Elmhurst Real Estate Market: February Finished Fine

Elmhurst Real Estate Market:  February Finished Fine

The Elmhurst Real Estate market has been pretty healthy over the last few years with increasing sales, decreasing distressed sales and low inventory.

Elmhurst Closings

In the graph below, we see that 24 single family homes and 2 attached dwellings closed in February. Compare that to the 29 single family home closings at the same time last year and you’ll find a 17.4% decrease in the number of single family homes sold.  With only 2 condo/town home sales in February, compared to the 4 sold in February last year, there is a decrease of 50% of condos and town homes sold over February 2015.  Not a huge deal when looking at such small numbers.  Come March, we’d expect to see at least double the number of closings especially with contacts on the rise in February.

Elmhurst Real Estate Market Sales

Elmhurst Contract Activity

Single Family home contracts have seen an expected huge spike in activity with 59 contracts February, exceeding the number of contracts at this time last year which was 50. Contracts are an indicator of sales over the next several months so even though closings were down a bit, the following few months should seen an improvement.

Elmhurst Real Estate Market Contract Activity

Elmhurst Residential Property Market Times

Market times for single family homes were at 135 days and condos/town homes have risen to 140 days as of March 1, 2016, which is bit higher than we saw at this time last year.  Inventory continues to stay way lower than it was a few years ago and that contributes to the lower market times.

Elmhurst Real Estate Market Times

Elmhurst Residential Property Months Supply

The months supply for single family homes in Elmhurst is at 3.1, same as last month  Attached dwellings are at 3.9 months supply.  Anything under a 5 months supply is considered a sellers market. Again, favorable conditions for sellers.  And this level stayed this low even with 92 new homes being listed in February.
Elmhurst Real Estate Market Months Supply

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Buffalo Grove Real Estate Market: An Update for January 2016

Buffalo Grove Real Estate Market

After an extremely solid 2015, the Buffalo Grove Real Estate Market for Single Family Homes started Strong in January 2016. Below are some of the highlights.

Average Sales Price

One of the Buffalo Grove Real Estate Market factors we reviewed was the average sales price for single family homes.  The average price increased nicely in January 2016 to $382,476, a 5.4% improvement over the January 2015 figure of $362,747.

Buffalo Grove Real Estate Home Prices

Months of Supply of Homes for Sale

From an inventory perspective, average Months of Supply of Homes for Sale continues to decline to 2.8.  This equals a 3.4% change from the average of 2.9 in January 2015. Anything under 5 months supply is considered a sellers market.

Buffalo Grove Real EstateHomes for Sale

Buffalo Grove Single Family Homes for Sale

January 2016 ended with 99 Single Family Homes for Sale in Buffalo Grove.  This is a low figure, particularly when you account for the 48 new listings coming to market in January. Buffalo Grove Homes for Sale

Closed sales:

22 Single Family Homes closed in Buffalo Grove in January 2016, 1 more than 2015. January is a traditionally slow month for closings.  With 21 homes going under contract during the month, 2016 is poised to surpass the total 2015 closings of 419.

Buffalo Grove Closed Sales

Average Market Time

Average Market times in Buffalo Grove were the lowest of any Chicago suburb in 2015, which makes the January figure of 128 days noteworthy. We will track this number closely throughout the year in order to determine if this was simply an aberration.

Buffalo Grove Average Market Times

Buffalo Grove Real Estate Market – 2015 Condos and Town homes

Similar to Single Family Homes, Buffalo Grove Condos and Town homes had an extremely solid 2015.  Below are the figures for January.

Average Sales Price

The average sales price for Condos and Town-homes in Buffalo Grove increased in January 2016 to $196,643.  This reflects a 13.2% improvement over the 2015 figure of $173,744.

Buffalo Grove Average Sales Price for condos and townhomes

Months of Supply of Home for Sale

From an inventory perspective, Months of Supply continues to decline to an amazing figure of 1.8, a 5.3% improvement from 1.9 in January 2015.

Buffalo Grove Supply of  Condo and Town homes

Buffalo Grove Condos and Townhomes for Sale

At the close of January 2016, there were at total of 58 condos and town homes on the market. This is an extremely low figure, particularly when you account for the 40 new listings that came to market in January  which is 11.1% more than the new listings in January 2015. This general lack of inventory likely contributed to the +13.2% average sales price the market realized in January.

Buffalo Grove Closed Condo and Town homes for sale

Closed sales:

19 Condos and Town homes closed in Buffalo Grove in January 2016, a decline of 7 from 2015. January is a traditionally slow month for closings.  With an impressive 34 homes going under contract during the month, 2016 is poised to surpass the total 2015 closings of 373.

