Buffalo Grove Real Estate Market Update
After an extremely solid 2015, Buffalo Grove Real Estate Market Trends for Single Family Homes have had a very solid start to 2016. Here are the February highlights with trend charts below.
Months of Supply of Homes for Sale
From an inventory perspective, average Months of Supply of Homes for Sale continues to remain very low at 3.1. Anything less than 6 months of supply is considered a Seller’s market. Based on all reports, demand is exceeding supply, which should support higher sales prices.
Buffalo Grove Single Family Homes for Sale
Buffalo Grove ended February 2016 at 111 homes for sale. This is a low figure, particularly when you account for the 65 new listings that hit the market in February.
13 Single Family Homes closed in Buffalo Grove in February 2016, 1 less than 2015. February is traditionally a slower month for closings, and with 39 homes going under contract during the month, 2016 on track to meet, and possibly exceed the total 2015 closings of 419.
Average Market Time
Average Market times in Buffalo Grove were the lowest of any Chicago suburb in 2015, which makes the January figure of 128 days and February figure of 109 days noteworthy. We will track this number closely throughout the year in order to determine if this was simply an aberration. With the weather improving and the spring buying season upon us, it will be interesting to see how inventory and demand interact over the next couple of months.
Buffalo Grove Real Estate Market – 2015 Condos and Townhomes
Similar to Single Family Homes, Buffalo Grove Condos and Townhomes had an excellent 2015, and started 2016 with solid results in January and February. Here are the highlights with trend charts below.
Months of Supply of Home for Sale
From an inventory perspective, Months of Supply continues to decline to a ridiculous figure of 1.9. With only 60 homes on the market, it would seem like this is a great time to sell.
Buffalo Grove Condos and Townhomes for Sale
At the end of February, there were 60 Condos and Townhomes for Sale in Buffalo Grove. This is an extremely low figure, particularly when you account for the 34 new listings hitting the market in February. This general lack of inventory should put pressure on prices as we anticipate demand to increase this Spring.
18 Condos and Townhomes closed in Buffalo Grove in February 2016, an improvement of 1 from 2015. February is a traditionally slower month for closings, and with an impressive 26 homes going under contract during the month, we look to be on track to meet or exceed the total of 2015 closings of 373.
Buffalo Grove Condo and Town Home Average Market Time
Similar to the Single Family Homes, we also saw a slight increase in average market time in February to 73 days. This is still very low.