Addison Real Estate Market Conditions – May 2017

Addison Real Estate Market Update

The Addison Real Estate Market continues to see good market conditions with strong home sales and extremely low inventory.

Addison Home Sales

Single family home sales in Addison decreased more than 34% in May. 17 single family homes closed this year compared to the same time last year when 26 single family homes sold. Condo and townhome sales in May increased more than 122% with 20 closing this year compared to 9 closing last year the same time.

Addison Real Estate Market

Addison Market Times

Market times for single family homes increased during May. Single family homes were on the market for an average of 60 days, compared to 43 days in May 2016, more than a 39% increase. Condo/townhome market times decreased more than 45% this May with an average of 24 days on the market, compared to the 44 days we saw at this time last year.

Addison Real Estate Market

Addison New Listings

During May 2017, 49 single family homes were listed for sale in Addison, an decrease of more than 18% compared to the 60 new listings last May. New condo/town home listings decreased also with 11 new listings this May compared to the 17 last year at this time, more than a 35% decrease.

Addison Real Estate Market

Addison Months Supply

Addison single family home inventory still remains historically low and just keeps shrinking. May ended with 4 months of supply, a 21.6% decrease compared to last May when 5.1 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 more than 54% from last May with only 2.3 months supply for sale, compared to the 5 months of supply we saw last year at the same time.

Addison Real Estate Market

Addison Homes For Sale

At the end of May there were 94 single family homes for sale in Addison, more than a 26% decrease from last May when there were 128 homes for sale. The number of condos and townhomes for sale decreased with 238 for sale at the end of May 2017 compared to 37 in May 2016.

Addison Real Estate Market

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Elmhurst Real Estate Market Conditions – May 2017

Elmhurst Real Estate Market

The Elmhurst Real Estate Market continues to perform well in May with strong sales despite the extremely low inventory levels.

Elmhurst Market Times

Single family home market times in Elmhurst had a mere increased in May. Homes were on the market for 93 days compared to 92 days last year at the same time, less than a 2% increase. The time a condo/townhome stayed on the market decreased more than 17% with 66 days this May, compared to last year when it was 80 days.

Elmhurst Real Estate MarketElmhurst Months Supply

Single family homes inventories in Elmhurst had 4.7 months of supply at the end of May, then exact same from last year at this time. The supply of condos and townhomes decreased from 4.1 months last year to 2.2 months supply this year. These are extremely low inventory levels.Elmhurst Real Estate MarketElmhurst Homes For Sale

At the end of May there were 239 single family homes for sale in Elmhurst, a 3.5% increase from last May when there were 231 homes for sale. The number of condos and townhomes for sale decreased almost 53% with 16 for sale at the end of May 2017 compared to 34 in May 2016.

Elmhurst Real Estate Market

Elmhurst New Listings

New listings in Elmhurst increased in May. Single family homes had 142 new listings compared to 115 listed in May 2016, an increase of 27%. New listings for condos and townhomes had more than a 6% increase with 16 listed for sale this May compared to 15 new listings at the same time last year.Elmhurst Real Estate MarketElmhurst Real Estate Closings

The number of single family home closings increased more than 17% with 80 closings this May, compared to 68 closings last May. Condo and townhome closings remained exactly the same as last May with 12 closings.Elmhurst Real Estate Market

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Buffalo Grove Real Estate Market Conditions May 2017 – Lack Of Inventory Continues To Suppress Sales

Buffalo Grove real estate sales decreased significantly in May 2017, as inventory remains very tight with new listings 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. With the new “HGTV expectations,” it appears that buyers are missing some nice opportunities, if they could look past a current owner’s tastes.

Single Family Homes:

Average Market Time

The average time a single family home remains on the market in Buffalo Grove was 73 days in May 2017, which was up from 61 days in May 2016.

Months Supply

As of June 1, 2017, there is 3.2 months supply of single family homes for sale in Buffalo Grove compared to 3.5 last year. Anything under 5 months is considered a seller’s market. It continues to be a good time to consider selling.

Homes For Sale

At the end of May 2017, there are 117 single family homes for sale in Buffalo Grove, compare that to the 126 available at this time last year and you’ll see that inventory remains ridiculously very low. There aren’t enough homes to supply the current buyer demand, which provides for a very competitive environment.

New Listings

87 single family homes were listed for sale in May of 2017, compared to 71 new listings last year. Hopefully, this new influx of inventory will satisfy some of the pent up demand of buyers … stay tuned for my June update!

Homes Under Contract

The new listings in May seem to have satisfied some of the demand in the market as 53 single family homes went under contract in Buffalo Grove in May 2017 an increase from 47 in May 2016.