Buffalo Grove Closed Condo and Town home Sales

Buffalo Grove Condo and Town home Average Market Time

Similar to the Single Family Homes, we also saw a slight increase in average market time in January to 74 days.  This is extremely low compared to other area markets.

Buffalo Grove Condo Market Time

Elmhurst Real Estate Market Update: Pretty Strong in January

Elmhurst Real Estate Market Pretty Strong in January

elmhurst real estate jan

The  Elmhurst Real Estate market has been pretty healthy over the last few years with increasing sales, decreasing distressed sales and low inventory.

Elmhurst Closings

In the graph below, we see that 28 single family homes and 3 attached dwellings closed in January. Compare that to the 20 single family home closings at the same time last year and you’ll find a 40% increase in the number of homes sold.  With only 3 condo/town home sales in January, compared to the 8 sold in January last year, we have a decrease of 62.5% of condos and town homes sold over 2015.

Elmhurst Real Estate Market Sales

Elmhurst Contract Activity

Single Family home contracts are back on the rise as per usual in January because buyers are back from the holidays and eager to get the best deal. The early bird gets the worm, right? Contracts are an indicator of sales over the next several months.  It looks like we are off to a slower start than last year which will be reflected in the closing numbers February in March since closings take under 60 days on average in Elmhurst.

Elmhurst Real Estate Contract Activity

Elmhurst Distressed Property Sales

Despite a minor uptick in November, distressed property sales have been down in general over the last 2 years. The rate of distressed sales remains lower than 10% which is pretty low compared to other area markets.  For example, the Chicago market came in at 23% this month.

Elmhurst Real Estate Market Distressed Sales

Elmhurst Residential Property Market Times

Market times for single family homes were at 100 days. Condos/town homes were at 82 days as of February 1, 2016. Inventory continues to stay way lower than it was a few years ago. Single Family home market times rose for a short time but have now plateaued. We continue to see a decline in inventory of condos and town homes which keeps hitting new lows month after month for almost 2 years which is certainly a contributing factor to the lower market times.

Elmhurst Real Estate Market Times

Elmhurst Residential Property Months Supply

The supply for single family homes in Elmhurst is down to 3.8.  Attached dwellings are at 2.9 months supply.  Anything under a 5 months supply is considered a sellers market. Again, favorable conditions for sellers. I’d expect at least several hundred new homes to come to market in February and March.  This might give us a small spike in inventory. However, all indicators point to strong demand.
Elmhurst Real Estate Market Months Supply

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Lake Forest Real Estate Market Pretty Blah in 2015

Lake Forest Real Estate Market: A Look at 2015

Lake Forest Real Estate Market Trends for Single Family Homes were disappointing in 2015 across all key measures. Here are the highlights with trend charts below:

Lake Forest Single Family Home Average Sales Price

One of the Lake Forest Real Estate Market factors we reviewed was the 12 month average sales price for single family homes and that number increased slightly in 2015 to $1,044,794, a 2.3% improvement over the 2014 figure of $1,021,746.  The numbers are all over the place with no discernible seasonal trend.  For example, the highest average price figure in some time occurred in December 2015, but that month also had one of the lowest closed sales months in a while at 12.

Lake Forest Real Estate Detached Average Sales Price

Lake Forest Single Family Homes for Sale

Lake Forest Single Family Homes for Sale as of December 31, 2015 was 238, which is 48 more homes than at the end of 2014. Lake Forest Real Estate Market Detached Homes for Sale

Lake Forest Sold Homes

241 Homes were sold in Lake Forest in 2015, which is 36 fewer than the 277 homes sold in 2014, continuing a negative trend from 2013 when 313 homes were sold in Lake Forest. Interestingly, the 40 homes closed in June 2015 was one of the best single months in recent history.

Lake Forest Real Estate Market Detached Closed Sales

Lake Forest Months of Supply of Homes for Sale

From an inventory perspective, average Months of Supply of Homes for Sale in 2015 increased to 12.7, a 54.8% increase from the average of 8.9 in 2014. Shown below is a chart that reflects the actual months supply over the year.  12.7 is the average of the entire year.  This not a great indicator for potential sellers.

Lake Forest Real Estate Market Detached Months Supply

Average Market Time

We are also seeing negative trends in Average Market Time at 154 days in 2015 as compared to 137 days in 2014; still much improved compared to 260+ days 2009 and 2011.

