Aurora Real Estate Market Conditions for December 2016

Aurora Real Estate Market Conditions: December 2016

Aurora Real Estate Market Update

The Aurora Real Estate Market slows in December with single family sales decreasing and condo/town homes sales with a slight increase. Limited supply has helped a large increase in median sales price for condo/town homes. It is a great time for sellers, especially those looking to sell condo/town homes as they are able to capitalize on limited supply driving market times down and raising sales price.

Aurora Home Sales

104 single family homes and 58 condo/town homes closed in December. Compare that to the 141 single family home closings at the same time last year and you’ll find a decrease of 26% in the number of single family homes sold. Condo and townhome sales in December increased slightly by than 12% from last year with 58 closings this year, compared to the 52 that sold at the same time last year.
Aurora real estate market closed sales

Aurora Sales Price

During December 2016, there was a nominal decrease in median sales price for single family homes of 0.3% with a median sales price of $176,500 this year compared to $177,000 last year. Condo/townhomes saw their median sales price raise to $159,000 this year compared to $126,000 this time last year, or a 26% increase.
Aurora real estate market median sales price

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 90 days at the end of December, compared to 97 days on the market in December 2015. Condo/townhome market times decreased massively by 52% this December with 50 days on the market, compared to the 105 days we saw at this time last year.
Aurora real estate market average market time

Aurora New Listings

During December 2016, 74 single family homes were listed for sale in Aurora, compared to the 91 new listings last year, a slight decrease of 23%. New condo/town home listings have had a major decrease by 50% with 21 new listings this December compared to the 42 last year at this time.
Aurora real estate market new listings

Aurora Months Supply

Aurora single family home inventory decreased significantly by 44% this December, dropping to 1.9 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 56.6% from last December when there were 3.0 months of supply. Anything under a 5 months supply is considered favorable conditions for sellers.
Aurora real estate market months supply
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Buffalo Grove Real Estate Market Update December 2016

Buffalo Grove Real Estate Market Update

Buffalo Grove real estate market sales were very healthy throughout 2016,but inventory remains very tight with new listings not meeting potential buyer demand. Positive indicators are that market times remain favorable and closings exceeded 2015 for both Single Family Homes and Condos/Townhomes. 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

Buffalo Grove Average Market Time

The average time a single family home remains on the market in Buffalo Grove was 79 days in 2016, which was up from 66 days in 2015.

Buffalo Grove real estate average market time

Months Supply

As of January 1, 2017, there is a 2.1 months supply of single family homes for sale in Buffalo Grove compared to 2.6 last year. Anything under 5 months is considered a seller’s market. Now is definitely a good time to consider selling.

Buffalo Grove real estate months supply

Homes For Sale

At the end of December 2016, there are 74 single family homes for sale in Buffalo Grove, compare that to the 93 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 homes for sale

New Listings

19 single family homes were listed for sale in December of 2016, compared to 16 new listings last year. New listings just are not keeping up with the pent up demand of buyers.

Buffalo Grove real estate new listings

Homes Under Contract

The new listings over the past couple of months have satisfied some of the demand as 19 single family homes went under contract in Buffalo Grove.

Closings

429 Single family homes closed in 2016, which is an increase from the 419 sold in 2015, which are excellent results.

Buffalo Grove real estate closed sales

Condos and Townhomes:

Average Market Time

The time Condos and Townhomes remains on the market in Buffalo Grove is 49 days which is down from 55 days in June 2015. This remains a low figure and reflects the competiveness we are facing with Condos and Townhomes.

Buffalo Grove real estate average market time

Months Supply

As of January 1, 2017, there is a ridiculously low 1.8 months supply of Condos and Townhomes for sale in Buffalo Grove down from last year’s number of 2.2. Buyers have to move quickly when an attractive listing hits the market!

Buffalo Grove real estate months supply

Homes For Sale

At the end of December 2016, there are 62 Condos and Townhomes for sale in Buffalo Grove, compare that to the 67 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 homes for sale

New Listings

17 Condos and Townhomes were listed for sale in December of 2016, down from 25 last year, which is not helping with our inventory shortage.

Buffalo Grove real estate new listings

Condos and Townhomes Under Contract

17 Condos and Townhomes went under contract in Buffalo Grove in Decemer, which is an decrease of 22 from 2015.

Buffalo Grove real estate pending closings

Closings

405 Condos and Townhomes closed in 2016, up from 373 in 2015. It appears that the main thing holding back sales is a simple lack of inventory.

Buffalo Grove real estate closed sales

Aurora Real Estate Market Update: November 2016

Aurora Real Estate Market Update

The Aurora Real Estate Market continues to perform well with low inventory and strong sales. It is a great time for sellers, especially those looking to sell condo/town homes.

