Aurora Real Estate Market Update
The Aurora Real Estate market finally begins to bloom in April. There was an increase in both single family homes and condo/townhomes in the following categories: the number of properties sold, median sales price, and number of new listings. The increase in listings coupled with low inventory has allowed sellers to sell for top dollar. Sellers can continue to capitalize on these market conditions as we head into the summer months.
Aurora Home Sales
142 single family homes and 61 condo/town homes closed in April. Compare that to the 124 single family home closings at the same time last year and you’ll find an increase of about 15% in the number of single family homes sold. Condo and townhome sales in April slightly increased by 3% from last year with 61 closings this year, compared to the 59 that sold at the same time last year.
Aurora Sales Price
During April 2018, there was a noted increase in median sales price for single family homes of nearly 6% with a median sales price of $220,000 this year compared to $207,500 last year. Condo/townhomes saw their median sales price increase to $185,000 this year compared to $165,000 this time last year, or an 12% increase.
Aurora Market Times
Market times for single family homes decreased where condos/townhomes in Aurora increased this year. Single family homes were on the market for 42 days at the end of April 2018, compared to 49 days on the market in April 2017 or a 14% decrease. Condo/townhome market times saw an increase of 19% this April with 38 days on the market, compared to the 32 days we saw at this time last year.
Aurora New Listings
During April 2018, 258 single family homes were listed for sale in Aurora, compared to the 219 new listings last year, an increase of 18%. New condo/town home listings have had a noted increase of 24% with 128 new listings this April compared to the 103 last year at this time.
Aurora Months Supply
Aurora single family home inventory decreased by 28% this April, dropping to 1.8 months supply of homes for sale. The months supply of Aurora single family homes for sale at the same time last year was 2.5 months. The months supply of condos/townhomes in Aurora is super low with only 1.3 months supply for sale, down 7% from last April when there were 1.4 months of supply. Anything under a 5 months supply is considered favorable conditions for sellers.