Buffalo Grove Real Estate Market Update
Buffalo Grove real estate results were mixed in September 2017 after a disappointing August, 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 125 days in September 2017, which was up from 92 days in September 2016. This is one of the higher figures we have seen for this measure in awhile, and oddly, it’s being driven by the lower priced homes on the market.
As of October 1, 2017, there is 3.2 months supply of single family homes for sale in Buffalo Grove compared to 3.7 last year. Anything under 5 months is considered a seller’s market. It continues to be a good time to consider selling.
Homes For Sale
At the end of September 2017, there are 115 single family homes for sale in Buffalo Grove, compare that to the 134 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.
56 single family homes were listed for sale in September of 2017, compared to 66 new listings last year. Still not enough new inventory to satisfy the pent up demand of buyers.
Homes Under Contract
28 single family homes went under contract in Buffalo Grove in September 2017 an increase from 25 in September 2016.
34 Single family homes closed in September 2017, down from 43 in September 2016. Through nine months of the year, 356 homes have closed this year versus 357 in 2016.
Condos and Townhomes:
Average Market Time
The time Condos and Townhomes remains on the market in Buffalo Grove was 57 days which is up from 37 days in September 2016. This remains a very low figure and reflects the competiveness we are facing with Condos and Townhomes.
As of October 1, 2017, there is a very low 2.5 months supply of Condos and Townhomes for sale in Buffalo Grove equal to last year’s figure of 2.5. Buyers have to move quickly when an attractive listing hits the market!
Homes For Sale
At the end of September 2017, there are 80 Condos and Townhomes for sale in Buffalo Grove, compare that to the 85 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.
48 Condos and Townhomes were listed for sale in September of 2017, down from 55 last year.
Condos and Townhomes Under Contract
33 Condos and Townhomes went under contract in Buffalo Grove in September, which is a nice increase from 27 from 2016.
35 Condos and Townhomes closed in September 2017, equal to 2016. Through the first nine months of 2017, 295 homes have closed, a decrease from 327 in 2016. The main thing holding back sales is a simple lack of inventory.