Aurora Real Estate Market Update
Limited inventory continues in December 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
116 single family homes and 47 condo/town homes closed in December. Compare that to the 108 single family home closings at the same time last year and you’ll find a slight increase of about 7% in the number of single family homes sold. Condo and townhome sales in December decreased by 20% from last year with 47 closings this year, compared to the 59 that sold at the same time last year.
Aurora Sales Price
During December 2017, there was a noted increase in median sales price for single family homes of nearly 9% with a median sales price of $195,450 this year compared to $179,000 last year. Condo/townhomes saw their median sales price raise to $168,000 this year compared to $158,000 this time last year, or a 6% 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 73 days at the end of December 2017, compared to 87 days on the market in December 2016 or a 16% decrease. Condo/townhome market times saw a smaller decrease of 8% this December with 45 days on the market, compared to the 49 days we saw at this time last year.
Aurora New Listings
During December 2017, 83 single family homes were listed for sale in Aurora, compared to the 72 new listings last year, an increase of 15%. New condo/town home listings have had an astonishing increase of 52% with 32 new listings this December compared to the 21 last year at this time.
Aurora Months Supply
Aurora single family home inventory decreased significantly by 24% this December, dropping to 1.6 months supply of homes for sale. The months supply of Aurora single family homes for sale at the same time last year was 2.1 months. The months supply of condos/townhomes in Aurora is super low with only 1.0 months supply for sale, down 33% from last December when there were 1.5 months of supply. Anything under a 5 months supply is considered favorable conditions for sellers.