Buffalo Grove Real Estate Market Update
Buffalo Grove real estate experienced an interesting March with very disappointing results for Single Family Homes and continued very positive trends for Condos and Townhomes. Single Family home buyers are demonstrating great patience and restraint, holding off for well updated homes or great deals. On the other hand, Condos and Townhomes seemingly are selling as soon as they hit the market. Based on my experience with our listings, the pool of buyers is very strong and there are lots of showings. Now that Spring is here, 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 87 days in March 2018, which was up from 81 days in March 2017.
Months Supply
As of April 1, 2018, there is 3.2 months supply of single family homes for sale in Buffalo Grove, up from 2.9 last year. Anything under 5 months is considered a seller’s market, but it just doesn’t feel like it.
Homes For Sale
At the end of March 2018, there are 108 single family homes for sale in Buffalo Grove, compare that to the 103 available at this time last year.
New Listings
101 single family homes were listed for sale in March of 2018, compared to 85 new listings last year, our inventory position is improving, which is good news for Buyers and not so good for Sellers.
Homes Under Contract
43 single family homes went under contract in Buffalo Grove in March 2018 a slight decrease from 44 in March 2017.
Closings
A disappointing 25 Single family homes closed in March 2018, down significantly from 47 in March 2017. Through the 1st Quarter of the year, 62 homes have sold this year versus 85 in 2017.
Condos and Townhomes:
Average Market Time
The time Condos and Townhomes remained on the market in Buffalo Grove was 46 days which is down from 99 days in March 2017. This is a low figure and reflects the competiveness we are facing with Condos and Townhomes.
Months Supply
As of April 1, 2018, there is a ridiculously low 1.8 months supply of Condos and Townhomes for sale in Buffalo Grove down from last year’s figure of 2.2. Buyers have to move quickly when an attractive listing hits the market!
Homes For Sale
At the end of March 2018, there are 59 Condos and Townhomes for sale in Buffalo Grove, compare that to the 72 available at this time last year and you’ll see that inventory remains very tight. There simply aren’t enough homes to supply the current buyer demand, which provides for a very competitive environment.
New Listings
62 Condos and Townhomes were listed for sale in March of 2018, up slightly form 61 last year, which will not help with our inventory shortage.
Condos and Townhomes Under Contract
44 Condos and Townhomes went under contract in Buffalo Grove in March, which is an increase from 39 from 2017.
Closings
25 Condos and Townhomes closed in March 2018, up from 22 in 2017. Through 3 months, we have seen 70 sales this year versus 66 in 2017. It appears that the main thing holding back sales is a simple lack of inventory.