Buffalo Grove Real Estate Market Update
The Buffalo Grove real estate market had another very good month in June after an outstanding April and solid May. Single Family home buyers had been demonstrating great patience and restraint, holding off for well updated homes or great deals. In June, 114 new single family homes were listed, following 119 in May, which is the highest number in over 10 years. Condos and Townhomes continue to seemingly sell as soon as they hit the market, with an extremely low average market time of 42 days! Based on my experience with our listings, the pool of buyers is very strong and there are lots of showings. Summer is here, 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 51 days in June 2018, which was up from 34 days in June 2017.
Months Supply
As of July 1, 2018, there are 5.0 months supply of single family homes for sale in Buffalo Grove, up from 3.7 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 June 2018, there are 168 single family homes for sale in Buffalo Grove, compare that to the 136 available at this time last year, we are starting to build up some much needed inventory.
New Listings
114 single family homes were listed for sale in June of 2018, compared to 100 new listings last year, our inventory position is improving and Buyers got off the fence in April, May and June.
Homes Under Contract
41 single family homes went under contract in Buffalo Grove in June 2018 a decrease from 53 in June 2017.
Closings
67 Single family homes closed in June 2018, up from 58 in June 2017. Through the 1st half of the year, 215 homes have sold this year versus 223 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 42 days which is up 50 days in June 2017. This continues to be an extremely low figure and reflects the competiveness we are facing with Condos and Townhomes.
Months Supply
As of July 1, 2018, there is a very low 2.6 months supply of Condos and Townhomes for sale in Buffalo Grove up 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 2018, there are 87 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 tight.
New Listings
73 Condos and Townhomes were listed for sale in June of 2018, up significantly from 44 last year, which will help with our inventory shortage. 73 is the most new Condo and Town home listings we have seen for a month in 8 years.
Condos and Townhomes Under Contract
35 Condos and Townhomes went under contract in Buffalo Grove in June, which is a solid increase from 30 from 2017.
Closings
51 Condos and Townhomes closed in June 2018, down slightly from 52 in 2017. Through 6 months, we have seen 205 sales this year versus 193 in 2017.