Elmhurst Real Estate Market Conditions – February 2017

Elmhurst Real Estate Market Update

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

Elmhurst Home Sales

Single family home sales in Elmhurst have increased significantly with 34 single family homes closing in February. That’s more than a 78% increase from last year when 19 single family home sold. Condo and townhome sales in February were exactly the same as last February with 2 closings.

Elmhurst real estate closed sales feb 2017

Elmhurst Market Times

Market times for single family homes and condos/townhomes in Elmhurst increased during February. Single family homes were on the market for an average of 145 days, compared to 140 days in February 2016, a slight increase. Condo/townhome market times decreased a whopping 94.8% this February with an average of 7 days on the market, compared to the 135 days we saw at this time last year.

Elmhurst real estate market times feb 2017

Elmhurst New Listings

During February 2017, 107 single family homes were listed for sale in Elmhurst, an increase of more than 15% compared to the 93 new listings last February. New condo/town home listings have decreased more than 30% with 9 new listings this February compared to the 13 last year at this time.

Elmhurst real estate new listings feb 2017

Elmhurst Months Supply

Elmhurst single family home inventory still remains historically low and just keeps shrinking. February ended with 3.9 months of supply, a very small decrease compared to last February when 4.0 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 58% from last February with only 1.5 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 feb 2017

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Addison Real Estate Market Conditions – February 2017

Addison Real Estate Market

The Addison Real Estate Market continues to perform well with increasing home sales and extremely low inventory levels.

Addison Market Times

Market times for Single Family homes in Addison increased more than 53% in February. Homes were on the market for 144 days compared to 94 days last year at the same time. The time a condo/townhome stayed on the market decreased slightly with 62 days this February, compared to last year when it was 64 days.

Addison real estate average market time feb 2017

Addison Months Supply

February had 3.1 months supply of single family homes for sale in Addison, no change compared to last year at this time. The supply of condos and townhomes in February continues to shrink – from 3.7 months last year to 2.4 months supply this year, more than a 35% decrease. These are extremely low inventory levels.

Addison real estate months supply feb 2017

Addison Homes For Sale

At the end of February there were 71 single family homes for sale in Addison. Down 14.5% from last February at this time when there were 83 homes for sale. The number of condos and townhomes for sale decreased more than 34% with 21 for sale at the end of Feb 2017 compared to 32 in Feb 2016.

Addison real estate homes for sale feb 2017

New Listings

New listings in Addison decreased slightly this February with 32 single family homes being listed for sale compared to 35 listed in Feb 2016. New listings for condos and townhomes also decreased with 16 listed for sale this February compared to 19 new listings at the same time last year – more than a 15% decrease.

Addison real estate new listings feb 2017

Addison Real Estate Closings

The number of single family homes that closed in Addison increased in February with 14 closings, compared to 12 closings last February, an increase of more than 16%. There were 7 condo and townhome closings this February compared to only 2 closings in Feb 2016, a 250% increase.

Addison real estate closed sales feb 2017

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Aurora Real Estate Market Conditions: February 2017

Aurora Real Estate Market Update

The Aurora Real Estate Market remains slow in February with both single family sales and condo/town homes sales decreasing. 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

290 single family homes and 93 condo/town homes closed in February. Compare that to the 454 single family home closings at the same time last year and you’ll find a decrease of 36% in the number of single family homes sold. Condo and townhome sales in February also decreased by 41% from last year with 93 closings this year, compared to the 158 that sold at the same time last year.

Aurora Real Estate Market homes for sale

Aurora Sales Price

During February 2017, there was a noted increase in median sales price for single family homes of 29% with a median sales price of $189,950 this year compared to $147,500 last year. Condo/townhomes saw their median sales price raise to $172,250 this year compared to $131,500 this time last year, or a 12% 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 84 days at the end of February 2017, compared to 135 days on the market in February 2016 or nearly a 38% decrease. Condo/townhome market times saw a significant increase of 54% this February with 129 days on the market, compared to the 84 days we saw at this time last year.

Aurora Real Estate Market average market time

Aurora New Listings

During February 2017, 188 single family homes were listed for sale in Aurora, compared to the 178 new listings last year, a small increase of 6%. New condo/town home listings have had a decrease by 8% with 76 new listings this February compared to the 83 last year at this time.