Aurora Home Sales

133 single family homes and 69 condo/town homes closed in November. Compare that to the 93 single family home closings at the same time last year and you’ll find a large increase of 43% in the number of single family homes sold. Condo and townhome sales in November also increased more than 23% from last year with 69 this year, compared to the 53 that sold at the same time last year.

Aurora Real Estate Market closed sales

Aurora Market Times

Market times for single family homes increased and condos/townhomes in Aurora decreased this year. Single family homes were on the market for 91 days at the end of November, compared to 75 days on the market in November 2015. Condo/townhome market times decreased more than 45% this November with 50 days on the market, compared to the 92 days we saw at this time last year.

Aurora Real Estate Market average market time

Aurora New Listings

During November 2016, 136 single family homes were listed for sale in Aurora, compared to the 127 new listings last year, a slight increase of 7.1%. New condo/town home listings have had a minimal increase of 1.8% with 58 new listings this November compared to the 57 last year at this time.

Aurora Real Estate Market new listings
Aurora Months Supply

Aurora single family home inventory decreased 35.9% this November, dropping to 2.5 months supply of homes for sale. The months supply of Aurora single family homes for sale at the same time last year was 3.9 months. The months supply of condos/townhomes in Aurora is super low with only 1.4 months supply for sale, down 53.3% from last November when there were 3.0 months of supply. Anything under a 5 months supply is considered favorable conditions for sellers.

Aurora Real Estate Market months supply
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Addison Real Estate Market Conditions: November 2016

Addison Real Estate Market

The Addison Real Estate Market continues to perform well despite rising market times with extremely low inventory and strong sales.

Addison Market Times

Market times for Single Family homes in Addison increased more than 100% in November. Homes were on the market for 119 days in November compared to 59 days last year at the same time. However, the time a condo/townhome stayed on the market decreased significantly in November with 38 days, compared to last year when it was 94 days.

Addison real estate market average market time

Addison Months Supply

Inventories keep shrinking. November ended with 3.7 months supply of single family homes for sale in Addison. A decrease of almost 10% compared to last year at this time when there was 4.1 months supply of homes for sale. The supply of condos and townhomes decreased also from 3.1 months last year to an incredibly low 1.9 months supply this year, more than a 38% decrease.

Addison real estate market months supply

Addison Homes For Sale

Addison home inventory continues to decrease. At the end of November there were 90 single family homes for sale in Addison. Down 13.5% from last November at this time when there were 104 homes for sale. The number of condos and townhomes for sale also decreased this year with 16 for sale at the end of Nov 2016 compared to 28 in Nov 2015, almost a 43% decrease.

Addison real estate market homes for sale

New Listings

New listings in Addison increased tremendously this November with 35 single family homes being listed for sale. That’s more than 84% increase from the traditionally slower month of November where 19 listed in Nov 2015. New listings for condos and townhomes also increased this year with 12 listed for sale this November, compared to 10 new listings in November 2015, a 20% increase.

Addison real estate market new listings

Addison Real Estate Closings

The number of single family homes that closed in Addison increased more than 31% this November with 25 closings, compared to 19 closings in November 2015. Condo and townhome closings remained exactly the same with 9 closings both years.

Addison real estate market closed sales

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Elmhurst Real Estate Market Conditions: September 2016

Elmhurst Real Estate Market Update

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

Elmhurst Home Sales

52 single family homes and 5 condo/town homes closed in September. Compare that to the 50 single family home closings at the same time last year and you’ll find a small increase of 4% in the number of single family homes sold. Condo and townhome sales in September decreased more than 58% from last year with only 5 this year, compared to the 12 that sold at the same time last year.

Elmhurst real estate market closed sales

Elmhurst Market Times

Market times for single family homes and condos/townhomes in Elmhurst decreased this year. Single family homes were on the market for 88 days at the end of September, compared to 90 days on the market in September 2015. Condo/townhome market times decreased more than 39% this September with 61 days on the market, compared to the 101 days we saw at this time last year.

Elmhurst real estate market average market time

Elmhurst New Listings

During September 2016, 103 single family homes were listed for sale in Elmhurst, compared to the 109 new listings last year, a minimal decrease of 5.5%. However, new condo/town home listings have increased 75% with 14 new listings this September compared to the 8 last year at this time.

Elmhurst real estate market new listings

Elmhurst Months Supply

Elmhurst single family home inventory increased 6.3% this September, rising to 5.1 months supply of homes for sale. The months supply of Elmhurst single family homes for sale at the same time last year was 4.8 months. The months supply of condos/townhomes in Elmhurst is super low with only 3.3 months supply for sale, down 25% from last September when there were 4.4 months of supply. Anything under a 5 months supply is considered favorable conditions for sellers.

Elmhurst real estate market months supply

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