Buffalo Grove Real Estate Market Update
The Buffalo Grove Real Estate market experienced a pretty significant shift in May and June with inventory levels, market time, homes for sale and new listings up considerably over last year for both Single Family homes and Townhomes and Condos. Many Buffalo Grove home owners 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 83 days in June 2019, which was up from 50 days in June 2018.
Months Supply
As of July 1, 2019, there is 5.7 months supply of single family homes for sale in Buffalo Grove (the highest figure since July 2012) compared to 4.9 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. As perspective, here are some Months of Supply figures for neighboring towns; Long Grove (12.3), Hawthorn Woods (9.0), Vernon Hills (8.1), Arlington Heights (5.4), Deerfield (7.2) and Northbrook (7.9).
Homes For Sale
At the end of June 2019, there are 182 single family homes for sale in Buffalo Grove (the highest figure since June 2011), compare that to the 166 available at this time last year and you’ll see that inventory has improved with many more options for buyers to consider.
New Listings
104 single family homes were listed for sale in June of 2019, compared to 114 new listings last year. More inventory provides more options which should convert into more sales, especially with interest rates so low.
Homes Under Contract
50 single family homes went under contract in Buffalo Grove in June 2019 an increase from 43 in June 2018. We will have to watch and see if there is demand for all of our inventory.
Closings
43 Single family homes closed in June 2019, down from 70 in June 2018. Through the first half of 2019, we have registered 180 closings in 2019 versus 218 in 2018.
Condos and Townhomes:
Average Market Time
The time Condos and Townhomes remains on the market in Buffalo Grove was 64 days, which is up from 42 days in June 2018. Still a relatively low figure when compared to the broader Chicago suburban market.
Months Supply
As of June 1, 2019, there are 4.4 months supply of Condos and Townhomes for sale in Buffalo Grove up from last year’s figure of 2.8. Buyers still have to move quickly when an attractive listing hits the market!
Homes For Sale
At the end of June 2019, there are 127 Condos and Townhomes for sale in Buffalo Grove (most since February 2013), compare that to the 90 available at this time last year and you’ll see that inventory has definitiely improved.
New Listings
76 Condos and Townhomes were listed for sale in June of 2019, an increase of 3 from last year.
Condos and Townhomes Under Contract
29 Condos and Townhomes went under contract in Buffalo Grove in June, a decrease from 35 from 2018.
Closings
37 Condos and Townhomes closed in June 2019, down from 51 in 2018. For the first six months, we have seen 181 closings so far this year, compared to 205 in 2018.
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