Buffalo Grove Real Estate Update
Buffalo Grove real estate sales remain healthy through the first five months of 2016, but inventory remains extremely tight with new listings down from last year. Positive indicators are that market times remain favorable and homes under contract and closings are above last year’s pace. I do find it fascinating when I see nice homes that are available that aren’t being snatched up by potential Buyers. There are some very nice homes that have been available for the past couple of months that are not yet under contract.
Buffalo Grove Single Family Homes
Average Market Time
The time a single family home remains on the market in Buffalo Grove is 62 days which is down significantly from 80 days in May 2015. Buffalo Grove had the lowest market time in the Chicagoland area in 2015, and while it may not be the lowest in the area, 62 days is a pretty solid figure.
Months Supply
As of June 1, 2016, there is a 3.0 months supply of single family homes for sale in Buffalo Grove compared to 4.0 last year. Anything under 5 months is considered a seller’s market.
Buffalo Grove Real Estate Homes For Sale
At the end of May 2016, there are 111 single family homes for sale in Buffalo Grove, compare that to the 137 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
71 single family homes were listed for sale in May of 2016, compared to 82 new listings last year. While this new inventory is good news, it just isn’t 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 50 single family homes went under contract in Buffalo Grove. This is a decrease of 3 from 2015 or a decrease of 5.7%. This decline is a function of the lack of inventory we are experiencing.
Closings
An impressive 61 Single family homes closed in May, up from 36 in 2015, an increase of 69%! Through the first five months of 2016, 165 single family homes closed this year versus 135 in last year.
Condos and Townhomes:
Buffalo Grove Real Estate Average Market Time
The time Condos and Townhomes remains on the market in Buffalo Grove is 43 days which is down 47 days or 52% from May 2015. This is an extremely low figure and reflects the competiveness we are facing with Condos and Townhomes.
Months Supply
As of June 1, 2016, there is a ridiculously low 2.2 months supply of Condos and Townhomes for sale in Buffalo Grove compared to 2.0 last year. Buyers have to move quickly when an attractive listing hits the market!
Buffalo Grove Homes For Sale
At the end of May 2016, there are 71 Condos and Townhomes for sale in Buffalo Grove, compare that to the 66 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
71 Condos and Townhomes were listed for sale in May of 2016, compared to 59 new listings last year. This influx of new inventory just might alleviate some of the pent up demand of buyers.
Condos and Townhomes Under Contract
49 Condos and Townhomes went under contract in Buffalo Grove in May, which is an increase of 5 from 2015.
Buffalo Grove Real Estate Closings
47 Condos and Townhomes closed in May, up from 36 in 2015. Through the first five months, 150 Condos and Townhomes closed this year versus 136 2015. It appears that the main thing holding back sales is a simple lack of inventory.