Elmhurst Real Estate Market Continues Strong In August 2016

Elmhurst Real Estate Market Update Strong August Performance

The Elmhurst Real Estate Market continues to perform well with extremely low inventory and strong sales.

Elmhurst Home Sales

In the graph below, we see that 71 single family homes and 7 attached dwellings closed in August. Compare that to the 64 single family home closings at the same time last year and you’ll find an increase of more than 10% in the number of single family homes sold.  Condo/town home sales in August were slightly lower than last year with 7 this year compared to the 8 sold at the same time last year.

Elmhurst real estate closed sales

Elmhurst Residential Property Market Times

Market times for single family homes in Elmhurst is 82 days at the end of August, which is exactly the same number of days homes were on the market in August 2015. Condos/townhomes have risen to 124 days, which is 67% more than we saw at this time last year with 74 days.

Elmhurst real estate market times august 2016

Elmhurst Residential New Listings

During August 2016, 81 single family homes were listed for sale, compared to 83 new listings last year, a minimum decrease. Condos and town homes have decreased also with 7 new listings compared to the 12 last year at this time.

Elmhurst real estate new listings august 2016

Elmhurst Real Estate Months Supply

Elmhurst Real Estate inventory continues the positive trend to stay under a 5 months supply of home for sale. The months supply of Elmhurst single family homes for sale is 4.5 at the end of August, more than a 8% decrease from last year at the same time when there were 4.9 months of supply. Attached dwellings are at 3.6 months supply, down more than 18% from last August when there were 4.4 months of supply. Anything under a 5 months supply is considered favorable conditions for sellers.

Elmhurst real estate months supply august 2016

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Addison Real Estate Market Update: August 2016

Addison Real Estate Market

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

Addison Real Estate Market Times

Single Family homes in Addison were on the market for 105 days in August compared to 83 days last year at the same time. The time a condo/townhome stayed on the market decreased in August with 95 days, compared to last year at the end of August when it was at 126 days.

Addison real estate average market time

Months Supply

There is currently a 4.7 months supply of single family homes for sale in Addison. Compare that to last year at this time when there was a 4.4 months supply of and you’ll see a 6.8% increase in supply. There was an decrease in supply of condos and townhomes from 3.9 months at the end of August last year to a 3 month supply this year. Even with the slight increase in supply, inventory of single family homes is still low enough to be considered a sellers market.

Addison real estate months supply

Addison Homes For Sale

Addison home inventory is still super low. At the end of Aug there were 116 single family homes for sale in Addison. This is a mere increase of less than 1% from last August at this time when there were 115 homes for sale. There was a significant decrease of condos and townhomes for sale this year with 24 for sale at the end of August 2016 compared to 35 in August 2015, more than a 31% decrease.

Addison real estate homes for sale

 

New Listings

During August, 53 single family homes were listed for sale. That represents more than a 35% increase from the 39 listed in August 2015 and can certainly explain the increase in market time.  New listings for condos and townhomes plummeted more than 76% this year with only 5 listed in August, compared to 21 in August 2015.

Addison real estate new listings

Addison Real Estate Closings

August had a minor decrease in the number of homes that closed with only 26 this year compared to 30 closings in August 2015. Condos and townhomes closings increased significantly this August with 13 closings in 2016 compared to a 8 closings in 2015, more than a 62% increase.

Addison real estate closed sales

 

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Elmhurst Real Estate Market Update: Strong July Performance

Elmhurst Real Estate Market Update Strong July Performance

The Elmhurst Real Estate Market continues to perform well with low inventory and strong sales.

Elmhurst Home Sales

In the graph below, we see that 65 single family homes and 12 attached dwellings closed in July. Compare that to the 70 single family home closings at the same time last year and you’ll find a minor decrease of  7.1% in the number of single family homes sold.  With only 12 condo/town home sales in July, compared to the 15 sold at the same time last year, there is a 20% decrease of condos and town homes sold over July 2015.

Elmhurst Real Estate Market Closed Sales 7/16

Elmhurst Residential Property Market Times

Market times for single family homes in Elmhurst have increased more than 41% this July with 113 days compared to 80 days on the market in July 2015. Condos/town homes have risen to 91 days as of July 31, 2016, which is a 42.2% higher than we saw at this time last year with 64 days.

Elmhurst Real Estate Market Times 7/16

Elmhurst Residential New Listings

112 single family homes were listed for sale in July 2016, compared to 99 new listings last year. As its been a sellers market for sometime, it appears more people are jumping into the market this year.  Condos and town homes have increased also with 16 new listings compared to the 12 last year at this time.

Elmhurst Real Estate Market New Lisitings 7/16

Elmhurst Real Estate Months Supply

Elmhurst Real Estate inventory continues to decrease to historic lows. The months supply of Elmhurst single family homes for sale is 4.8 at the end of July, more than a 9% decrease from last year at the same time when there was 5.3 months of supply. This level stayed this low even with 112 new homes being listed in July. Attached dwellings are at 3.9 months supply, down more than 20% from last July. Anything under a 5 months supply is considered favorable conditions for sellers.

