Buffalo Grove Real Estate Market Update
The Buffalo Grove Real Estate Market continues to see good market conditions despite the low inventory. Single family home market times decreased more than 47% and condo and townhome market times decreased more than 62% in May.
Market Times
Single family home market times decreased in May. Homes were on the market for an average of 10 days compared to 19 days last year at the same time, a 47.4% decrease. The average time a condo/townhome stayed on the market was 15 days compared to last year when it was 40 days, a decrease of 62.5%.
Months Supply
Single family home inventories in Buffalo Grove had a 1.1 month supply at the end of May, a 10% increase compared to last year at this time when the months supply was 1.0 months. The supply of condos and townhomes decreased 52.2% in May with a 1.1 month supply this year compared to last year when the months supply was 2.3 months.
Homes For Sale
At the end of May there were 41 single family homes for sale in Buffalo Grove, a decrease of 6.8% from last year when there were 44 homes for sale. The number of condos and townhomes for sale decreased 52.6% in May with 45 for sale this year compared to last year when there were 95 for sale.
New Listings
May single family home new listings were the same as last year with 75 new listings both years. Condo and townhome new listings decreased with 61 new listings compared to 70 last year at the same time, a 12.9% decrease.
Real Estate Closings
The number of single family home sales decreased with 40 closings this May compared to 63 last year, a 36.5% decrease. Condo and townhome closings decreased 28.3% with 43 closings this May, compared to the same time last year when there were 60 closings.