Closings

40 Single family homes closed in May 2017, down from 62 in May 2016. Through the first five months of the year, 165 homes have closed this year versus 166 in 2016. This disappointing performance appears to be due a significant lack of inventory in our market.

Condos and Townhomes:

Average Market Time

The time Condos and Townhomes remains on the market in Buffalo Grove was 36 days which is down from 43 days in May 2016. This remains a very low figure and reflects the competitiveness we are facing with Condos and Townhomes.

Months Supply

As of June 1, 2017, there is a ridiculously low 2.0 months supply of Condos and Townhomes for sale in Buffalo Grove down from last year’s figure of 2.5. Buyers have to move quickly when an attractive listing hits the market!

Homes For Sale

At the end of May 2017, there are 69 Condos and Townhomes for sale in Buffalo Grove, compare that to the 81 available at this time last year and you’ll see that inventory remains very tight, and getting tighter. There simply aren’t enough homes to supply the current buyer demand, which provides for a very competitive environment.

New Listings

55 Condos and Townhomes were listed for sale in May of 2017, down significantly from 71 last year, which continues to compound our inventory shortage.

Condos and Townhomes Under Contract

46 Condos and Townhomes went under contract in Buffalo Grove in May, which is a decrease from 42 from 2016. Attractive listings are selling fast!

Closings

39 Condos and Townhomes closed in May 2017, down from 47 in 2016. Through the first five months of 2017, 140 homes have closed, a decrease from 150 in 2016. The main thing holding back sales is a simple lack of inventory.

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Aurora Real Estate Market Conditions: May 2017

Aurora Real Estate Market Update

The Aurora Real Estate Market continues to pick up in May 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 they are able to capitalize on limited supply driving market times down and raising sales price.

Aurora Home Sales

174 single family homes and 105 condo/town homes closed in May. Compare that to the 183 single family home closings at the same time last year and you’ll find a decrease of about 5% in the number of single family homes sold. Condo and townhome sales in May increased by 24% from last year with 105 closings this year, compared to the 85 that sold at the same time last year.

Aurora Sales Price

During May 2017, there was a noted increase in median sales price for single family homes of 12% with a median sales price of $240,000 this year compared to $213,500 last year. Condo/townhomes saw their median sales price raise to $169,100 this year compared to $155,000 this time last year, or a 9% increase.

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 54 days at the end of May 2017, compared to 69 days on the market in May 2016 or a 22% decrease. Condo/townhome market times saw a decrease of 9% this May with 49 days on the market, compared to the 54 days we saw at this time last year.

Aurora New Listings

During May 2017, 276 single family homes were listed for sale in Aurora, compared to the 247 new listings last year, an increase of 12%. New condo/town home listings have had an increase by 9% with 108 new listings this May compared to the 99 last year at this time.

Aurora Months Supply

Aurora single family home inventory decreased significantly by 29% this May, dropping to 2.4 months supply of homes for sale. The months supply of Aurora single family homes for sale at the same time last year was 3.4 months. The months supply of condos/townhomes in Aurora is super low with only 1.3 months supply for sale, down 48% from last May when there were 2.5 months of supply. Anything under a 5 months supply is considered favorable conditions for sellers.

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Elmhurst Real Estate Market Conditions – April 2017

Elmhurst Real Estate Market Update

The Elmhurst Real Estate Market continues to see good market conditions with decreasing market times, strong sales and extremely low inventory.

Elmhurst Home Sales

Single family home sales in Elmhurst increased more than 22% in April. 66 single family homes closed this year compared to the same time last year when 54 single family homes sold. Condo and townhome sales in April decreased more than 22% with 7 closing this year compared to 9 closing last year the same time.

Elmhurst real estate closed sales Apr 2017

Elmhurst Market Times

Market times for single family homes and condos/townhomes in Elmhurst decreased significantly during April. Single family homes were on the market for an average of 84 days, compared to 121 days in April 2016, more than a 30% decrease. Condo/townhome market times decreased more than 27% this April with an average of 45 days on the market, compared to the 62 days we saw at this time last year.

Elmhurst real estate market times Apr 2017

Elmhurst New Listings

During April 2017, 129 single family homes were listed for sale in Elmhurst, an increase of more than 8% compared to the 119 new listings last April. New condo/town home listings decreased significantly with 7 new listings this April compared to the 16 last year at this time, more than a 56% decrease.

Elmhurst real estate new listings Apr 2017

Elmhurst Months Supply

Elmhurst single family home inventory still remains historically low and just keeps shrinking. April ended with 4.2 months of supply, an 8.7% decrease compared to last April when 4.6 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 more than 39% from last April with only 2 months supply for sale, compared to the 3.3 months of supply we saw last year at the same time.

Elmhurst real estate months supply Apr 2017

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