017, there was a noted increase in median sales price for single family homes of nearly 8% with a median sales price of $190,000 this year compared to $174,900 last year. Condo/townhomes saw their median sales price raise to $174,000 this year compared to $158,900 this time last year, or a 10% 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 November 2017, compared to 86 days on the market in November 2016 or a 42% decrease. Condo/townhome market times saw a smaller decrease of 6% this November with 47 days on the market, compared to the 50 days we saw at this time last year.
Aurora New Listings
During November 2017, 139 single family homes were listed for sale in Aurora, compared to the 135 new listings last year, a slight increase of 3%. New condo/town home listings have had an decrease by 7% with 52 new listings this November compared to the 56 last year at this time.
Aurora Months Supply
Aurora single family home inventory decreased significantly by 30% this November, dropping to 1.9 months supply of homes for sale. The months supply of Aurora single family homes for sale at the same time last year was 2.7 months. The months supply of condos/townhomes in Aurora is super low with only 1.2 months supply for sale, down 25% from last November when there were 1.6 months of supply. Anything under a 5 months supply is considered favorable conditions for sellers.