Elmhurst Real Estate Market Conditions – July 2017 – The Demand Is There But The Supply Isn’t

Elmhurst Real Estate Market

The Elmhurst Real Estate Market is still pretty strong despite the decline in homes sales in July. Homes are selling pretty fast, the demand is there but the supply isn’t. With the lack of inventory it’s no surprise home sales are depressed.

With such limited inventory it is a terrific time for sellers to capitalize on the current market conditions.

Elmhurst Market Times

Single family home market times decreased in July. Homes were on the market for an average of 93 days compared to 113 days last year at the same time, a 17.7% decrease. The average time a condo/townhome stayed on the market decreased a stunning 81.3% with 17 days this July, compared to last year when it was 91 days.Elmhurst real estate market times July 2017

Elmhurst Months Supply

Single family homes inventories in Elmhurst had 4.4 months of supply at the end of July, a 17% decrease compared to last year at this time when the months supply was 5.3. The supply of condos and townhomes decreased more than 47% from 4 months last year to 2.1 months supply this year. These are extremely low inventory levels.Elmhurst real estate months supply July 2017

Elmhurst Homes For Sale

At the end of July there were 235 single family homes for sale in Elmhurst, a 9.3% decrease from last July when there were 259 homes for sale. The number of condos and townhomes for sale decreased 50% with 16 for sale at the end of July 2017 compared to 32 in July 2016.Elmhurst real estate homes for sale Jul 2017

Elmhurst New Listings

New listings in Elmhurst also decreased in July. Single family homes had 100 new listings compared to 111 listed in July 2016, a decrease of 9.9%. New listings for condos and townhomes had more than a 37% decrease with 10 listed for sale this July compared to 16 new listings at the same time last year.Elmhurst real estate new listings July 2017

Elmhurst Real Estate Closings

The number of single family home closings decreased 9.2% with 59 closings this July, compared to 65 closings last July. Condo and townhome closings decreased more than 41% with 7 closings compared to 12 closings last July.Elmhurst real estate closed sales July 2017

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Aurora Real Estate Market Conditions: July 2017

Aurora Real Estate Market Update

The Aurora Real Estate Market slows in July with single family sales down, but condo/townhome sales prices increased. The number of new townhome listings has increased however single family listings has seen a slight drop. With such limited inventory for both single family homes and town homes it is a terrific time for sellers to capitalize on the current market conditions.

Aurora Home Sales
172 single family homes and 72 condo/town homes closed in July. Compare that to the 183 single family home closings at the same time last year and you’ll find a decrease of about 6% in the number of single family homes sold. Condo and townhome sales in July decreased by 18% from last year with 72 closings this year, compared to the 88 that sold at the same time last year.


Aurora Sales Price
During July 2017, there was a slight decrease in median sales price for single family homes of 2% with a median sales price of $219,500 this year compared to $224,000 last year. Condo/townhomes saw their median sales price raise to $172,500 this year compared to $159,250 this time last year, or an 8% 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 47 days at the end of July 2017, compared to 70 days on the market in July 2016 or an 33% decrease. Condo/townhome market times saw a decrease of 64% this July with 22 days on the market, compared to the 61 days we saw at this time last year.


Aurora New Listings
During July 2017, 195 single family homes were listed for sale in Aurora, compared to the 218 new listings last year, a decrease by nearly 11%. New condo/town home listings have had an increase by 16% with 99 new listings this July compared to the 85 last year at this time.


Aurora Months Supply
Aurora single family home inventory decreased significantly by 24% this July, 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 3.3 months. The months supply of condos/townhomes in Aurora is super low with only 1.5 months supply for sale, down 35% from last July when there were 2.3 months of supply. Anything under a 5 months supply is considered favorable conditions for sellers.


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Addison Real Estate Market Conditions – July 2017 – Increasing Home Sales With Lower Market Times

Addison Real Estate Market Update

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

Addison Home Sales

Single family home sales in Addison increased 25% in July. 30 single family homes closed this year compared to the same time last year when 24 single family homes sold. Condo and townhome sales in July increased tremendously, more than 85% with 13 closing this year compared to 7 closing last year the same time.

Addison real estate closed sales July 2017

Addison Market Times

Market times for single family homes decreased during July. Single family homes were on the market for an average of 68 days, compared to 72 days in July 2016, more than a 5% decrease. Condo/townhome market times increased slightly this July with an average of 48 days on the market compared to the 45 days last year at this time, a 6.7% increase.

Addison real estate market time July 2017

Addison New Listings

During July 2017, 54 single family homes were listed for sale in Addison, an increase of more than 35% compared to the 40 new listings last July. New condo/town home listings increased also with 19 new listings this July compared to the 16 last year at this time, more than an 18% increase.

Addison real estate new listings July 2017

Addison Months Supply

Addison single family home inventory still remains historically low and just keeps shrinking. July ended with 4.6 months of supply, a 16.4% decrease compared to last July 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 44% from last July with only 3 months supply for sale, compared to the 5.4 months of supply we saw last year at the same time.

Addison real estate months supply July 2017

Addison Homes For Sale

At the end of July there were 110 single family homes for sale in Addison, more than a 18% decrease from last July when there were 135 homes for sale. The number of condos and townhomes for sale decreased 23.1% with 30 for sale at the end of July 2017 compared to 39 in July 2016.

Addison real estate homes for sale July 2017

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Buffalo Grove Real Estate Market Conditions – Disappointing July Results

Buffalo Grove Real Estate Market Update

Buffalo Grove real estate sales fell off in July 2017 after a very solid June, as inventory remains very tight with new listings still 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 56 days in July 2017, which was up from 47 days in July 2016. This is still a relatively low average market time, reflective of attractive new listings selling quickly.

Months Supply

As of August 1, 2017, there is 3.8 months supply of single family homes for sale in Buffalo Grove compared to 3.6 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 July 2017, there are 133 single family homes for sale in Buffalo Grove, compare that to the 131 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.

New Listings

74 single family homes were listed for sale in July of 2017, compared to 65 new listings last year. Hopefully, this new influx of inventory will satisfy some of the pent up demand of buyers.

Homes Under Contract

32 single family homes went under contract in Buffalo Grove in July 2017 a decrease from 47 in July 2016 and a fall off from 52 in June.

Closings

52 Single family homes closed in July 2017, down from 58 in July 2016. Through seven months of the year, 274 homes have closed this year versus 268 in 2016.

Condos and Townhomes:

Average Market Time

The time Condos and Townhomes remains on the market in Buffalo Grove was 53 days which is up from 37 days in July 2016. This remains a very low figure and reflects the competiveness we are facing with Condos and Townhomes.

Months Supply

As of August 1, 2017, there is a very low 2.5 months supply of Condos and Townhomes for sale in Buffalo Grove up slightly from last year’s figure of 2.2. Buyers have to move quickly when an attractive listing hits the market!

Homes For Sale

At the end of July 2017, there are 76 Condos and Townhomes for sale in Buffalo Grove, compare that to the 73 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.

New Listings

56 Condos and Townhomes were listed for sale in July of 2017, down from 64 last year, which continues to compound our inventory shortage.

Condos and Townhomes Under Contract

32 Condos and Townhomes went under contract in Buffalo Grove in July, which is a significant decrease from 45 from 2017.

Closings

41 Condos and Townhomes closed in July 2017, down from 48 in 2016. Through the first seven months of 2017, 234 homes have closed, a decrease from 248 in 2016. The main thing holding back sales is a simple lack of inventory.

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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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