West Aurora, Illinois Real Estate Market: A 12-Month Overview
Over the past year, the West Aurora, Illinois real estate market has experienced noticeable shifts, with significant decreases in new listings, closed sales, and home inventory. At the same time, average sales prices have risen, reflecting a robust sellers' market. Here's a closer look at these trends and what they mean for buyers and sellers in West Aurora.
New Listings and Closed Sales
New listings in West Aurora have decreased by 33.1% over the past year. The decline in fresh listings has impacted the volume of transactions, with closed sales down by 35.6%. These decreases may suggest a slowing market, but other factors indicate continued strength in West Aurora's real estate landscape.
Inventory and Price Trends
Inventory in West Aurora has mirrored the drop in new listings, falling 33.1%. As of the end of April, there were only 45 single family homes for sale in the entire West Aurora market. This decrease in inventory has had a corresponding effect on home prices in the area.
Despite the decrease in inventory and transactions, the average sales price in West Aurora has risen from $242,000 to $272,000 — a healthy 8.7% increase. This rise, coupled with the fact that homes are still averaging over list price at sale, showcases strong demand and an advantageous market for sellers.
Implications for Buyers and Sellers
For buyers, the decrease in inventory and rise in prices presents a challenging market in West Aurora. However, the increase in average sales prices demonstrates the area's solid investment potential, making the effort worthwhile. Buyers will need to be prepared, competitive, and quick to seize opportunities in this market.
For sellers, despite the drop in transactions, the market conditions remain favorable. The rising average sales price and strong demand — evidenced by properties consistently selling over list price — offer excellent conditions for those considering selling their homes.
As we continue into 2023, these trends in the West Aurora real estate market will undoubtedly evolve. Despite some challenges, the market's resilience and rising property values underscore West Aurora's enduring appeal. Stay informed, adaptable, and ready for the shifting market conditions, whether you're planning to buy or sell. Keep an eye on our blog for the latest updates and insights on the West Aurora real estate market.