Buffalo Grove Real Estate Update
The Buffalo Grove Real Estate market experienced a pretty significant shift in May 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 65 days in May 2019, which was up from 43 days in May 2018.
Months Supply
As of June 1, 2019, there is 5.5 months supply of single family homes for sale in Buffalo Grove (the highest figure since July 2012) compared to 4.0 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 May 2019, there are 174 single family homes for sale in Buffalo Grove (the highest figure since June 2011), compare that to the 138 available at this time last year and you’ll see that inventory has improved with many more options for buyers to consider.
New Listings
129 single family homes were listed for sale in May of 2019 (the most in more than 11 years), compared to 104 new listings last year. More inventory provides more options which should convert into more sales, especially with interest rates so low.
Homes Under Contract
40 single family homes went under contract in Buffalo Grove in May 2019 a decrease from 47 in May 2018. We will have to watch and see if there is demand for all of our new inventory.
Closings
36 Single family homes closed in May 2019, down from 51 in May 2018. Through the first five months of 2019, we have registered 137 closings in 2019 versus 148 in 2018.
Condos and Townhomes:
Average Market Time
The time Condos and Townhomes remains on the market in Buffalo Grove was 65 days, which is up from 28 days in May 2018. Still a relatively low figure when compared to the broader Chicago suburban market.
Months Supply
As of May 1, 2019, there are 3.7 months supply of Condos and Townhomes for sale in Buffalo Grove up from last year’s figure of 2.4. Buyers still have to move quickly when an attractive listing hits the market!
Homes For Sale
At the end of May 2019, there are 110 Condos and Townhomes for sale in Buffalo Grove (most since February 2013), compare that to the 78 available at this time last year and you’ll see that inventory has definitiely improved.
New Listings
89 Condos and Townhomes were listed for sale in May of 2019 (most in 11+ years), an increase of 17 from last year.
Condos and Townhomes Under Contract
40 Condos and Townhomes went under contract in Buffalo Grove in May, an decrease from 43 from 2018.
Closings
38 Condos and Townhomes closed in May 2019, down from 43 in 2018. For the first five months, we have seen 144 closings so far this year, compared to 154 in 2018.
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