Aurora Real Estate Market new listings

Aurora Months Supply

Aurora single family home inventory decreased significantly by 38% this February, dropping to 2.0 months supply of homes for sale. The months supply of Aurora single family homes for sale at the same time last year was 3.2 months. The months supply of condos/townhomes in Aurora is super low with only 1.3 months supply for sale, down 48% from last February when there were 2.5 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 Performance Update February 2017 – Sales Were Suppressed By Insufficient Home Inventory

Buffalo Grove Real Estate Update

Buffalo Grove real estate sales were suppressed in February 2017 as inventory remains very tight with new listings not meeting potential buyer demand. I read an article recently that I think puts our current inventory situation in good perspective … to paraphrase; putting your home up for sale before the traditional Spring market is like trying to beat rush hour traffic in the morning. By leaving at 5 or 6am allows you to arrive at work more quickly. The same applies to our Real Estate market, there is so little inventory on the market right now and typically we find more serious Buyers, as opposed to lookers, which will potentially allow you to sell your home more quickly and move on to your next chapter. Something to think about …

Single Family Homes:

Average Market Time

The average time a single family home remains on the market in Buffalo Grove was 156 days in February 2017, which was surprisingly up from 109 days in February 2016.

Buffalo Grove Real Estate average market time

Months Supply

As of March 1, 2017, there is 2.1 months supply of single family homes for sale in Buffalo Grove compared to 3.3 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 February 2017, there are 79 single family homes for sale in Buffalo Grove, compare that to the 115 available at this time last year and you’ll see that inventory is ridiculously 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

61 single family homes were listed for sale in February of 2017, compared to 66 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 40 single family homes went under contract in Buffalo Grove in February 2017 a slight increase from 37 in Febuary 2016.

Buffalo Grove Real Estate under contract

Closings

A disappointing 11 Single family homes closed in February 2017, down from 13 in January 2017. Through the first two months, 38 homes have closed this year versus 36 in 2016.

Buffalo Grove Real Estate closed sales

Condos and Townhomes:

Average Market Time

The time Condos and Townhomes remains on the market in Buffalo Grove was 88 days which is up from 73 days in February 2016. 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 March 1, 2017, there is a ridiculously low 1.6 months supply of Condos and Townhomes for sale in Buffalo Grove down from last year’s figure of 2.0. 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 February 2017, there are 53 Condos and Townhomes for sale in Buffalo Grove, compare that to the 65 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

39 Condos and Townhomes were listed for sale in February of 2017, up from 34 last year, which is not a significant improvement to our inventory shortage.

Buffalo Grove Real Estate new listings

Condos and Townhomes Under Contract

38 Condos and Townhomes went under contract in Buffalo Grove in February, which is a nice increase of 24 from 2016. Attractive listings are selling fast!

Buffalo Grove Real Estate under contract

Closings

19 Condos and Townhomes closed in February 2017, up from 18 in 2016. Through the first two months of 2017, 44 homes have closed an increase from 38 in 2016. It appears that the main thing holding back sales is a simple lack of inventory.

Buffalo Grove Real Estate closed sales#BuffaloGroveRealEstate

Elmhurst Real Estate Market Conditions: January 2017

Elmhurst Real Estate Market Update

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

Elmhurst Home Sales

Single family home sales in Elmhurst have decreased with 24 single family homes closing in January. That’s more than a 17% decrease from last year when 29 single family home sold. Condo and townhome sales in January also decreased from last year with 2 closings this year compared to the 3 sold last year at the same time, more than a 33% decrease.

Elmhurst real estate market closed sales Jan 2017

Elmhurst Market Times

Market times for single family homes and condos/townhomes in Elmhurst increased during January. Single family homes were on the market for 150 days, compared to 129 days in January 2016, more than a 16% increase. Condo/townhome market times increased a whopping 175% this January with 198 days on the market, compared to the 72 days we saw at this time last year.

Elmhurst Real Estate Market average market time

Elmhurst New Listings

During January 2017, 87 single family homes were listed for sale in Elmhurst, an increase of almost 4% compared to the 84 new listings last January. New condo/town home listings have increased more than 37% with 11 new listings this January compared to the 8 last year at this time.

Elmhurst Real Estate Market new listings

Elmhurst Months Supply

Elmhurst single family home inventory still remains historically low and just keeps shrinking. January ended with 3.5 months of supply, a decrease of almost 8% compared to last January when 3.8 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 35% from last January with only 2.2 months supply for sale, compared to the 3.4 months of supply we saw last year at the same time.

Elmhurst Real Estate Market months supply

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