Buffalo Grove Real Estate Update
Buffalo Grove real estate sales were suppressed in February 2017 as inventory remains very tight with new listings not meeting potential buyer demand. I read an article recently that I think puts our current inventory situation in good perspective … to paraphrase; putting your home up for sale before the traditional Spring market is like trying to beat rush hour traffic in the morning. By leaving at 5 or 6am allows you to arrive at work more quickly. The same applies to our Real Estate market, there is so little inventory on the market right now and typically we find more serious Buyers, as opposed to lookers, which will potentially allow you to sell your home more quickly and move on to your next chapter. Something to think about …
Single Family Homes:
Average Market Time
The average time a single family home remains on the market in Buffalo Grove was 156 days in February 2017, which was surprisingly up from 109 days in February 2016.
Months Supply
As of March 1, 2017, there is 2.1 months supply of single family homes for sale in Buffalo Grove compared to 3.3 last year. Anything under 5 months is considered a seller’s market. Now is definitely a good time to consider selling.
Homes For Sale
At the end of February 2017, there are 79 single family homes for sale in Buffalo Grove, compare that to the 115 available at this time last year and you’ll see that inventory is ridiculously very low. There aren’t enough homes to supply the current buyer demand, which provides for a very competitive environment.
New Listings
61 single family homes were listed for sale in February of 2017, compared to 66 new listings last year. New listings just are not keeping up with the pent up demand of buyers.
Homes Under Contract
The new listings over the past couple of months have satisfied some of the demand as 40 single family homes went under contract in Buffalo Grove in February 2017 a slight increase from 37 in Febuary 2016.
Closings
A disappointing 11 Single family homes closed in February 2017, down from 13 in January 2017. Through the first two months, 38 homes have closed this year versus 36 in 2016.
Condos and Townhomes:
Average Market Time
The time Condos and Townhomes remains on the market in Buffalo Grove was 88 days which is up from 73 days in February 2016. This remains a low figure and reflects the competiveness we are facing with Condos and Townhomes.
Months Supply
As of March 1, 2017, there is a ridiculously low 1.6 months supply of Condos and Townhomes for sale in Buffalo Grove down from last year’s figure of 2.0. Buyers have to move quickly when an attractive listing hits the market!
Homes For Sale
At the end of February 2017, there are 53 Condos and Townhomes for sale in Buffalo Grove, compare that to the 65 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
39 Condos and Townhomes were listed for sale in February of 2017, up from 34 last year, which is not a significant improvement to our inventory shortage.
Condos and Townhomes Under Contract
38 Condos and Townhomes went under contract in Buffalo Grove in February, which is a nice increase of 24 from 2016. Attractive listings are selling fast!
Closings
19 Condos and Townhomes closed in February 2017, up from 18 in 2016. Through the first two months of 2017, 44 homes have closed an increase from 38 in 2016. It appears that the main thing holding back sales is a simple lack of inventory.