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

#ElmhurstRealEstate #ElmhurstRealEstateMarket

Buffalo Grove Real Estate Market Conditions – April 2017 – Low Supply Continues To Impact 2017 Home Sales

Buffalo Grove Real Estate Market Update

Buffalo Grove real estate sales increased slightly in April 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 April 2017, which was down from 85 days in April 2016.

Months Supply

As of May 1, 2017, there is 3.0 months supply of single family homes for sale in Buffalo Grove compared to 3.4 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 April 2017, there are 108 single family homes for sale in Buffalo Grove, compare that to the 124 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

77 single family homes were listed for sale in April of 2017, compared to 74 new listings last year. New listings just are not keeping up with the pent up demand of buyers.

Homes Under Contract

The new listings over the past couple of months are not satisfying the demand as 46 single family homes went under contract in Buffalo Grove in April 2017 a decrease from 49 in April 2016.

Closings

40 Single family homes closed in April 2017, up from 39 in April 2016. Through the first four months of the year, 125 homes have closed this year versus 104 in 2016. This performance took place despite 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 75 days which is up from 48 days in April 2016. This remains a low figure and reflects the competiveness we are facing with Condos and Townhomes.

Months Supply

As of May 1, 2017, there is a ridiculously low 1.9 months supply of Condos and Townhomes for sale in Buffalo Grove down from last year’s figure of 2.1. Buyers have to move quickly when an attractive listing hits the market!

Homes For Sale

At the end of April 2017, there are 65 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, and getting tighter. There simply aren’t enough homes to supply the current buyer demand, which provides for a very competitive environment.

New Listings

58 Condos and Townhomes were listed for sale in April of 2017, down slightly from 61 last year, which continues to compound our inventory shortage.

Condos and Townhomes Under Contract

51 Condos and Townhomes went under contract in Buffalo Grove in April, which is an increase from 43 from 2016. Attractive listings are selling fast!

Closings

34 Condos and Townhomes closed in April 2017, up from 32 in 2016. Through the first four months of 2017, 100 homes have closed, a decrease from 103 in 2016. The main thing holding back sales is a simple lack of inventory.

#BuffaloGroveRealEstate

Aurora Real Estate Market Conditions: April 2017

Aurora Real Estate Market Update

The Aurora Real Estate Market continues to pick up in April with both single family sales and condo/townhome sales price increasing. Limited supply has helped an increase in median sales price for both single family and condo/townhomes. 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

119 single family homes and 56 condo/town homes closed in April. Compare that to the 147 single family home closings at the same time last year and you’ll find a decrease of 19% in the number of single family homes sold. Condo and townhome sales in April also decreased by 16% from last year with 56 closings this year, compared to the 67 that sold at the same time last year.

Aurora Sales Price

During April 2017, there was a noted increase in median sales price for single family homes of 8% with a median sales price of $195,000 this year compared to $181,000 last year. Condo/townhomes saw their median sales price raise to $163,500 this year compared to $153,000 this time last year, or a 7% 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 50 days at the end of April 2017, compared to 91 days on the market in April 2016 or a massive 45% decrease. Condo/townhome market times saw a decrease of 35% this April with 34 days on the market, compared to the 52 days we saw at this time last year.

Aurora New Listings

During April 2017, 219 single family homes were listed for sale in Aurora, compared to the 271 new listings last year, a decrease of 19%. New condo/town home listings have had a decrease by 13% with 103 new listings this April compared to the 118 last year at this time.

Aurora Months Supply

Aurora single family home inventory decreased significantly by 38% this April, 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 3.4 months. The months supply of condos/townhomes in Aurora is super low with only 1.2 months supply for sale, down 56% from last April when there were 2.7 months of supply. Anything under a 5 months supply is considered favorable conditions for sellers.

#AuroraRealEstate #AuroraRealEstateMarket

Addison Real Estate Market Conditions – April 2017

Addison Real Estate Market

The Addison Real Estate Market continues to perform well in April despite the extremely low inventory levels.

Addison Market Times

Single family home market times in Addison increased in April. Homes were on the market for 141 days compared to 112 days last year at the same time, more than a 25% increase. The time a condo/townhome stayed on the market decreased more than 92% with 11 days this April, compared to last year when it was 139 days.

Addison real estate average market time April 2017

Addison Months Supply

Inventories continue to shrink in April. Single family homes for sale in Addison had 3.9 months of supply at the end of April, a slight decrease from the 4.2 months last year at this time. The supply of condos and townhomes decreased from 3.4 months last year to 3 months supply this year. These are extremely low inventory levels.

Addison real estate months supply April 2017

Addison Homes For Sale

At the end of April there were 91 single family homes for sale in Addison, more than a 16% decrease from last April when there were 109 homes for sale. The number of condos and townhomes for sale decreased slightly with 28 for sale at the end of Apr 2017 compared to 29 in Apr 2016.

Addison real estate homes for sale April 2017

New Listings

New listings in Addison increased this April. Single family homes had 60 new listings compared to 53 listed in Apr 2016, an increase of more than 13%. New listings for condos and townhomes had more than a 7% increase with 15 listed for sale this April compared to 14 new listings at the same time last year.

Addison real estate new listings April 2017

Addison Real Estate Closings

The number of single family homes that closed in Addison stayed exactly the same as last April with 24 closings. Condo and townhome closings decreased this April with 4 closings this year compared to 13 closings in Apr 2016.

Addison real estate closed sales April 2017

#AddisonRealEstate

Elmhurst Real Estate Market Conditions – March 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 slightly in March. 48 single family homes closed this year compared to the same time last year when 46 single family homes sold. Condo and townhome sales in March decreased with 11 closing this March compared to 14 closing last year the same time.

Elmhurst real estate closed salesElmhurst Market Times

Market times for single family homes and condos/townhomes in Elmhurst decreased significantly during March. Single family homes were on the market for an average of 97 days, compared to 140 days in March 2016, more than a 30% decrease. Condo/townhome market times decreased more than 38% this March with an average of 47 days on the market, compared to the 76 days we saw at this time last year.

Elmhurst real estate average market timesElmhurst New Listings

During March 2017, 141 single family homes were listed for sale in Elmhurst, an increase of more than 12% compared to the 125 new listings last March. New condo/town home listings also increased with 15 new listings this March compared to the 13 last year at this time, more than a 15% increase.

Elmhurst real estate new listingsElmhurst Months Supply

Elmhurst single family home inventory still remains historically low and just keeps shrinking. March ended with 4 months of supply, an 11% decrease compared to last March when 4.5 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 more than 36% from last March with only 2.3 months supply for sale, compared to the 3.6 months of supply we saw last year at the same time.

Elmhurst real estate months supply

#ElmhurstRealEstate #ElmhurstRealEstateMarket