Buffalo Grove Real Estate Market Update
The Buffalo Grove real estate market continued to build much needed inventory in November. Single Family home buyers had been demonstrating great patience and restraint, holding off for well updated homes or great deals. Condos and Townhomes closings increased in November, continuing the solid trend for the year in that segment of the market. With late Fall upon us, the activity will slow down some, but there are still active buyers in the market!
Single Family Homes:
Average Market Time
The average time a single family home remained on the market in Buffalo Grove was 66 days in November, which was down from 72 days in November 2017. This continues to be a relatively low figure.
Months Supply
As of December 1, 2018, there are 3.4 months supply of single family homes for sale in Buffalo Grove, up from 2.3 last year. The new listings in the market has helped to balance the market as anything under 5 months is considered a seller’s market.
Homes For Sale
At the end of November 2018, there are 113 single family homes for sale in Buffalo Grove, compare that to the 82 available at this time last year, and it is clear that we are building up some much needed inventory.
New Listings
37 single family homes were listed for sale in November of 2018, compared to 26 new listings last year, our inventory position is improving and Buyers should benefit.
Homes Under Contract
19 single family homes went under contract in Buffalo Grove in November 2018 a decrease from 26 in November 2017.
Closings
14 Single family homes closed in November 2018, down from 23 in November 2017. Through eleven months of the year, 382 homes have sold this year versus 407 in 2017. Closings will be down in 2018, but we appear to be headed to a better inventory position as we look towards 2019.
Condos and Townhomes:
Average Market Time
The time Condos and Townhomes remained on the market in Buffalo Grove was 69 days which is up from 60 days in November 2017. This figure is considerably lower than many other Chicago area markets.
Months Supply
As of December 1, 2018, there is a very low 3.0 months supply of Condos and Townhomes for sale in Buffalo Grove up from last year’s figure of 2.2. Buyers still have to move pretty quickly when an attractive listing hits the market!
Homes For Sale
At the end of November 2018, there are 93 Condos and Townhomes for sale in Buffalo Grove, compare that to the 69 available at this time last year and you’ll see that inventory is finally improving.
New Listings
34 Condos and Townhomes were listed for sale in November of 2018, down from 41 last year.
Condos and Townhomes Under Contract
21 Condos and Townhomes went under contract in Buffalo Grove in November, which is down from 32 from 2017.
Closings
19 Condos and Townhomes closed in November 2018, up from 14 in 2017. Through 11 months, we have seen 356 sales this year versus 347 in 2017.