Buffalo Grove Real Estate Market Conditions – June 2017 – Residential Real Estate Performance – Solid June Drove A Positive 1st Half 2017 For Single Family Home Sales

Buffalo Grove Real Estate Market Update

Buffalo Grove real estate sales rebounded nicely in June 2017, as inventory remains very tight with new listings are beginning to meet 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 an historically low 34 days in June 2017, which was down from 71 days in June 2016. This is a really low average market time, reflective of attractive new listings selling quickly.

Buffalo Grove Real Estate market time

Months Supply

As of July 1, 2017, there is 3.5 months supply of single family homes for sale in Buffalo Grove compared to 3.9 last year. Anything under 5 months is considered a seller’s market. It continues to be a good time to consider selling.

Buffalo Grove Real Estate months supply

Homes For Sale

At the end of June 2017, there are 129 single family homes for sale in Buffalo Grove, compare that to the 141 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

100 single family homes were listed for sale in June of 2017, compared to 83 new listings last year. Hopefully, this new influx of inventory will satisfy some of the pent up demand of buyers … stay tuned for my July update!

Buffalo Grove Real Estate new listings

Homes Under Contract

The new listings in May and June seem to have satisfied some of the demand in the market as 58 single family homes went under contract in Buffalo Grove in June 2017 an increase from 45 in June 2016.

Buffalo Grove Real Estate under contract

Closings

57 Single family homes closed in June 2017, up from 44 in June 2016. Through the first half of the year, 222 homes have closed this year versus 210 in 2016. While inventory remains low, the recent new listings have spurred a positive trend for 2017.

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 50 days which is down from 60 days in June 2016. This remains a very low figure and reflects the competiveness we are facing with Condos and Townhomes.

Buffalo Grove Real Estate market time

Months Supply

As of July 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 2.3. 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 June 2017, there are 64 Condos and Townhomes for sale in Buffalo Grove, compare that to the 75 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.

Buffalo Grove Real Estate homes for sale

New Listings

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

Buffalo Grove Real Estate new listings

Condos and Townhomes Under Contract

37 Condos and Townhomes went under contract in Buffalo Grove in June, which is a decrease from 43 from 2016. Attractive listings are selling fast!

Buffalo Grove Real Estate under contract

Closings

52 Condos and Townhomes closed in June 2017, up slightly from 50 in 2016. Through the first six months of 2017, 193 homes have closed, a decrease from 200 in 2016. The main thing holding back sales is a simple lack of inventory.

Buffalo Grove Real Estate closed sales

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Addison Real Estate Market Conditions – June 2017

Addison Real Estate Market Update

The Addison Real Estate Market continues to see good market conditions in June with increasing home sales, decreasing market times and extremely low inventory.

Addison Home Sales

Single family home sales in Addison increased almost 38% in June. 40 single family homes closed this year compared to the same time last year when 24 single family homes sold. Condo and townhome sales in June increased more than 71% with 12 closing this year compared to 7 closing last year the same time.Addison Real Estate Market closed sales

Addison Market Times

Market times for single family homes decreased during June. Single family homes were on the market for an average of 64 days, compared to 93 days in June 2016, more than a 31% decrease. Condo/townhome market times decreased more than 15% this June with an average of 61 days on the market, compared to the 72 days we saw at this time last year.Addison Real Estate Market market times

Addison New Listings

During June 2017, 48 single family homes were listed for sale in Addison, an decrease of more than 12% compared to the 55 new listings last June. New condo/town home listings decreased also with 15 new listings this June compared to the 17 last year at this time, more than a 11% decrease.Addison Real Estate Market new listings

Addison Months Supply

Addison single family home inventory still remains historically low and just keeps shrinking. June ended with 3.8 months of supply, a 30.9% decrease compared to last June when 5.5 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 65% from last June with only 2 months supply for sale, compared to the 5.8 months of supply we saw last year at the same time.Addison Real Estate Market months supply

Addison Homes For Sale

At the end of June there were 93 single family homes for sale in Addison, more than a 31% decrease from last June when there were 136 homes for sale. The number of condos and townhomes for sale decreased 50% with 21 for sale at the end of June 2017 compared to 42 in June 2016.Addison Real Estate Market homes for sale

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Aurora Real Estate Market Conditions: June 2017

Aurora Real Estate Market Update

The Aurora Real Estate Market continues to move up in June 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

206 single family homes and 99 condo/town homes closed in June. Compare that to the 224 single family home closings at the same time last year and you’ll find a decrease of about 8% in the number of single family homes sold. Condo and townhome sales in June decreased by 15% from last year with 99 closings this year, compared to the 116 that sold at the same time last year.
Aurora Real Estate Market closed sales

Aurora Sales Price

During June 2017, there was a noted increase in median sales price for single family homes of 10% with a median sales price of $241,000 this year compared to $220,000 last year. Condo/townhomes saw their median sales price raise to $171,000 this year compared to $154,450 this time last year, or a 11% increase.
Aurora Real Estate Market 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 47 days at the end of June 2017, compared to 57 days on the market in June 2016 or an 18% decrease. Condo/townhome market times saw a decrease of 22% this June with 42 days on the market, compared to the 54 days we saw at this time last year.
Aurora Real Estate Market average market time

Aurora New Listings

During June 2017, 268 single family homes were listed for sale in Aurora, compared to the 244 new listings last year, an increase of 10%. New condo/town home listings have had an increase by 6% with 118 new listings this June compared to the 111 last year at this time.
Aurora Real Estate Market new listings

Aurora Months Supply

Aurora single family home inventory decreased significantly by 27% this June, 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 3.4 months. The months supply of condos/townhomes in Aurora is super low with only 1.4 months supply for sale, down 42% from last June when there were 2.4 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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Elmhurst Real Estate Market Conditions – June 2017

Elmhurst Real Estate Market

The Elmhurst Real Estate Market continues to perform well in June with increasing home sales and decreasing market times despite the extremely low inventory levels.

Elmhurst Market Times

Single family home market times in Elmhurst had a decrease in June. Homes were on the market for 70 days compared to 87 days last year at the same time, a 19.5% decrease. The time a condo/townhome stayed on the market decreased 16% with 68 days this June, compared to last year when it was 81 days.Elmhurst Real Estate Market market times

Elmhurst Months Supply

Single family homes inventories in Elmhurst had 4.6 months of supply at the end of June, a 6.1% decrease compared to last year at this time when the months supply was 4.9. The supply of condos and townhomes decreased from 3.1 months last year to 2.5 months supply this year. These are extremely low inventory levels.Elmhurst Real Estate Market months supply

Elmhurst Homes For Sale

At the end of June there were 240 single family homes for sale in Elmhurst, a slight 1.6% decrease from last June when there were 244 homes for sale. The number of condos and townhomes for sale decreased 28% with 18 for sale at the end of June 2017 compared to 25 in June 2016.Elmhurst Real Estate Market homes for sale

Elmhurst New Listings

New listings in Elmhurst increased in June. Single family homes had 132 new listings compared to 117 listed in June 2016, an increase of 12.8%. New listings for condos and townhomes had more than a 114% increase with 15 listed for sale this June compared to 7 new listings at the same time last year.Elmhurst Real Estate Market new listings

Elmhurst Real Estate Closings

The number of single family home closings increased more than 30% with 81 closings this June, compared to 62 closings last June. Condo and townhome closings increased more than 37% with 11 closings compared to 8 closings last June.Elmhurst Real Estate Market closed sales

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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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