Buffalo Grove Real Estate Market Conditions: August 2017 – Sales Disappoint As Inventory Levels Continue To Frustrate

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Buffalo Grove Real Estate Market Update

Buffalo Grove real estate sales were disappointing in August 2017 after a relatively soft July, 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.

Single Family Homes:

Average Market Time

The average time a single family home remains on the market in Buffalo Grove was 52 days in August 2017, which was down from 73 days in August 2016. This is still a very low average market time, reflective of attractive new listings selling quickly.

Buffalo Grove Real Estate Market

Months Supply

As of September 1, 2017, there is 3.4 months supply of single family homes for sale in Buffalo Grove compared to 3.6 last year. Anything under 5 months is considered a seller’s market. It continues to be a good time to consider selling.

Buffalo Grove Real Estate Market

Homes For Sale

At the end of August 2017, there are 123 single family homes for sale in Buffalo Grove, compare that to the 131 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

New Listings

63 single family homes were listed for sale in August of 2017, compared to 62 new listings last year. Still not enough new inventory to satisfy the pent up demand of buyers.

Buffalo Grove Real Estate Market

Homes Under Contract

41 single family homes went under contract in Buffalo Grove in August 2017 an increase from 29 in August 2016 … these should close in September in October.

Buffalo Grove Real Estate Market

Closings

45 Single family homes closed in August 2017, down slightly from 46 in August 2016. Through eight months of the year, 321 homes have closed this year versus 314 in 2016.

Buffalo Grove Real Estate Market

Condos and Townhomes:

Average Market Time

The time Condos and Townhomes remains on the market in Buffalo Grove was 42 days which is up from 31 days in August 2016. This remains a very low figure and reflects the competiveness we are facing with Condos and Townhomes.

Buffalo Grove Real Estate Market

Months Supply

As of September 1, 2017, there is a very low 2.6 months supply of Condos and Townhomes for sale in Buffalo Grove up slightly from last year’s figure of 2.5. Buyers have to move quickly when an attractive listing hits the market!

Buffalo Grove Real Estate Market

Homes For Sale

At the end of August 2017, there are 83 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 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

New Listings

66 Condos and Townhomes were listed for sale in August of 2017, up nicely from 51 last year, hopefully this will satisfy some of the pent up demand that has been building for months.

Buffalo Grove Real Estate Market

Condos and Townhomes Under Contract

38 Condos and Townhomes went under contract in Buffalo Grove in August, which is a nice increase from 24 from 2016.

Buffalo Grove Real Estate Market

Closings

26 Condos and Townhomes closed in August 2017, down from 44 in 2016. Through the first eight months of 2017, 260 homes have closed, a decrease from 292 in 2016. The main thing holding back sales is a simple lack of inventory.

Buffalo Grove Real Estate Market

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Elmhurst Real Estate Market Conditions – August 2017 – It’s a Great Time For Sellers To Capitalize

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Elmhurst Real Estate Market

The Elmhurst Real Estate Market is still pretty strong despite the decline in single family homes sales in August. Homes and condos are selling pretty fast and with the lack of inventory it’s a great time for sellers to capitalize.

Elmhurst Market Times

Single family home market times increased in August. Homes were on the market for an average of 100 days compared to 81 days last year at the same time, a 23.5% increase. Condos and townhomes sold super fast in August. The average time a condo/townhome stayed on the market was 17 days compared to last year when it was 124 days, a stunning 86.3% decrease.Elmhurst real estate market Aug 2017

Elmhurst Months Supply


Single family homes inventories in Elmhurst
had 4.3 months of supply at the end of August, more than a 15% decrease compared to last year at this time when the months supply was 5.1. The supply of condos and townhomes decreased more than 59% from 4.2 months last year to a historic low 1.7 months supply this year.

Elmhurst real estate market Aug 2017

Elmhurst Homes For Sale

At the end of August there were 231 single family homes for sale in Elmhurst, a 6.1% decrease from last August when there were 246 homes for sale. The number of condos and townhomes for sale decreased almost 55% with 14 for sale at the end of August 2017 compared to 31 in August 2016.

Elmhurst real estate market Aug 2017

Elmhurst New Listings

New listings increased during August with single family homes having 109 new listings compared to the 83 listed in August 2016, an increase of 31.3%. Condos and townhomes had a 75% increase with 14 listed for sale this August compared to only 8 new listings at this time last year.

Elmhurst real estate market Aug 2017

Elmhurst Real Estate Closings

The number of single family home closings decreased 11.1% with 64 closings this August, compared to 72 closings last August. Condo and townhome closings had a huge 100% increase in closed sales with 14 closings compared to 7 last August.

Elmhurst real estate market Aug 2017

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Aurora Real Estate Market Conditions: August 2017 – Home Prices Continue To Increase

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Aurora Real Estate Market Update

The Aurora Real Estate Market continues to move up in August with both single family sales and condo/town homes sales price increasing. Limited supply has helped an increase in median sales price 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

194 single family homes and 98 condo/town homes closed in August. Compare that to the 191 single family home closings at the same time last year and you’ll find a slight increase of about 2% in the number of single family homes sold. Condo and townhome sales in August increased by 2% from last year with 98 closings this year, compared to the 96 that sold at the same time last year.

