Aurora Real Estate Market Conditions: October 2017

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Aurora Real Estate Market Update

Limited inventory continues in October in the Aurora Real Estate making it a great time to sell your home. Limited supply has helped an increase in median sales price as well as the number of sold homes for both single family and condo/town homes. It is a great time for sellers, as market times and months’ supply continue to decrease putting sellers in an advantageous negotiating position yielding higher sales prices.

Aurora Home Sales

136 single family homes and 80 condo/town homes closed in October. Compare that to the 123 single family home closings at the same time last year and you’ll find a slight increase of about 11% in the number of single family homes sold. Condo and townhome sales in October increased by 16% from last year with 80 closings this year, compared to the 69 that sold at the same time last year.
Aurora Real Estate Market Conditions

Aurora Sales Price

During October 2017, there was a noted increase in median sales price for single family homes of nearly 12% with a median sales price of $200,000 this year compared to $178,000 last year. Condo/townhomes saw their median sales price raise to $164,500 this year compared to $156,000 this time last year, or a 5% increase.
Aurora Real Estate Market Conditions

Aurora Market Times

Market times for both single family homes and condos/townhomes in Aurora decreased this year. Single family homes were on the market for 31 days at the end of October 2017, compared to 36 days on the market in October 2016 or a 14% decrease. Condo/townhome market times saw an increase of 48% this October with 31 days on the market, compared to the 21 days we saw at this time last year.
Aurora Real Estate Market Conditions

Aurora New Listings

During October 2017, 150 single family homes were listed for sale in Aurora, compared to the 173 new listings last year, a decrease of 13%. New condo/town home listings have had an decrease by 5% with 71 new listings this October compared to the 75 last year at this time.
Aurora Real Estate Market Conditions

Aurora Months Supply

Aurora single family home inventory decreased significantly by 25% this October, dropping to 2.1 months supply of homes for sale. The months supply of Aurora single family homes for sale at the same time last year was 2.8 months. The months supply of condos/townhomes in Aurora is super low with only 1.2 months supply for sale, down 33% from last October when there were 1.8months of supply. Anything under a 5 months supply is considered favorable conditions for sellers.
Aurora Real Estate Market Conditions

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Addison Real Estate Market Conditions: October 2017

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Addison Real Estate Market Update

The Addison Real Estate Market had a decrease in single family home sales in October. The extremely low inventory is making it really hard for buyers to find anything, although the months supply had a slight increase this month.

Addison Home Sales

Single family home sales in Addison decreased more than 16% in October. 20 single family homes closed this year compared to the same time last year when 24 single family homes sold. Condo and townhome sales increased tremendously, more than 233% in October with 10 closing this year compared to 3 closing last year the same time.Addison Real Estate Market

Addison Market Times

Market times for single family homes had a significant increase during October. Single family homes were on the market for an average of 113 days, compared to 63 days in October 2016, more than a 79% increase. Condo/townhome market times remained exactly the same this October with an average of 28 days on the market, the same as last October.Addison Real Estate Market

Addison New Listings

During October 2017, 40 single family homes were listed for sale in Addison, an increase of more than 37% compared to the 29 new listings last October. New condo/town home listings had a 40% increase with 14 new listings this October compared to the 10 last year at this time.Addison Real Estate Market

Addison Months Supply

Addison single family home inventory still remains historically low, but we did see a slight increase in supply. October ended with 4.5 months of supply, a 7.1% increase compared to last October when 4.2 months of supply was for sale. The months supply of condos/townhomes increased 3.7% from last October with 2.8 months supply for sale, compared to the 2.7 months of supply we saw last year at the same time. Anything under a 5 months supply is considered favorable conditions for sellers.Addison Real Estate Market

Addison Homes For Sale

At the end of October there were 105 single family homes for sale in Addison, a 1.9% increase from last October when there were 103 homes for sale. The number of condos and townhomes for sale increased 27.3% with 28 for sale at the end of October 2017 compared to 22 in October 2016.Addison Real Estate Market

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Elmhurst Real Estate Market Conditions – October 2017

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Elmhurst Real Estate Market

The Elmhurst Real Estate Market is still pretty strong in October despite the lack of inventory. Single family home sales increased and they are selling fairly quick. With the limited inventory buyers need to act quickly when a new listing comes on the market.

Elmhurst Market Times

Single family home market times decreased in October. Homes were on the market for an average of 75 days compared to 102 days last year at the same time, a 26.5% decrease. Condos and townhomes sold super fast in October. The average time a condo/townhome stayed on the market was 83 days compared to last year when it was 94 days, a 11.7% decrease.Elmhurst Real Estate Market Conditions

Elmhurst Months Supply

Single family home inventories in Elmhurst had 4.2 months of supply at the end of October, more than a 16% decrease compared to last year at this time when the months supply was 5. The supply of condos and townhomes did not change from last year when the months supply was 2.7.Elmhurst Real Estate Market Conditions

Elmhurst Homes For Sale

At the end of October there were 218 single family homes for sale in Elmhurst, a 9.9% decrease from last October when there were 242 homes for sale. The number of condos and townhomes for sale remained the same with 21 for sale at the end of October 2017 and October 2016.Elmhurst Real Estate Market Conditions

Elmhurst New Listings

New listings had a very slight decrease during October with single family homes having 83 new listings compared to the 86 listed in October 2016, a decrease of 3.5%. Condos and townhomes had a 233.3% increase with 10 listed for sale this October compared to 3 new listings at this time last year.Elmhurst Real Estate Market Conditions

Elmhurst Real Estate Closings

The number of single family home closings increased 7.9% with 41 closings this October, compared to 38 closings last October. Condo and townhome closings had a 11.1% decrease in closed sales with 8 closings compared to 9 last October.Elmhurst Real Estate Market Conditions

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Buffalo Grove Real Estate Market Conditions For October 2017 – The Shortage Of Inventory Continues To Suppress Sales

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Buffalo Grove Real Estate Market Update

Buffalo Grove real estate results remain mixed in October 2017, 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 74 days in October 2017, which was down from 84 days in October 2016. 74 days average market time is pretty low when compared with many of the other local suburbs.

