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.

#BuffaloGroveRealEstate

Eddie Nusinow

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