Aurora real estate market condtions

Aurora Sales Price

During August 2017, there was a noted increase in median sales price for single family homes of 13% with a median sales price of $217,250 this year compared to $192,000 last year. Condo/townhomes saw their median sales price raise to $168,000 this year compared to $154,900 this time last year, or a 9% increase.

Aurora real estate market condtions
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 52 days at the end of August 2017, compared to 53 days on the market in August 2016 or a 2% decrease. Condo/townhome market times saw a decrease of 22% this August with 44 days on the market, compared to the 56 days we saw at this time last year.

Aurora real estate market condtions

Aurora New Listings

During August 2017, 195 single family homes were listed for sale in Aurora, compared to the 198 new listings last year, a decrease of 2%. New condo/town home listings have had a decrease by 6% with 104 new listings this August compared to the 110 last year at this time.

Aurora real estate market condtions
Aurora Months Supply

Aurora single family home inventory decreased significantly by 26% this August, dropping to 2.3 months supply of homes for sale. The months supply of Aurora single family homes for sale at the same time last year was 3.1 months. The months supply of condos/townhomes in Aurora is super low with only 1.5 months supply for sale, down 40% from last August when there were 2.5 months of supply. Anything under a 5 months supply is considered favorable conditions for sellers.

Aurora real estate market condtions
#AuroraRealEstate #AuroraRealEstateMarket

Addison Real Estate Market Conditions – August 2017 – Market Times Are Shrinking

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Addison Real Estate Market Update

The Addison Real Estate Market saw a decrease in home sales in August. The extremely low inventory is making it really hard for buyers to find anything so homes are selling pretty fast – and condos are selling even faster.

Addison Home Sales

Single family home sales in Addison decreased more than 14% in August. 23 single family homes closed this year compared to the same time last year when 27 single family homes sold. Condo and townhome sales in August decreased more than 30% with 9 closing this year compared to 13 closing last year the same time.

Addison Market Times

Market times for single family homes had a significant decrease during August. Single family homes were on the market for an average of 62 days, compared to 104 days in August 2016, more than a 40% decrease. Condo/townhome market times decreased signifacantly this August with an average of 26 days on the market compared to the 95 days last year at this time, a 72.6% decrease.

Addison real estate market time August 2017

Addison New Listings

During August 2017, 39 single family homes were listed for sale in Addison, a decrease of more than 27% compared to the 54 new listings last August. New condo/town home listings had an 80% increase with 9 new listings this August compared to the 5 last year at this time.

Addison real estate new listings

Addison Months Supply

Addison single family home inventory still remains historically low and just keeps shrinking. August ended with 4.5 months of supply, a 18.2% decrease compared to last August when 5.5 months of supply was for sale. The months supply of condos/townhomes is super low. Just when we thought it couldn’t get any lower the inventory decreased to historic lows, more than 32% from last August with only 2.5 months supply for sale, compared to the 3.7 months of supply we saw last year at the same time.

Addison real estate months supply

Addison Homes For Sale

At the end of August there were 104 single family homes for sale in Addison, more than a 21% decrease from last August when there were 132 homes for sale. The number of condos and townhomes for sale decreased 14.3% with 24 for sale at the end of August 2017 compared to 28 in August 2016.

Addison real estate homes for sale

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Elmhurst Real Estate Market Conditions – July 2017 – The Demand Is There But The Supply Isn’t

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Elmhurst Real Estate Market

The Elmhurst Real Estate Market is still pretty strong despite the decline in homes sales in July. Homes are selling pretty fast, the demand is there but the supply isn’t. With the lack of inventory it’s no surprise home sales are depressed.

With such limited inventory it is a terrific time for sellers to capitalize on the current market conditions.

Elmhurst Market Times

Single family home market times decreased in July. Homes were on the market for an average of 93 days compared to 113 days last year at the same time, a 17.7% decrease. The average time a condo/townhome stayed on the market decreased a stunning 81.3% with 17 days this July, compared to last year when it was 91 days.Elmhurst real estate market times July 2017

Elmhurst Months Supply


Single family homes inventories in Elmhurst
had 4.4 months of supply at the end of July, a 17% decrease compared to last year at this time when the months supply was 5.3. The supply of condos and townhomes decreased more than 47% from 4 months last year to 2.1 months supply this year. These are extremely low inventory levels.Elmhurst real estate months supply July 2017

Elmhurst Homes For Sale

At the end of July there were 235 single family homes for sale in Elmhurst, a 9.3% decrease from last July when there were 259 homes for sale. The number of condos and townhomes for sale decreased 50% with 16 for sale at the end of July 2017 compared to 32 in July 2016.Elmhurst real estate homes for sale Jul 2017

Elmhurst New Listings

New listings in Elmhurst also decreased in July. Single family homes had 100 new listings compared to 111 listed in July 2016, a decrease of 9.9%. New listings for condos and townhomes had more than a 37% decrease with 10 listed for sale this July compared to 16 new listings at the same time last year.Elmhurst real estate new listings July 2017

Elmhurst Real Estate Closings

The number of single family home closings decreased 9.2% with 59 closings this July, compared to 65 closings last July. Condo and townhome closings decreased more than 41% with 7 closings compared to 12 closings last July.Elmhurst real estate closed sales July 2017

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