Elmhurst Real Estate Market Conditions – November 2017

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Elmhurst Real Estate Market

The Elmhurst Real Estate Market is still pretty strong in November despite the lack of inventory. Single family home sales increased slightly 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 November. Homes were on the market for an average of 89 days compared to 90 days last year at the same time, a 1.1% decrease. Condos and townhomes sold super fast in November. The average time a condo/townhome stayed on the market was 49 days compared to last year when it was 106 days, a 53.8% decrease.Elmhurst real estate market time Nov 2017

Elmhurst Months Supply

Single family home inventories in Elmhurst had 3.6 months of supply at the end of November, more than a 21% decrease compared to last year at this time when the months supply was 4.6. The supply of condos and townhomes increased more than 18% in November with 2.6 months supply this year compared to last year when the months supply was 2.2.Elmhurst real estate months supply Nov 2017

Elmhurst Homes For Sale

At the end of November there were 186 single family homes for sale in Elmhurst, a 15.1% decrease from last November when there were 219 homes for sale. The number of condos and townhomes for sale increased almost 12% in November with 19 for sale this year compared to last year when there were 17 for sale.Elmhurst real estate homes for sale Nov 2017

Elmhurst New Listings

New listings had a decrease during November with single family homes having 43 new listings compared to the 62 listed in November 2016, a decrease of 30.6%. Condos and townhomes saw a 100% increase with 10 listed for sale this November compared to 5 new listings at this time last year.Elmhurst real estate new listings Nov 2017

Elmhurst Real Estate Closings

The number of single family home closings increased 2.4% with 43 closings this November, compared to 42 closings last November. Condo and townhome closings had a 37.5% decrease in closed sales with 5 closings this year compared to 8 last November.Elmhurst real estate closed sales Nov 2017

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Buffalo Grove Real Estate Market Conditions November 2017 – Low Inventory Levels Continue To Suppress Sales

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Buffalo Grove Real Estate Market Update

Buffalo Grove real estate results remain mixed in November 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 72 days in November 2017, which was up slightly from 70 days in November 2016. 72 days average market time is pretty low when compared with many of the other local suburbs.

Months Supply

As of December 1, 2017, there is 2.3 months supply of single family homes for sale in Buffalo Grove compared to 2.8 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 37 sales per month and there are only 80 homes on the market.

Homes For Sale

At the end of November 2017, there are 80 single family homes for sale in Buffalo Grove, compare that to the 98 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

26 single family homes were listed for sale in November of 2017, compared to 39 new listings last year. Still not enough new inventory to satisfy the pent up demand of buyers. With 37 average homes sold per month and 26 new listings, we are not building any much needed inventory.

Homes Under Contract

26 single family homes went under contract in Buffalo Grove in November 2017, the same figure from November 2016.

Closings

23 Single family homes closed in November 2017, equal to the number from November 2016. Through eleven months of the year, 407 homes have closed this year versus 404 in 2016.

Condos and Townhomes:

Average Market Time

The time Condos and Townhomes remains on the market in Buffalo Grove was 60 days which is up from 45 days in November 2016. This remains a very low figure and reflects the competiveness we are facing with Condos and Townhomes.

Months Supply

As of December 1, 2017, there is a very low 2.1 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 32 sales per month with only 66 homes for sale.

Homes For Sale

At the end of November 2017, there are 66 Condos and Townhomes for sale in Buffalo Grove, compare that to the 78 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

41 Condos and Townhomes were listed for sale in November of 2017, up from 32 last year.

Condos and Townhomes Under Contract

34 Condos and Townhomes went under contract in Buffalo Grove in November, which is an increase from 24 in 2016. It appears that the new listings found buyers quickly!

Closings

14 Condos and Townhomes closed in November 2017, down significantly from 32 in 2016. Through the first eleven months of 2017, 347 homes have closed, a decrease from 385 in 2016. The main thing holding back sales is a simple lack of inventory.

#BuffaloGroveRealEstate

Addison Real Estate Market Conditions – November 2017

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Addison Real Estate Market Update

The Addison Real Estate Market had a decrease in single family home sales in November. The extremely low inventory is making it really hard for buyers to find anything.

Addison Home Sales

Single family home sales in Addison decreased 24% in November. 19 single family homes closed this year compared to the same time last year when 25 single family homes sold. Condo and townhome sales increased more than 33% in November with 12 closing this year compared to 9 closing last year the same time.Addison real estate closed sales Nov 2017

Addison Market Times

Market times for single family homes decreased during November. Single family homes were on the market for an average of 99 days, compared to 119 days in November 2016, more than a 16% decrease. Condo/townhome market times increased this November with an average of 53 days on the market compared to 38 last November, a 39.5% increase.Addison real estate market time Nov 2017

Addison New Listings

During November 2017, 23 single family homes were listed for sale in Addison, a decrease of more than 36% compared to the 36 new listings last November. New condo/town home listings had an 18.2% decrease with 9 new listings this November compared to the 11 last year at this time.Addison real estate new listings Nov 2017

Addison Months Supply

Addison single family home inventory still remains historically low, and we did see another decrease in supply. November ended with 3.5 months of supply, a 16.7% decrease compared to last November when 4.2 months of supply was for sale. The months supply of condos/townhomes increased 8.7% from last November with 2.5 months supply for sale, compared to the 2.3 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 months supply Nov 2017

Addison Homes For Sale

At the end of November there were 83 single family homes for sale in Addison, a 17% decrease from last November when there were 100 homes for sale. The number of condos and townhomes for sale increased 31.6% with 25 for sale at the end of November 2017 compared to 19 in November 2016.Addison real estate homes for sale Nov 2017

#AddisonRealEstateMarket

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

#AuroraRealEstate #AuroraRealEstateMarket

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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