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