Buffalo Grove Real Estate Market Update
Buffalo Grove real estate results remain mixed in November 2017, as inventory remains very tight with new listings still not meeting potential buyer demand. Updated homes and/or well priced listings are selling very quickly. Homes that are not updated are sitting on the market for 4 to 6+ months. Some recent research suggests that many “empty nesters” are updating and remodeling their homes as opposed to downsizing or moving to warmer climates. This could have a significant impact over inventory for the next several years. It is also worth noting that this analysis is for the entire Village of Buffalo Grove. There are pockets in town that have multiple similar listings on the same small block, the Woodlands of Fiore subdivision, in particular … the odd thing is that Buyers are not flocking to this coveted part of town!
Single Family Homes:
Average Market Time
The average time a single family home remains on the market in Buffalo Grove was 72 days in November 2017, which was up slightly from 70 days in November 2016. 72 days average market time is pretty low when compared with many of the other local suburbs.
Months Supply
As of December 1, 2017, there is 2.3 months supply of single family homes for sale in Buffalo Grove compared to 2.8 last year. Anything under 5 months is considered a seller’s market. It continues to be a good time to consider selling as we average 37 sales per month and there are only 80 homes on the market.
Homes For Sale
At the end of November 2017, there are 80 single family homes for sale in Buffalo Grove, compare that to the 98 available at this time last year and you’ll see that inventory remains very low. There aren’t enough homes to supply the current buyer demand, which provides for a very competitive environment.
New Listings
26 single family homes were listed for sale in November of 2017, compared to 39 new listings last year. Still not enough new inventory to satisfy the pent up demand of buyers. With 37 average homes sold per month and 26 new listings, we are not building any much needed inventory.
Homes Under Contract
26 single family homes went under contract in Buffalo Grove in November 2017, the same figure from November 2016.
Closings
23 Single family homes closed in November 2017, equal to the number from November 2016. Through eleven months of the year, 407 homes have closed this year versus 404 in 2016.
Condos and Townhomes:
Average Market Time
The time Condos and Townhomes remains on the market in Buffalo Grove was 60 days which is up from 45 days in November 2016. This remains a very low figure and reflects the competiveness we are facing with Condos and Townhomes.
Months Supply
As of December 1, 2017, there is a very low 2.1 months supply of Condos and Townhomes for sale in Buffalo Grove up mimimally from last year’s figure of 2.3. Buyers have to move quickly when an attractive listing hits the market, as we average 32 sales per month with only 66 homes for sale.
Homes For Sale
At the end of November 2017, there are 66 Condos and Townhomes for sale in Buffalo Grove, compare that to the 78 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
41 Condos and Townhomes were listed for sale in November of 2017, up from 32 last year.
Condos and Townhomes Under Contract
34 Condos and Townhomes went under contract in Buffalo Grove in November, which is an increase from 24 in 2016. It appears that the new listings found buyers quickly!
Closings
14 Condos and Townhomes closed in November 2017, down significantly from 32 in 2016. Through the first eleven months of 2017, 347 homes have closed, a decrease from 385 in 2016. The main thing holding back sales is a simple lack of inventory.