Elmhurst months supply 7.31.16

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Addison Real Estate Market Update: July 2016 – Still Hot!

Addison Real Estate Market

The Addison Real Estate Market fared well in July with low market times and tight inventory.

Addison Real Estate Market Times

Market times in Addison have been decreasing. Single Family homes were on the market for a mere 72 days in July compared to 132 days last year. The time a condo/townhome stays on the market in Addison is 45 days, compared to last year at the end of July when it was at 52 days.

Addison Real Estate Market Times

Months Supply

There is currently a 4.6 months supply of single family homes for sale in Addison. Compare that to last year at this time when there was a 5.3 months supply of and you’ll see a 13% decrease in supply. There was an increase in supply of condos and townhomes from 3.6 months at the end of July last year to 4.3 this year. Even with the slight increase in supply, inventory of condos and townhomes still low enough to be considered a sellers market.

Addison Real Estate Months of Supply

Addison Homes For Sale

Addison home inventory continues to shrink. At the end of July there were 118 single family homes for sale in Addison. This is more than a 15% decrease from last year at this time when there were 139 homes for sale. There was a slight increase of condos and townhomes for sale this year with 32 for sale at the end of July 2015 compared to 33 in July 2016.

Addison homes for sale 7.31.16

New Listings

During July, 41 single family homes were listed for sale. That represents more then a 10% decrease from the 46 listed in July 2015.  Last year 16 condos and townhomes were listed in July which increased slightly to 17 listed in July of 2016.

Addison Real Estate New Listings July 2016

Addison Real Estate Closings

July had a significant decrease in the number of homes that closed with only 23 this year compared to 32 closings in July 2015.  Fewer closings may offer buyers a bit more negotiating power. Condo and townhomes also declined significantly with 7 closings in 2016 compared to 19 in 2015, more than a 63% decline.

Addison Real Estate Closed Sales July 2016

 

 

 

 

 

 

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Buffalo Grove Real Estate update for June 2016: Steady Performance Continues

Buffalo Grove Real Estate Update

Buffalo Grove real estate sales remain healthy through the first six months of 2016, but inventory remains 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.

Single Family Homes:

Average Market Time

The time a single family home remains on the market in Buffalo Grove is 72 days which is up significantly from the staggering 34 days in June 2015. Buffalo Grove had the lowest market time in the Chicagoland area in 2015 and June 2015 was by far the lowest number for the year. The June 2016 figure is a much more average performance.

Buffalo Grove Real Estate detached average market times

Months Supply

As of July 1, 2016, there is a 3.5 months supply of single family homes for sale in Buffalo Grove compared to 4.5 last year. Anything under 5 months is considered a seller’s market.

Buffalo Grove Real Estate detached months supply

Homes For Sale

At the end of June 2016, there are 128 single family homes for sale in Buffalo Grove, compare that to the 154 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 detached homes for sale

New Listings

82 single family homes were listed for sale in June of 2016, compared to 91 new listings last year. While this new inventory is good news, it just isn’t keeping up with the demand of buyers.

Buffalo Grove Real Estate detached new listings

Homes Under Contract

The new listings over the past couple of months have satisfied some of the demand as 47 single family homes went under contract in Buffalo Grove. This is an increase of 2 from 2015.

Buffalo Grove Real Estate detached contract activity

Closings

A disappointing 43 Single family homes closed in June, down from 51 in 2015. Through the first six months of 2016, 209 single family homes closed this year versus 186 in last year.

Buffalo Grove Real Estate detached closed sales

Condos and Townhomes:

Average Market Time

The time Condos and Townhomes remain on the market in Buffalo Grove is 62 days which is up from 50 days in June 2015. This remains a low figure and reflects the competitiveness we are facing with Condos and Townhomes.

Buffalo Grove Real Estate attached average market times

Months Supply

As of July 1, 2016, there is a ridiculously low 2.1 months supply of Condos and Townhomes for sale in Buffalo Grove equaling last year’s number. Buyers have to move quickly when an attractive listing hits the market!

Buffalo Grove Real Estate attached months supply

Homes For Sale

At the end of June 2016, there are 67 Condos and Townhomes for sale in Buffalo Grove, compare that to the 69 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 attached homes for sale

New Listings

61 Condos and Townhomes were listed for sale in June of 2016, the same figure as last year. This influx of new inventory just might alleviate some of the pent up demand of buyers.

june imageBuffalo Grove Real Estate attached new listings

Condos and Townhomes Under Contract

46 Condos and Townhomes went under contract in Buffalo Grove in June, which is an increase of 6 from 2015.

Buffalo Grove Real Estate attached contract activity

Closings

46 Condos and Townhomes closed in June, up from 42 in 2015. Through the first six months, 196 Condos and Townhomes closed this year versus 178 in 2015. It appears that the main thing holding back sales is a simple lack of inventory.

Buffalo Grove Real Estate attached closed sales