Buffalo Grove Real Estate Update
The Buffalo Grove Real Estate market is experiencing a significant shift over the past 3 months with inventory levels, market time and homes for sale up considerably over last year for both Single Family homes and Townhomes and Condos. Many Buffalo Grove home owners have finally decided to try selling their homes and with interest rates lower than expected, the market now seems to be in favor of the Buyer!
Single Family Homes:
Average Market Time
The average time a single family home remains on the market in Buffalo Grove was 82 days in July 2019, which was up significantly from 41 days in July 2018.
Months Supply
As of August 1, 2019, there is 5.0 months supply of single family homes for sale in Buffalo Grove compared to 4.5 last year. Anything under 5 months is considered a seller’s market, so we are experiencing a market more favorable to buyers for the first time in a while.
Homes For Sale
At the end of July 2019, there are 166 single family homes for sale in Buffalo Grove, compare that to the 156 available at this time last year and you’ll see that inventory has improved with more options for buyers to consider.
New Listings
98 single family homes were listed for sale in July of 2019, compared to 9 new listings last year.
Homes Under Contract
56 single family homes went under contract in Buffalo Grove in July 2019 an increase from 43 in July 2018.
Closings
49 Single family homes closed in July 2019, up from 45 in July 2018. Through the first 7 months of 2019, we have registered 229 closings in 2019 versus 263 in 2018.
Condos and Townhomes:
Average Market Time
The time Condos and Townhomes remains on the market in Buffalo Grove was 54 days, which is up from 38 days in July 2018. Still a relatively low figure when compared to the broader Chicago suburban market.
Months Supply
As of August 1, 2019, there are 4.0 months supply of Condos and Townhomes for sale in Buffalo Grove up from last year’s figure of 2.7. Buyers still have to move quickly when an attractive listing hits the market!
Homes For Sale
At the end of July 2019, there are 115 Condos and Townhomes for sale in Buffalo Grove, compare that to the 90 available at this time last year and you’ll see that inventory has definitiely improved.
New Listings
53 Condos and Townhomes were listed for sale in July of 2019, a decrease of 3 from last year.
Condos and Townhomes Under Contract
36 Condos and Townhomes went under contract in Buffalo Grove in July, the same figure as last year.
Closings
35 Condos and Townhomes closed in July 2019, down from 49 in 2018. For the first 7 months, we have seen 216 closings so far this year, compared to 254 in 2018.
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