Aurora Real Estate Market Update
The Aurora Real Estate market continues to limp in March. Closed sales and new listings for both single family homes and condo/townhomes decreased this March compared to last year. However, favorable conditions for a seller continue to persist with an increase of nearly 20% in sales price for both single family and condo/townhomes coupled with a decrease in both market times and months supply. This is the time for sellers to capitalize on these conditions before they change.
Aurora Home Sales
115 single family homes and 57 condo/town homes closed in March. Compare that to the 146 single family home closings at the same time last year and you’ll find a slight decrease of about 21% in the number of single family homes sold. Condo and townhome sales in March decreased by 23% from last year with 57 closings this year, compared to the 74 that sold at the same time last year.
Aurora Sales Price
During March 2018, there was a noted increase in median sales price for single family homes of nearly 17% with a median sales price of $229,000 this year compared to $195,000 last year. Condo/townhomes saw their median sales price increase to $186,000 this year compared to $158,000 this time last year, or an 18% 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 64 days at the end of March 2018, compared to 92 days on the market in March 2017 or a 30% decrease. Condo/townhome market times also saw a decrease of 44% this March with 38 days on the market, compared to the 68 days we saw at this time last year.
Aurora New Listings
During March 2018, 220 single family homes were listed for sale in Aurora, compared to the 252 new listings last year, a decrease of 13%. New condo/town home listings have had a noted decrease of 8% with 95 new listings this March compared to the 103 last year at this time.
Aurora Months Supply
Aurora single family home inventory decreased by 29% this March, dropping to 1.7 months supply of homes for sale. The months supply of Aurora single family homes for sale at the same time last year was 2.4 months. The months supply of condos/townhomes in Aurora is super low with only 1 months supply for sale, down an amazing 33% from last March when there were 1.5 months of supply. Anything under a 5 months supply is considered favorable conditions for sellers.