Elmhurst Real Estate Market Update: Strong July Performance

Elmhurst Real Estate Market Update Strong July Performance

The Elmhurst Real Estate Market continues to perform well with low inventory and strong sales.

Elmhurst Home Sales

In the graph below, we see that 65 single family homes and 12 attached dwellings closed in July. Compare that to the 70 single family home closings at the same time last year and you’ll find a minor decrease of  7.1% in the number of single family homes sold.  With only 12 condo/town home sales in July, compared to the 15 sold at the same time last year, there is a 20% decrease of condos and town homes sold over July 2015.

Elmhurst Real Estate Market Closed Sales 7/16

Elmhurst Residential Property Market Times

Market times for single family homes in Elmhurst have increased more than 41% this July with 113 days compared to 80 days on the market in July 2015. Condos/town homes have risen to 91 days as of July 31, 2016, which is a 42.2% higher than we saw at this time last year with 64 days.

Elmhurst Real Estate Market Times 7/16

Elmhurst Residential New Listings

112 single family homes were listed for sale in July 2016, compared to 99 new listings last year. As its been a sellers market for sometime, it appears more people are jumping into the market this year.  Condos and town homes have increased also with 16 new listings compared to the 12 last year at this time.

Elmhurst Real Estate Market New Lisitings 7/16

Elmhurst Real Estate Months Supply

Elmhurst Real Estate inventory continues to decrease to historic lows. The months supply of Elmhurst single family homes for sale is 4.8 at the end of July, more than a 9% decrease from last year at the same time when there was 5.3 months of supply. This level stayed this low even with 112 new homes being listed in July. Attached dwellings are at 3.9 months supply, down more than 20% from last July. Anything under a 5 months supply is considered favorable conditions for sellers.

Elmhurst months supply 7.31.16

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Addison Real Estate Market Update: July 2016 – Still Hot!

Addison Real Estate Market

The Addison Real Estate Market fared well in July with low market times and tight inventory.

Addison Real Estate Market Times

Market times in Addison have been decreasing. Single Family homes were on the market for a mere 72 days in July compared to 132 days last year. The time a condo/townhome stays on the market in Addison is 45 days, compared to last year at the end of July when it was at 52 days.

Addison Real Estate Market Times

Months Supply

There is currently a 4.6 months supply of single family homes for sale in Addison. Compare that to last year at this time when there was a 5.3 months supply of and you’ll see a 13% decrease in supply. There was an increase in supply of condos and townhomes from 3.6 months at the end of July last year to 4.3 this year. Even with the slight increase in supply, inventory of condos and townhomes still low enough to be considered a sellers market.

Addison Real Estate Months of Supply

Addison Homes For Sale

Addison home inventory continues to shrink. At the end of July there were 118 single family homes for sale in Addison. This is more than a 15% decrease from last year at this time when there were 139 homes for sale. There was a slight increase of condos and townhomes for sale this year with 32 for sale at the end of July 2015 compared to 33 in July 2016.

Addison homes for sale 7.31.16

New Listings

During July, 41 single family homes were listed for sale. That represents more then a 10% decrease from the 46 listed in July 2015.  Last year 16 condos and townhomes were listed in July which increased slightly to 17 listed in July of 2016.

Addison Real Estate New Listings July 2016

Addison Real Estate Closings

July had a significant decrease in the number of homes that closed with only 23 this year compared to 32 closings in July 2015.  Fewer closings may offer buyers a bit more negotiating power. Condo and townhomes also declined significantly with 7 closings in 2016 compared to 19 in 2015, more than a 63% decline.

Addison Real Estate Closed Sales July 2016

 

 

 

 

 

 

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Buffalo Grove Real Estate update for June 2016: Steady Performance Continues

Buffalo Grove Real Estate Update

Buffalo Grove real estate sales remain healthy through the first six months of 2016, but inventory remains tight with new listings down from last year. Positive indicators are that market times remain favorable and homes under contract and closings are above last year’s pace. I do find it fascinating when I see nice homes that are available that aren’t being snatched up by potential Buyers. There are some very nice homes that have been available for the past couple of months that are not yet under contract.

Single Family Homes:

Average Market Time

The time a single family home remains on the market in Buffalo Grove is 72 days which is up significantly from the staggering 34 days in June 2015. Buffalo Grove had the lowest market time in the Chicagoland area in 2015 and June 2015 was by far the lowest number for the year. The June 2016 figure is a much more average performance.

Buffalo Grove Real Estate detached average market times

Months Supply

As of July 1, 2016, there is a 3.5 months supply of single family homes for sale in Buffalo Grove compared to 4.5 last year. Anything under 5 months is considered a seller’s market.

