Buffalo Grove Real Estate Market Update
The Buffalo Grove real estate market showed a real sign of life in April after a very disappointing March. Single Family home buyers had been demonstrating great patience and restraint, holding off for well updated homes or great deals. In April, 71 single family homes went under contract, the highest number since 2008. Condos and Townhomes continue to seemingly sell as soon as they hit the market. Based on my experience with our listings, the pool of buyers is very strong and there are lots of showings. Spring is here, and I anticipate the next couple of months should be very interesting … stay tuned!
Single Family Homes:
Average Market Time
The average time a single family home remained on the market in Buffalo Grove was 80 days in April 2018, which was up from 73 days in April 2017, but still a very solid figure.
Months Supply
As of May 1, 2018, there are 2.9 months supply of single family homes for sale in Buffalo Grove, down sightly from 3.0 last year. Anything under 5 months is considered a seller’s market.
Homes For Sale
At the end of April 2018, there are 103 single family homes for sale in Buffalo Grove, compare that to the 108 available at this time last year.
New Listings
90 single family homes were listed for sale in April of 2018, compared to 77 new listings last year, our inventory position is improving and Buyers got off the fence in April, putting 71 homes under contract.
Homes Under Contract
71 single family homes went under contract in Buffalo Grove in April 2018 an enormous increase from 47 in April 2017. As I mentioned above, 71 was the highest figure in over 10 years, topping the next recent high water mark of 55 from March 2016 by a large margin.
Closings
33 Single family homes closed in April 2018, down from 40 in April 2017. Through the 1st four months of the year, 95 homes have sold this year versus 125 in 2017. There seems to be some good momentum and May and June closings should be solid.
Condos and Townhomes:
Average Market Time
The time Condos and Townhomes remained on the market in Buffalo Grove was 41 days which is down from 75 days in April 2017. This is a low figure and reflects the competiveness we are facing with Condos and Townhomes.
Months Supply
As of May 1, 2018, there is a ridiculously low 2.1 months supply of Condos and Townhomes for sale in Buffalo Grove down from last year’s figure of 2.2. Buyers have to move quickly when an attractive listing hits the market!
Homes For Sale
At the end of April 2018, there are 68 Condos and Townhomes for sale in Buffalo Grove, compare that to the 73 available at this time last year and you’ll see that inventory remains very tight. There simply aren’t enough homes to supply the current buyer demand, which provides for a very competitive environment.
New Listings
70 Condos and Townhomes were listed for sale in April of 2018, up nicely form 658 last year, which will help with our inventory shortage.
Condos and Townhomes Under Contract
56 Condos and Townhomes went under contract in Buffalo Grove in April, which is an increase from 46 from 2017.
Closings
37 Condos and Townhomes closed in April 2018, up from 35 in 2017. Through 4 months, we have seen 108 sales this year versus 101 in 2017. It appears that the main thing holding back sales is a simple lack of inventory.