Buffalo Grove Real Estate Market Update
Buffalo Grove Real Estate experienced a pretty significant shift in April with inventory levels, market time and closings up over last year for both single family homes and townhomes and condos. With interest rates lower than expected now that we are in the key Spring market, May and June should be pretty solid months for home sales!
Single Family Homes:
Average Market Time
The average time a single family home remains on the market in Buffalo Grove was 118 days in April 2019, which was up from 77 days in April 2018.
Months Supply
As of May 1, 2019, there is 4.2 months supply of single family homes for sale in Buffalo Grove compared to 3.1 last year. Anything under 5 months is considered a seller’s market, but it feels like we are shifting to a market more favorable to buyers.
Homes For Sale
At the end of April 2019, there are 137 single family homes for sale in Buffalo Grove, compare that to the 107 available at this time last year and you’ll see that inventory has improved with more options for buyers to consider.
New Listings
103 single family homes were listed for sale in April of 2019, compared to 90 new listings last year. More inventory provide more options wihich should convert into more sales.
Homes Under Contract
54 single family homes went under contract in Buffalo Grove in April 2019 an increase from 66 in April 2018.
Closings
43 Single family homes closed in April 2019, up from 35 in April 2018. Through the first four months of 2019, we have registered 100 closings in 2019 versus 97 in 2018.
Condos and Townhomes:
Average Market Time
The time Condos and Townhomes remains on the market in Buffalo Grove was 75 days, which is up from 39 days in April 2018. Still a relatively low figure when compared to the broader Chicago suburban market.
Months Supply
As of April 1, 2019, there are 3.0 months supply of Condos and Townhomes for sale in Buffalo Grove up from last year’s figure of 2.3. Buyers still have to move quickly when an attractive listing hits the market!
Homes For Sale
At the end of April 2019, there are 89 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 has definitiely improved.
New Listings
74 Condos and Townhomes were listed for sale in April of 2019, an increase of 4 from last year.
Condos and Townhomes Under Contract
42 Condos and Townhomes went under contract in Buffalo Grove in April, an increase from 53 from 2018.
Closings
49 Condos and Townhomes closed in April 2019, up from 39 in 2018. For the first four months, we have seen 106 closings so far this year, compared to 111 in 2018.
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