Buffalo Grove Real Estate Market Update
The Buffalo Grove real estate market had another solid month in September, continuing to build much needed inventory. Single Family home buyers had been demonstrating great patience and restraint, holding off for well updated homes or great deals. Condos and Townhomes closings slowed down in September, but average market time of 31 days is still very low! With 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 72 days in September 2018, which was down from 125 days in September 2017. There are not many communities in the Chicago area with such a low figure.
Months Supply
As of October 1, 2018, there are 4.1 months supply of single family homes for sale in Buffalo Grove, up from 3.3 last year. The new listings in the market has really balanced the market as anything under 5 months is considered a seller’s market.
Homes For Sale
At the end of September 2018, there are 138 single family homes for sale in Buffalo Grove, compare that to the 119 available at this time last year, we are starting to build up some much needed inventory.
New Listings
67 single family homes were listed for sale in September of 2018, compared to 57 new listings last year, our inventory position is improving and Buyers got off the fence this Spring and Summer.
Homes Under Contract
30 single family homes went under contract in Buffalo Grove in September 2018 an increase from 25 in September 2017.
Closings
23 Single family homes closed in September 2018, down from 34 in September 2017. Through the 1st nine months of the year, 336 homes have sold this year versus 356 in 2017. There seems to be some good momentum with more available inventory.
Condos and Townhomes:
Average Market Time
The time Condos and Townhomes remained on the market in Buffalo Grove was 31 days which is down from 57 days in July 2017. Condos and Townhomes are seemingly selling as quickly as they are listed.
Months Supply
As of October 1, 2018, there is a very low 2.9 months supply of Condos and Townhomes for sale in Buffalo Grove up slightly from last year’s figure of 2.6. Buyers have to move quickly when an attractive listing hits the market!
Homes For Sale
At the end of September 2018, there are 91 Condos and Townhomes for sale in Buffalo Grove, compare that to the 84 available at this time last year and you’ll see that inventory remains tight, but improving.
New Listings
49 Condos and Townhomes were listed for sale in September of 2018, up slightly from 48 last year.
Condos and Townhomes Under Contract
27 Condos and Townhomes went under contract in Buffalo Grove in September, which is a decrease from 32 from 2017.
Closings
21 Condos and Townhomes closed in September 2018, down from 35 in 2017. Through 8 months, we have seen 304 sales this year versus 295 in 2017.
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