Buffalo Grove Real Estate Conditions For March 2017 – Inventory Remains Extremely Tight

Buffalo Grove Real Estate Market Update

Buffalo Grove real estate sales increased significantly in March 2017, despite the inventory remaining very tight with new listings 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 82 days in March 2017, which was down from 109 days in March 2016.

Buffalo Grove Real Estate market times

Months Supply

As of April 1, 2017, there is 2.7 months supply of single family homes for sale in Buffalo Grove compared to 3.3 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 March 2017, there are 97 single family homes for sale in Buffalo Grove, compare that to the 122 available at this time last year and you’ll see that inventory remains ridiculously 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

85 single family homes were listed for sale in March of 2017, compared to 81 new listings last year. New listings just are not keeping up with the pent up demand of buyers.

Buffalo Grove Real Estate new listings

Homes Under Contract

The new listings over the past couple of months are not satisfying the demand as 49 single family homes went under contract in Buffalo Grove in March 2017 a decrease from 55 in March 2016.

Buffalo Grove Real Estate under contract

Closings

To demonstrate the level of pent up demand among hopeful buyers, an impressive 46 Single family homes closed in March 2017, up from 29 in March 2017. Through the first quarter of the year, 84 homes have closed this year versus 65 in 2016. This performance took place despite a significant lack of inventory in our market.

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 99 days which is up from 82 days in March 2016. This remains a low figure and reflects the competiveness we are facing with Condos and Townhomes.

Buffalo Grove Real Estate market time

Months Supply

As of April 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 2.1. 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 March 2017, there are 64 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.

Buffalo Grove Real Estate homes for sale

New Listings

61 Condos and Townhomes were listed for sale in March of 2017, down slightly from 62 last year, which continues to compound our inventory shortage.

Buffalo Grove Real Estate new listings

Condos and Townhomes Under Contract

44 Condos and Townhomes went under contract in Buffalo Grove in March, which is a slight decrease of 45 from 2016. Attractive listings are selling fast!

Buffalo Grove Real Estate under contract

Closings

22 Condos and Townhomes closed in March 2017, down significantly from 33 in 2016. Through the first quarter of 2017, 66 homes have closed, a decrease from 71 in 2016. The main thing holding back sales is a simple lack of inventory.

Buffalo Grove Real Estate closed sales

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Aurora Real Estate Market Conditions: March 2017

Aurora Real Estate Market Update

The Aurora Real Estate Market begins to pick up in March with both single family homes and condo/town homes sales increasing. Limited supply has helped an increase in median sales price for both single family and condo/town homes. 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

146 single family homes and 73 condo/town homes closed in March. Compare that to the 128 single family home closings at the same time last year and you’ll find an increase of 14% in the number of single family homes sold. Condo and townhome sales in March also increased slightly by 6% from last year with 73 closings this year, compared to the 69 that sold at the same time last year.

Aurora Real Estate Market closed sales

Aurora Sales Price

During March 2017, there was a noted increase in median sales price for single family homes of 15% with a median sales price of $195,000 this year compared to $170,000 last year. Condo/townhomes saw their median sales price raise to $158,000 this year compared to $149,000 this time last year, or a 6% increase.

Aurora Real Estate Market median 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 92 days at the end of March 2017, compared to 96 days on the market in March 2016 or a 4% decrease. Condo/townhome market times saw a decrease of 23% this March with 69 days on the market, compared to the 90 days we saw at this time last year.

Aurora Real Estate Market average market time

Aurora New Listings

During March 2017, 251 single family homes were listed for sale in Aurora, compared to the 293 new listings last year, a small decrease of 14%. New condo/town home listings have had a decrease by 21% with 103 new listings this March compared to the 131 last year at this time.

Aurora Real Estate Market new listings

Aurora Months Supply

Aurora single family home inventory decreased significantly by 35% this March, dropping to 2.2 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 1.3 months supply for sale, down 57% from last March when there were 3.0 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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Addison Real Estate Market Conditions – March 2017

Addison Real Estate Market

The Addison Real Estate Market continues to perform well with decreasing market times and extremely low inventory levels.

Addison Market Times

Market times in Addison dropped significantly in March. Single Family homes in Addison were on the market for 102 days compared to 141 days last year at the same time, almost a 28% decrease. The time a condo/townhome stayed on the market decreased more than 70% with 40 days this March, compared to last year when it was 137 days.