Buffalo Grove Real Estate Market Conditions For October 2017

Months Supply

As of November 1, 2017, there is 2.7 months supply of single family homes for sale in Buffalo Grove compared to 3.2 last year. Anything under 5 months is considered a seller’s market. It continues to be a good time to consider selling as we average 38 sales per month and there are only 97 homes on the market.

Buffalo Grove Real Estate Market Conditions For October 2017

Homes For Sale

At the end of October 2017, there are 97 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 remains very low. There aren’t enough homes to supply the current buyer demand, which provides for a very competitive environment.

Buffalo Grove Real Estate Market Conditions For October 2017

New Listings

38 single family homes were listed for sale in October of 2017, compared to 39 new listings last year. Still not enough new inventory to satisfy the pent up demand of buyers. With 38 average homes sold per month and 38 new listings, we are not building any much needed inventory.

Buffalo Grove Real Estate Market Conditions For October 2017

Homes Under Contract

23 single family homes went under contract in Buffalo Grove in October 2017 an decrease from 27 in October 2016.

Buffalo Grove Real Estate Market Conditions For October 2017

Closings

28 Single family homes closed in October 2017, up from 24 in October 2016. Through ten months of the year, 384 homes have closed this year versus 381 in 2016.

Buffalo Grove Real Estate Market Conditions For October 2017

Condos and Townhomes:

Average Market Time

The time Condos and Townhomes remains on the market in Buffalo Grove was 27 days which is down from 41 days in October 2016. This remains a very low figure and reflects the competiveness we are facing with Condos and Townhomes.

Buffalo Grove Real Estate Market Conditions For October 2017

Months Supply

As of November 1, 2017, there is a very low 2.4 months supply of Condos and Townhomes for sale in Buffalo Grove up mimimally from last year’s figure of 2.3. Buyers have to move quickly when an attractive listing hits the market, as we average 33 sales per month with only 74 homes for sale.

Buffalo Grove Real Estate Market Conditions For October 2017

Homes For Sale

At the end of October 2017, there are 74 Condos and Townhomes for sale in Buffalo Grove, compare that to the 79 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.

Buffalo Grove Real Estate Market Conditions For October 2017

New Listings

40 Condos and Townhomes were listed for sale in October of 2017, down from 47 last year.

Buffalo Grove Real Estate Market Conditions For October 2017

Condos and Townhomes Under Contract

27 Condos and Townhomes went under contract in Buffalo Grove in October, which is a decrease from 36 in 2016.

Buffalo Grove Real Estate Market Conditions For October 2017

Closings

37 Condos and Townhomes closed in October 2017, up nicely from 26 in 2016. Through the first ten months of 2017, 332 homes have closed, a decrease from 353 in 2016. The main thing holding back sales is a simple lack of inventory.

Buffalo Grove Real Estate Market Conditions For October 2017

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Elmhurst Real Estate Market Conditions – September 2017 – Inventory Continues To Decline

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Elmhurst Real Estate Market

The Elmhurst Real Estate Market is still pretty strong in September despite the lack of inventory. Condo and townhome sales increased and they are selling super, super fast. With the limited inventory buyers need to act quickly when a new listing comes on the market.

Elmhurst Market Times

Single family home market times increased in September. Homes were on the market for an average of 100 days compared to 88 days last year at the same time, a 13.6% increase. Condos and townhomes sold super fast in September. The average time a condo/townhome stayed on the market was 8 days compared to last year when it was 61 days, a stunning 86.9% decrease.Elmhurst Real Estate Market Conditions - September 2017 market times

Elmhurst Months Supply

Single family homes inventories in Elmhurst had 4.4 months of supply at the end of September, more than a 15% decrease compared to last year at this time when the months supply was 5.2. The supply of condos and townhomes decreased more than 46% from 3.9 months last year to a historic low 2.1 months supply this year.Elmhurst Real Estate Market Conditions - September 2017 months supply

Elmhurst Homes For Sale

At the end of September there were 229 single family homes for sale in Elmhurst, a 9.1% decrease from last September when there were 252 homes for sale. The number of condos and townhomes for sale decreased more than 43% with 17 for sale at the end of September 2017 compared to 30 in September 2016.Elmhurst Real Estate Market Conditions - September 2017 homes for sale

Elmhurst New Listings

New listings had a very slight increase during September with single family homes having 102 new listings compared to the 101 listed in September 2016, an increase of 1.%. Condos and townhomes had a 33.3% decrease with 10 listed for sale this September compared to 15 new listings at this time last year.Elmhurst Real Estate Market Conditions - September 2017 new listings

Elmhurst Real Estate Closings

The number of single family home closings decreased 11.5% with 46 closings this September, compared to 52 closings last September. Condo and townhome closings had a 40% increase in closed sales with 7 closings compared to 5 last September.Elmhurst Real Estate Market Conditions - September 2017 closed sales

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