Aurora Real Estate Market Conditions: January 2017

Aurora Real Estate Market Update

The Aurora Real Estate Market remains slow in January with single family sales slightly increasing and condo/town homes sales decreasing. Limited supply has helped increase median sales prices for condos/town homes. It is a great time for sellers, especially those looking to sell condo/town homes as they are able to capitalize on limited supply driving market times down and raising sales price.

Aurora Home Sales

84 single family homes and 34 condo/town homes closed in January. Compare that to the 81 single family home closings at the same time last year and you’ll find a slight increase of 4% in the number of single family homes sold. Condo and townhome sales in January decreased by 17% from last year with 34 closings this year, compared to the 41 that sold at the same time last year. That decrease is mostly likely being driven by the shortage of properties for sale.
Aurora Real Estate Market closed sales

Aurora Sales Price

During January 2017, there was a noted increase in median sales price for single family homes of 12% with a median sales price of $164,125 this year compared to $146,500 last year. Condo/townhomes saw their median sales price rise to $152,950 this year compared to $145,000 this time last year, or a 5.5% 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 78 days at the end of January 2017, compared to 105 days on the market in January 2016 or nearly a 26% decrease. Condo/townhome market times saw a similar decrease of 24% this January with 55 days on the market compared to the 72 days we saw at this time last year.
Aurora Real Estate Market average market time

Aurora New Listings

During January 2017, 124 single family homes were listed for sale in Aurora, compared to the 184 new listings last year, a large decrease of 33%. New condo/town home listings have decreased by 26% with 64 new listings this January compared to the 86 last year at this time.
Aurora Real Estate Market new listings

Aurora Months Supply

Aurora single family home inventory decreased significantly by 50% this January, dropping to 1.7 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 1.4 months supply for sale, down 48% from last January when there were 2.7 months of supply. Anything under a 5 months supply is considered favorable conditions for sellers and there is no question that Aurora home sellers are in a great position now.
Aurora Real Estate Market months supply
#AuroraRealEstate #AuroraRealEstateMarket

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

 

Addison Real Estate Market Conditions: January 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 for Single Family homes in Addison decreased 21% in January. Homes were on the market for 113 days compared to 143 days last year at the same time. The time a condo/townhome stayed on the market also decreased with 52 days this January, compared to last year when it was 59 days.

Addison real estate market average market time Jan 2017

Addison Months Supply

Single family home inventories had a small increase in January with 3.4 months supply of single family homes for sale in Addison. A 6.2% increase compared to last year at this time when there were 3.2 months supply of homes for sale. Regardless of the increase, these are still extremely low inventory levels. The supply of condos and townhomes in January continues to shrink – from 3.2 months last year to 1.4 months supply this year, more than a 56% decrease.

Addison real estate market months supply Jan 2017

Addison Homes For Sale

At the end of January there were 79 single family homes for sale in Addison. Down slightly from last January at this time when there were 85 homes for sale. The number of condos and townhomes for sale decreased significantly with 13 for sale at the end of Jan 2017 compared to 27 in Jan 2016, more than a 51% decrease.

Addison real estate market homes for sale Jan 2017

New Listings

New listings in Addison increased more than 17% this January with 34 single family homes being listed for sale compared to 29 listed in Jan 2016. However, new listings for condos and townhomes decreased with 7 listed for sale this January compared to 9 new listings at the same time last year – more than a 22% decrease.

Addison real estate market new listings Jan 2017

Addison Real Estate Closings

The number of single family homes that closed in Addison decreased more than 67% this January with only 10 closings, compared to 31 closings last January. There were 5 condo and townhome closings this January compared to only 2 closings in Jan 2016.

Addison real estate market closed sales jan 2017

#AddisonRealEstate

Addison Real Estate Market Conditions: December 2016

Addison Real Estate Market

The Addison Real Estate Market continues to perform well despite rising market times with extremely low inventory and strong sales.

Addison Market Times

Market times for Single Family homes in Addison increased more than 28% in December. Homes were on the market for 86 days compared to 67 days last year at the same time. The time a condo/townhome stayed on the market also increased with 87 days this December, compared to last year when it was 61 days.

Addison real estate market average market time

Addison Months Supply

Single family home inventories had a small increase in December with 3.5 months supply of single family homes for sale in Addison. An increase of almost 10% compared to last year at this time when there were 3.2 months supply of homes for sale. However, the supply of condos and townhomes in December continues to shrink – from 3.4 months last year to 2.3 months supply this year.

 

Addison real estate market months supply

Addison Homes For Sale

At the end of December there were 81 single family homes for sale in Addison. Down slightly from last December at this time when there were 84 homes for sale. The number of condos and townhomes for sale also decreased with 20 for sale at the end of Dec 2016 compared to 29 in Dec 2015, a 31% decrease.

Addison real estate market homes for sale

New Listings

New listings in Addison increased 5.6% this December with 19 single family homes being listed for sale compared to 18 listed in Dec 2015. New listings for condos and townhomes also increased with 8 listed for sale this December, compared to 6 new listings in December 2015, more than a 33% increase.

Addison real estate market new listings

Addison Real Estate Closings

The number of single family homes that closed in Addison decreased more than 22% this December with 21 closings, compared to 27 closings in December 2015. Condo and townhome had 8 closings this December compared to 10 closings in Dec 2015, a 20% decrease.

Addison real estate market closed sales

#AddisonRealEstate

Aurora Real Estate Market Conditions for December 2016

Aurora Real Estate Market Conditions: December 2016

Aurora Real Estate Market Update

The Aurora Real Estate Market slows in December with single family sales decreasing and condo/town homes sales with a slight increase. Limited supply has helped a large increase in median sales price for condo/town homes. It is a great time for sellers, especially those looking to sell condo/town homes as they are able to capitalize on limited supply driving market times down and raising sales price.

Aurora Home Sales

104 single family homes and 58 condo/town homes closed in December. Compare that to the 141 single family home closings at the same time last year and you’ll find a decrease of 26% in the number of single family homes sold. Condo and townhome sales in December increased slightly by than 12% from last year with 58 closings this year, compared to the 52 that sold at the same time last year.
Aurora real estate market closed sales

Aurora Sales Price

During December 2016, there was a nominal decrease in median sales price for single family homes of 0.3% with a median sales price of $176,500 this year compared to $177,000 last year. Condo/townhomes saw their median sales price raise to $159,000 this year compared to $126,000 this time last year, or a 26% 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 90 days at the end of December, compared to 97 days on the market in December 2015. Condo/townhome market times decreased massively by 52% this December with 50 days on the market, compared to the 105 days we saw at this time last year.
Aurora real estate market average market time

Aurora New Listings

During December 2016, 74 single family homes were listed for sale in Aurora, compared to the 91 new listings last year, a slight decrease of 23%. New condo/town home listings have had a major decrease by 50% with 21 new listings this December compared to the 42 last year at this time.
Aurora real estate market new listings

Aurora Months Supply

Aurora single family home inventory decreased significantly by 44% this December, dropping to 1.9 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 56.6% from last December 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
#AuroraRealEstate #AuroraRealEstateMarket