Buffalo Grove Real Estate Market Performance – January 2017 – Sellers Should Beat Rush Hour Traffic

Buffalo Grove Real Estate Market Update

Buffalo Grove real estate sales were solid in January 2017, but 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 Spring 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 110 days in January 2017, which was down from 132 days in January 2016.

Buffalo Grove Real Estate Market

Months Supply

As of February 1, 2017, there is a ridiculously low 1.9 months supply of single family homes for sale in Buffalo Grove compared to 2.9 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 Market

Homes For Sale

At the end of January 2017, there are 72 single family homes for sale in Buffalo Grove, compare that to the 103 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 Market

New Listings

56 single family homes were listed for sale in January of 2017, compared to 48 new listings last year. New listings just are not keeping up with the pent up demand of buyers.

Buffalo Grove Real Estate Market

Homes Under Contract

The new listings over the past couple of months have satisfied some of the demand as 41 single family homes went under contract in Buffalo Grove in January 2017 a significant increase from 21 in January 2016.

Buffalo Grove Real Estate Market

Closings

27 Single family homes closed in January 2017, up from 23 in January 2016.

Buffalo Grove Real Estate Market

Condos and Townhomes:

Average Market Time

The time Condos and Townhomes remains on the market in Buffalo Grove was 73 days which is up from 60 days in January 2016. This remains a low figure and reflects the competitiveness we are facing with Condos and Townhomes.

Buffalo Grove Real Estate Market

Months Supply

As of February 1, 2017, there is also a very low 1.9 months supply of Condos and Townhomes for sale in Buffalo Grove equal to last year’s figure. Buyers have to move quickly when an attractive listing hits the market!

Buffalo Grove Real Estate Market

Homes For Sale

At the end of January 2017, there are 62 Condos and Townhomes for sale in Buffalo Grove, compare that to the 61 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 Market

New Listings

30 Condos and Townhomes were listed for sale in January of 2017, down from 40 last year, which is not helping with our inventory shortage.

Buffalo Grove Real Estate Market

Under Contract

23 Condos and Townhomes went under contract in Buffalo Grove in January, which is an decrease of 33 from 2016.

Buffalo Grove Real Estate Market

Closings

25 Condos and Townhomes closed in January 2017, up from 20 in 2016. It appears that the main thing holding back sales is a simple lack of inventory.

Buffalo Grove Real Estate Market

 

Eddie Nusinow

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