Buffalo Grove Real Estate Market Update
The Buffalo Grove real estate market had another solid month in July after 3 very good months. Single Family home buyers had been demonstrating great patience and restraint, holding off for well updated homes or great deals. In July, another 99 new single family homes were listed, following 119 and 114 in May and June respectively. Condos and Townhomes continue to seemingly sell as soon as they hit the market, with an extremely low average market time of 38 days! Based on my experience with our listings, the pool of buyers is very strong and there are lots of showings. We are at the end of the Summer market, 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 41 days in July 2018, which was down from 56 days in July 2017. There are not many communities in the Chicago area with such a low figure.
Months Supply
As of August 1, 2018, there are 4.6 months supply of single family homes for sale in Buffalo Grove, up from 4.0 last year. The new listings in the market has really balanced the market as anything under 5 months is considered a seller’s market.
Homes For Sale
At the end of July 2018, there are 157 single family homes for sale in Buffalo Grove, compare that to the 139 available at this time last year, we are starting to build up some much needed inventory.
New Listings
99 single family homes were listed for sale in July of 2018, compared to 75 new listings last year, our inventory position is improving and Buyers got off the fence in April, May, June and July.
Homes Under Contract
37 single family homes went under contract in Buffalo Grove in July 2018 an increase from 27 in July 2017.
Closings
45 Single family homes closed in July 2018, down from 53 in July 2017. Through the 1st seven months of the year, 263 homes have sold this year versus 276 in 2017. There seems to be some good momentum with more available inventory.
Condos and Townhomes:
Average Market Time
The time Condos and Townhomes remained on the market in Buffalo Grove was 38 days which is down from 53 days in July 2017. This continues to be an extremely low figure and reflects the competiveness we are facing with Condos and Townhomes.
Months Supply
As of August 1, 2018, there is a very low 2.6 months supply of Condos and Townhomes for sale in Buffalo Grove down slightly from last year’s figure of 2.7. Buyers have to move quickly when an attractive listing hits the market!
Homes For Sale
At the end of July 2018, there are 87 Condos and Townhomes for sale in Buffalo Grove, compare that to the 83 available at this time last year and you’ll see that inventory remains tight.
New Listings
56 Condos and Townhomes were listed for sale in July of 2018, the same figure as last year. This is after 73 new listings in June which was the most new Condo and Town home listings we have seen for a month in 8 years.
Condos and Townhomes Under Contract
38 Condos and Townhomes went under contract in Buffalo Grove in July, which is a significant increase from 26 from 2017.
Closings
49 Condos and Townhomes closed in July 2018, up from 41 in 2017. Through 7 months, we have seen 254 sales this year versus 234 in 2017.