Buffalo Grove Real Estate Market Update
The Buffalo Grove real estate market had another very good month in May after an outstanding April. Single Family home buyers had been demonstrating great patience and restraint, holding off for well updated homes or great deals. In May, 119 new single family homes were listed, the highest number in over 10 years. Condos and Townhomes continue to seemingly sell as soon as they hit the market, with a staggeringly low average market time of 28 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 43 days in May 2018, which was down significantly from 73 days in May 2017.
Months Supply
As of June 1, 2018, there are 3.8 months supply of single family homes for sale in Buffalo Grove, up sightly from 3.4 last year. Anything under 5 months is considered a seller’s market.
Homes For Sale
At the end of May 2018, there are 134 single family homes for sale in Buffalo Grove, compare that to the 121 available at this time last year, we are starting to build up some much needed inventory.
New Listings
A whopping 119 single family homes were listed for sale in May of 2018, compared to 87 new listings last year, our inventory position is improving and Buyers got off the fence in April and May. The 119 new listings was the largest figure we have seen in over 10 years!
Homes Under Contract
51 single family homes went under contract in Buffalo Grove in May 2018 a slight increase from 49 in May 2017.
Closings
51 Single family homes closed in May 2018, up from 40 in May 2017. Through the 1st five months of the year, 148 homes have sold this year versus 165 in 2017. There seems to be some good momentum and June and July closings should be solid.
Condos and Townhomes:
Average Market Time
The time Condos and Townhomes remained on the market in Buffalo Grove was a staggering 28 days which is down from 35 days in May 2017. This is an extremely low figure and reflects the competiveness we are facing with Condos and Townhomes.
Months Supply
As of June 1, 2018, there is a ridiculously low 2.0 months supply of Condos and Townhomes for sale in Buffalo Grove down from last year’s figure of 2.4. Buyers have to move quickly when an attractive listing hits the market!
Homes For Sale
At the end of May 2018, there are 66 Condos and Townhomes for sale in Buffalo Grove, compare that to the 79 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
72 Condos and Townhomes were listed for sale in May of 2018, up nicely form 55 last year, which will help with our inventory shortage. 72 is the most new Condo and Town home listings we have seen for a month in 8 years.
Condos and Townhomes Under Contract
53 Condos and Townhomes went under contract in Buffalo Grove in May, which is a solid increase from 41 from 2017.
Closings
43 Condos and Townhomes closed in May 2018, up from 40 in 2017. Through 5 months, we have seen 154 sales this year versus 141 in 2017.