Lake Forest Real Estate Market Detached Average Market Time

Lake Forest Real Estate Market – 2015 Condos and Townhomes

Lake Forest Real Estate Market results for condos and town homes was generally improved in 2015 across most key measures. Here are the highlights with trend charts below:

Average Sales Price

The average sales price in Lake Forest increased in 2015 to $510,747, a modest 2.1% improvement over the 2014 figure of $500,000.

Lake Forest Real Estate Market Attached Homes Average Sales Price

Months of Supply of Condos and Town Homes

From an inventory perspective, average Months of Supply of homes average for 2015 increased to 5.0, a 25% increase from the average months supply of 4.0 in 2014. A pretty good level when compared to the 57 Months of Supply in May 2009.  When compared to Lake Forest single family homes, this is very encouraging as it appears to have stabilized at a solid level.

Lake Forest Real Estate Market Attached Homes Months of Supply

Lake Forest Condos and Townhomes for Sale

The number of Lake Forest Condos and Townhomes for Sale as of December 2015 was 30, which is 10 more than the end of 2014. On a positive note, there were 69 closed sales in 2015, 7 more or +11.2% more than occurred in 2014.

Lake Forest Real Estate Market Attached Homes for Sale

 

Lake Forest Condo and Town Home Average Market Time

We saw a significant improvement in average market time ending 2015 at 83 days, which is historically low since 2009. This is compared to 171 days in 2014 and 270 days in June 2012.

Lake Forest Real Estate Market Attached Average Market Time

Lake Forest Real Estate Market

Interesting dynamics in the Lake Forest Real Estate market; the Single Family Home Market is struggling with inventory levels increasing and fewer homes selling year over year.
For Condos and Townhomes, inventory is growing slightly, but more homes are selling and selling more quickly.

Buffalo Grove Real Estate Market: A Look at 2015

Buffalo Grove Real Estate Market Trends

Buffalo Grove Real Estate Market Trends for Single Family Homes continued to improve in 2015 across all key measures. Here are the highlights with trend charts below:

Average Sales Price

One of the Buffalo Grove Real Estate Market factors we reviewed was the average sales price for single family homes and that number increased in 2015 to $392,590, a 5.9% improvement over the 2014 figure of $370,715.

Buffalo Grove Real Estate Market Detached Average Sales Price

Months of Supply of Homes for Sale

From an inventory perspective, average Months of Supply of Homes for Sale continues to decline to 3.7, a 9.3% change from the average of 4.0 in 2014. Great for sellers, not so great for buyers.

Buffalo Grove  Real Estate Detached Months Supply of Homes for Sale

Buffalo Grove Single Family Homes for Sale

Buffalo Grove Single Family Homes for Sale ended 2015 at 86, a low figure, given 61 homes closed in July alone. 419 Homes were Sold in 2015, which is 85 more than 2014 or +20%. This is twice as many that sold in 2008 and 2009!
Buffalo Grove  Real Estate Detached Homes for Sale

Average Market Time

We are also seeing nice improvement in Average Market Time at 66 days with a low mark of 34 days in June; excellent when compared to 250+ days 2009.  Average Market times in Buffalo Grove were the lowest of any Chicago suburb in 2015!

Buffalo Grove  Real Estate Detached Average Market Time

 

Buffalo Grove Real Estate Market – 2015 Condos and Townhomes

Buffalo Grove Real Estate Market for condo and town homes continued to improve in 2015 across all key measures. Here are the highlights with trend charts below:

Average Sales Price

The average sales price in Buffalo Grove increased in 2015 to $185,720, a 3.6% improvement over the 2014 figure of $179,068.

Buffalo Grove Real Estate Market Trends Attached Average Sales PriceMonths of Supply of Home for Sale

From an inventory perspective, Months of Supply continues to decline to an amazing average of 2.2, a 16.8% improvement from the average of 2.6 in 2014.

Buffalo Grove  Real Estate Market Trends Attached Homes Months Supply

Buffalo Grove Condos and Townhomes for Sale

The number of Buffalo Grove Condos and Townhomes for Sale ended 2015 at 65, a low figure, given 60 homes closed in July alone.
Buffalo Grove Real Estate Market Attached Homes For Sale

Buffalo Grove Condo and Town home Average Market Time

We also saw a nice improvement in which ended 2015 at 57 days , the low mark was 26 days at the end of October.  Again, the lowest average market time of all Chicago Suburbs!

Buffalo Grove Real Estate Market Attached Homes Average Market Time

Similar to the Single Family Home Market, inventory is shrinking. More homes are selling and selling more quickly! In addition, Condo and Town home inventory is getting tight. This should provide an excellent opportunity for Sellers!  Article authored by Eddie Nusinow of Lucid Realty.