Addison real estate average market timesAddison Months Supply

Inventories continue to shrink in March. Single family homes for sale in Addison had a 3.7 months of supply at the end of March, a slight decrease from the 3.8 months last year at this time. The supply of condos and townhomes decreased more than 29% from 4.1 months last year to 2.9 months supply this year. These are extremely low inventory levels.

Addison real estate months supplyAddison Homes For Sale

At the end of March there were 87 single family homes for sale in Addison. More than a 10% decrease from last March time when there were 97 homes for sale. The number of condos and townhomes for sale decreased more than 20% with 27 for sale at the end of Mar 2017 compared to 34 in Mar 2016.

Addison real estate homes for sale

New Listings

New listings in Addison increased this March. Single family homes had 54 new listings compared to 42 listed in Mar 2016, an increase of more than 28%. New listings for condos and townhomes had more than a 83% increase with 22 listed for sale this March compared to 12 new listings at the same time last year.

Addison real estate new listings

Addison Real Estate Closings

The number of single family homes that closed in Addison decreased slightly with 21 closings, compared to 22 closings last March. There was a slight increase in condo and townhome closings with 5 this March compared to 4 closings in Mar 2016.

Addison real estate closed sales#AddisonRealEstate

Elmhurst Real Estate Market Conditions – February 2017

Elmhurst Real Estate Market Update

The Elmhurst Real Estate Market continues to see good market conditions with strong sales and extremely low inventory.

Elmhurst Home Sales

Single family home sales in Elmhurst have increased significantly with 34 single family homes closing in February. That’s more than a 78% increase from last year when 19 single family home sold. Condo and townhome sales in February were exactly the same as last February with 2 closings.

Elmhurst real estate closed sales feb 2017

Elmhurst Market Times

Market times for single family homes and condos/townhomes in Elmhurst increased during February. Single family homes were on the market for an average of 145 days, compared to 140 days in February 2016, a slight increase. Condo/townhome market times decreased a whopping 94.8% this February with an average of 7 days on the market, compared to the 135 days we saw at this time last year.

Elmhurst real estate market times feb 2017

Elmhurst New Listings

During February 2017, 107 single family homes were listed for sale in Elmhurst, an increase of more than 15% compared to the 93 new listings last February. New condo/town home listings have decreased more than 30% with 9 new listings this February compared to the 13 last year at this time.

Elmhurst real estate new listings feb 2017

Elmhurst Months Supply

Elmhurst single family home inventory still remains historically low and just keeps shrinking. February ended with 3.9 months of supply, a very small decrease compared to last February when 4.0 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 58% from last February with only 1.5 months supply for sale, compared to the 3.6 months of supply we saw last year at the same time.

Elmhurst real estate months supply feb 2017

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Addison Real Estate Market Conditions – February 2017

Addison Real Estate Market

The Addison Real Estate Market continues to perform well with increasing home sales and extremely low inventory levels.

Addison Market Times

Market times for Single Family homes in Addison increased more than 53% in February. Homes were on the market for 144 days compared to 94 days last year at the same time. The time a condo/townhome stayed on the market decreased slightly with 62 days this February, compared to last year when it was 64 days.

Addison real estate average market time feb 2017

Addison Months Supply

February had 3.1 months supply of single family homes for sale in Addison, no change compared to last year at this time. The supply of condos and townhomes in February continues to shrink – from 3.7 months last year to 2.4 months supply this year, more than a 35% decrease. These are extremely low inventory levels.

Addison real estate months supply feb 2017

Addison Homes For Sale

At the end of February there were 71 single family homes for sale in Addison. Down 14.5% from last February at this time when there were 83 homes for sale. The number of condos and townhomes for sale decreased more than 34% with 21 for sale at the end of Feb 2017 compared to 32 in Feb 2016.

Addison real estate homes for sale feb 2017

New Listings

New listings in Addison decreased slightly this February with 32 single family homes being listed for sale compared to 35 listed in Feb 2016. New listings for condos and townhomes also decreased with 16 listed for sale this February compared to 19 new listings at the same time last year – more than a 15% decrease.

Addison real estate new listings feb 2017

Addison Real Estate Closings

The number of single family homes that closed in Addison increased in February with 14 closings, compared to 12 closings last February, an increase of more than 16%. There were 7 condo and townhome closings this February compared to only 2 closings in Feb 2016, a 250% increase.

Addison real estate closed sales feb 2017

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