Aurora homes still in high demand, inventory down 73 percent

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AURORA | If you’re looking to buy a home in Aurora, you’d better move quickly and avoid lowball offers.

That’s the advice real estate agents are giving prospective buyers, as the market’s low inventory and high demand continues in the metro region and across the state.

According to Aurora realtor Sunny Banka there are currently 303 single-family homes for sale in the city, that’s a more than 73% decrease from last January.

The median price for those homes sits at $450,000. 

“For homebuyers, the beat goes on. Be prepared to act quickly. Waiting to view a home and/or put an offer on that home may exclude you from that property. Homes are selling very quickly, and buyers need to plan to pay more than the list price. With many homes selling in excess of 100% of their list price, this is not a good time for a buyer to try and lowball on price. As we move into the higher demand time of year, we will be watching to see what direction pricing and inventory take,” Banka said in a report this week from the Colorado Association of Realtors, which reports market changes monthly.

The story is much of the same for the townhome-condo market. It’s down more than 63% over last January in Aurora. The average price is up 14%, at about $304,000.

Aurora isn’t alone in having few homes with growing price tags, either.  

“With new, staggeringly low records for active single-family listings in the Denver metro area (1,994 properties) and statewide (5,241), maybe nowhere is it more evident than in southeast Boulder County where, following Sunday’s Super Bowl outcome, quarterback Tom Brady now has more than twice as many championship rings than there are homes for sale (3) in the city of Louisville, a community of a little more than 20,000 people,” realtor Kelly Moye said in the report. 

In Durango realtor Jarrod Nixon said finding the perfect home is “remarkably similar to the quest to find toilet paper during the early days of the pandemic.”

And in looking south in Colorado Springs, home prices are up nearly 15%. The “race between buyers is absolutely brutal,” said realtor Patrick Muldoon. 

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