Buffalo Grove Real Estate Market Update April 2016
The Buffalo Grove real estate market remains healthy through the first four months of 2016, but inventory remains extremely tight with new listings down from last year. Positive indicators are that market times remain favorable and homes under contract and closings are above last year’s pace.
Single Family Homes:
Average Market Time
The time a single family home remains on the market in Buffalo Grove is 85 days which is up from 79 days in April 2015. Buffalo Grove had the lowest market time in the Chicagoland area in 2015, so we are at more average level so far in 2016.
Months Supply
As of May 1, 2016, there is a 3.0 months supply of single family homes for sale in Buffalo Grove compared to 3.9 last year. Anything under 5 months is considered a seller’s market.
Buffalo GroveHomes For Sale
At the end of April 2016, there are 112 single family homes for sale in Buffalo Grove, compare that to the 130 available at this time last year and you’ll see that inventory remains very low. There aren’t enough homes to supply the current buyer demand, which provides for a very competitive environment.
New Listings
72 single family homes were listed for sale in April of 2016, compared to 102 new listings last year. While this new inventory is good news, it just isn’t keeping up with the pent up demand of buyers.
Homes Under Contract
The new listings in March and April have satisfied some of the demand as 55 single family homes went under contract in Buffalo Grove. This is an increase of 8 from 2015 or an increase of 17%. Assuming that they close in May and June, it will be positive for the local market.
Closings
39 Single family homes sold in Buffalo Grove in April, up from 33 in 2015. Through the first four months of 2016, 104 single family homes closed this year versus 99 in last year.
Condos and Townhomes:
Average Market Time
The time Condos and Townhomes remains on the market in Buffalo Grove is 48 days which is down 31 days or 39% from April 2015. This is a very low figure and reflects the competiveness we are facing with Condos and Townhomes.
Months Supply
As of May 1, 2016, there is a ridiculously low 1.8 months supply of Condos and Townhomes for sale in Buffalo Grove compared to 2.1 last year. Buyers have to move quickly when an attractive listing hits the market!
Homes For Sale
At the end of April 2016, there are 58 Condos and Townhomes for sale in Buffalo Grove, compare that to the 60 available at this time last year and you’ll see that inventory remains very low and getting even tighter. There simply aren’t enough homes to supply the current buyer demand, which provides for a very competitive environment.
New Listings
60 Condos and Townhomes were listed for sale in Buffalo Grove in April of 2016, compared to 55 new listings last year. While it a nice addition to our inventory, it is not satisfying the pent up demand of buyers.
Condos and Townhomes Under Contract
49 Condos and Townhomes went under contract in Buffalo Grove in April, which is an increase of 1 from 2015.
Bufflalo Grove Real Estate Closings
32 Condos and Townhomes closed in April, up from 30 in 2015. Through the first four months, 103 Condos and Townhomes closed this year versus 100 in Q1 2015. It appears that the main thing holding back sales is a simple lack of inventory.
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