Buffalo Grove Real Estate Market Update
Buffalo Grove real estate sales rebounded nicely in June 2017, as inventory remains very tight with new listings are beginning to meet 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. With the new “HGTV expectations,” it appears that buyers are missing some nice opportunities, if they could look past a current owner’s tastes.
Single Family Homes:
Average Market Time
The average time a single family home remains on the market in Buffalo Grove was an historically low 34 days in June 2017, which was down from 71 days in June 2016. This is a really low average market time, reflective of attractive new listings selling quickly.
Months Supply
As of July 1, 2017, there is 3.5 months supply of single family homes for sale in Buffalo Grove compared to 3.9 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 June 2017, there are 129 single family homes for sale in Buffalo Grove, compare that to the 141 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
100 single family homes were listed for sale in June of 2017, compared to 83 new listings last year. Hopefully, this new influx of inventory will satisfy some of the pent up demand of buyers … stay tuned for my July update!
Homes Under Contract
The new listings in May and June seem to have satisfied some of the demand in the market as 58 single family homes went under contract in Buffalo Grove in June 2017 an increase from 45 in June 2016.
Closings
57 Single family homes closed in June 2017, up from 44 in June 2016. Through the first half of the year, 222 homes have closed this year versus 210 in 2016. While inventory remains low, the recent new listings have spurred a positive trend for 2017.
Condos and Townhomes:
Average Market Time
The time Condos and Townhomes remains on the market in Buffalo Grove was 50 days which is down from 60 days in June 2016. This remains a very low figure and reflects the competiveness we are facing with Condos and Townhomes.
Months Supply
As of July 1, 2017, there is a ridiculously low 1.9 months supply of Condos and Townhomes for sale in Buffalo Grove down from last year’s figure of 2.3. Buyers have to move quickly when an attractive listing hits the market!
Homes For Sale
At the end of June 2017, there are 64 Condos and Townhomes for sale in Buffalo Grove, compare that to the 75 available at this time last year and you’ll see that inventory remains very tight, and getting tighter. There simply aren’t enough homes to supply the current buyer demand, which provides for a very competitive environment.
New Listings
44 Condos and Townhomes were listed for sale in June of 2017, down significantly from 61 last year, which continues to compound our inventory shortage.
Condos and Townhomes Under Contract
37 Condos and Townhomes went under contract in Buffalo Grove in June, which is a decrease from 43 from 2016. Attractive listings are selling fast!
Closings
52 Condos and Townhomes closed in June 2017, up slightly from 50 in 2016. Through the first six months of 2017, 193 homes have closed, a decrease from 200 in 2016. The main thing holding back sales is a simple lack of inventory.