AURORA | There’s no indication the housing market is cooling in Aurora, where even the median price of a house in some of the traditionally most affordable parts of the city is now above $400,000.
“While we hear that the market is slowing, I am not sure that we are seeing that on the south and east side of the metro area,” Aurora-area realtor Sunny Banka said in a statement this week. “We are still experiencing fast sales, median prices at all-time highs, multiple offers, and an inventory shortage.”
In Aurora’s 80010 zip code, which comprises of north Aurora neighborhoods along the Colfax corridor and Delmar Park, inventory is down 50% over last year and pricing is up nearly 30%, according to new data from the Colorado Association of Realtors. Houses in the Aurora region are on the market for an average of about eight days.
Farther south in the in the 80015 zip code, pricing is up 20% over last year with a median price of $540,000. Aurora’s newest housing developments in the southeast stretches of the city have also reached a new median high at $706,000.
Recent market conditions have accounted for a slight decrease in median sale prices across the metroplex as summer transitions to fall. According to the association, prices were down about 2% from July to August, but still up nearly 15% from last year. The overall state picture looks much the same with median prices falling about 1% from July to August.
Even with historically high prices, realtors say they see a silver lining.
“We are seeing many price reductions and sellers who were hoping for a quick sale and top dollar and are suddenly more realistic now and more motivated. The time for buyers to buy will be in the next 3 months so they can take advantage of this situation and purchase before interest rates increase next year,” Boulder realtor Kelly Moye advised in the week’s real estate trend report.
— KARA MASON, Managing Editor