Buffalo Grove Real Estate Market Update
Buffalo Grove real estate sales were disappointing in August 2017 after a relatively soft July, as inventory remains very tight with new listings still not meeting potential buyer demand. Updated homes and/or well priced listings are selling very quickly. Homes that are not updated are sitting on the market for 4 to 6 months. Some recent research suggests that many “empty nesters” are updating and remodeling their homes as opposed to downsizing or moving to warmer climates. This could have a significant impact over inventory for the next several years.
Single Family Homes:
Average Market Time
The average time a single family home remains on the market in Buffalo Grove was 52 days in August 2017, which was down from 73 days in August 2016. This is still a very low average market time, reflective of attractive new listings selling quickly.
Months Supply
As of September 1, 2017, there is 3.4 months supply of single family homes for sale in Buffalo Grove compared to 3.6 last year. Anything under 5 months is considered a seller’s market. It continues to be a good time to consider selling.
Homes For Sale
At the end of August 2017, there are 123 single family homes for sale in Buffalo Grove, compare that to the 131 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
63 single family homes were listed for sale in August of 2017, compared to 62 new listings last year. Still not enough new inventory to satisfy the pent up demand of buyers.
Homes Under Contract
41 single family homes went under contract in Buffalo Grove in August 2017 an increase from 29 in August 2016 … these should close in September in October.
Closings
45 Single family homes closed in August 2017, down slightly from 46 in August 2016. Through eight months of the year, 321 homes have closed this year versus 314 in 2016.
Condos and Townhomes:
Average Market Time
The time Condos and Townhomes remains on the market in Buffalo Grove was 42 days which is up from 31 days in August 2016. This remains a very low figure and reflects the competiveness we are facing with Condos and Townhomes.
Months Supply
As of September 1, 2017, there is a very low 2.6 months supply of Condos and Townhomes for sale in Buffalo Grove up slightly from last year’s figure of 2.5. Buyers have to move quickly when an attractive listing hits the market!
Homes For Sale
At the end of August 2017, there are 83 Condos and Townhomes for sale in Buffalo Grove, compare that to the 84 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
66 Condos and Townhomes were listed for sale in August of 2017, up nicely from 51 last year, hopefully this will satisfy some of the pent up demand that has been building for months.
Condos and Townhomes Under Contract
38 Condos and Townhomes went under contract in Buffalo Grove in August, which is a nice increase from 24 from 2016.
Closings
26 Condos and Townhomes closed in August 2017, down from 44 in 2016. Through the first eight months of 2017, 260 homes have closed, a decrease from 292 in 2016. The main thing holding back sales is a simple lack of inventory.