Buffalo Grove Real Estate detached months supply

Homes For Sale

At the end of June 2016, there are 128 single family homes for sale in Buffalo Grove, compare that to the 154 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 detached homes for sale

New Listings

82 single family homes were listed for sale in June of 2016, compared to 91 new listings last year. While this new inventory is good news, it just isn’t keeping up with the demand of buyers.

Buffalo Grove Real Estate detached new listings

Homes Under Contract

The new listings over the past couple of months have satisfied some of the demand as 47 single family homes went under contract in Buffalo Grove. This is an increase of 2 from 2015.

Buffalo Grove Real Estate detached contract activity

Closings

A disappointing 43 Single family homes closed in June, down from 51 in 2015. Through the first six months of 2016, 209 single family homes closed this year versus 186 in last year.

Buffalo Grove Real Estate detached closed sales

Condos and Townhomes:

Average Market Time

The time Condos and Townhomes remain on the market in Buffalo Grove is 62 days which is up from 50 days in June 2015. This remains a low figure and reflects the competitiveness we are facing with Condos and Townhomes.

Buffalo Grove Real Estate attached average market times

Months Supply

As of July 1, 2016, there is a ridiculously low 2.1 months supply of Condos and Townhomes for sale in Buffalo Grove equaling last year’s number. Buyers have to move quickly when an attractive listing hits the market!

Buffalo Grove Real Estate attached months supply

Homes For Sale

At the end of June 2016, there are 67 Condos and Townhomes for sale in Buffalo Grove, compare that to the 69 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 attached homes for sale

New Listings

61 Condos and Townhomes were listed for sale in June of 2016, the same figure as last year. This influx of new inventory just might alleviate some of the pent up demand of buyers.

june imageBuffalo Grove Real Estate attached new listings

Condos and Townhomes Under Contract

46 Condos and Townhomes went under contract in Buffalo Grove in June, which is an increase of 6 from 2015.

Buffalo Grove Real Estate attached contract activity

Closings

46 Condos and Townhomes closed in June, up from 42 in 2015. Through the first six months, 196 Condos and Townhomes closed this year versus 178 in 2015. It appears that the main thing holding back sales is a simple lack of inventory.

Buffalo Grove Real Estate attached closed sales

 

Addison Real Estate Market – June Continues Fairly Strong

Addison Real Estate Market

Addison Real Estate Market Times

The Addison Real Estate Market had a pretty flat June. Market times in Addison are super crazy low with a home being on the market for a mere 97 days compared to 123 days last year.  The time a condo/townhome stays on the market in Addison is 72 days which is a significatnt increase from last year at the end of June when it was at 23 days.
Addison Residential Real Estate For Sale average market times

Months Supply

There is currently a 4.8 months supply of single family homes for sale in Addison.Compare that to last year at this time when there was a 5.6 months supply of and you’ll see a slight decrease in supply.There was an increase in supply of condos and townhomes from 3.6 months last year at this time to 4.9 this year. Even with the increase in supply, its still low enough to be considered a sellers market.
Addison Residential Real Estate For Sale months supply

Addison Homes For Sale

At the end of June there were 124 single family homes for sale in Addison.  Last year at this time there were 144 for sale, so inventory continues to shrink. There were 32 condos and townhomes for sale at the end of June 2015 compared to 37 in June 2016.
Addison Residential Real Estate For Sale homes for sale

New Listings

During June, 55 single family homes were listed for sale.  That represents a decrease from the 63 listed in June 2015.  Last year 14 condos and townhomes were listed in June which is slightly less than the 16 listed in June of 2016.
Addison Real Estate For Sale new listings

Addison Real Estate Closings

Up now for the 6th consecutive month, 28 homes closed in May of 2016, down significantly from the 40 closings in May 2015.  Condo and townhomes declined slightly with 7 closings in 2016 compared to 11 in 2015.
Addison Residential Real Estate sold homes

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Addison Real Estate Market Update May 2016 Finishes Strong

Addison Real Estate Market

Addison Real Estate Market Times

The Addison Real Estate Market had a strong May.  Market times in Addison are super crazy low with a home being on the market for a mere 43 days compared to 60 days last year.  The time a condo/townhome stays on the market in Addison is 48 days which is a decrease from last year at the end of May when it was at 55 days. For perspective, market times in Chicago are at 65 days for single family homes.  What a drastic difference from May 2012 when market times were at 144 days for single family homes and 193 for condos and townhomes.

Addison Real Estate Average Market Time
Months Supply

There is currently a 4.4 months supply of single family homes for sale in Addison and a 4.1 months supply of townhomes and condos for sale.  Compare that to last year at this time when there was a 5.3 months supply of single family homes. Conversely, there was an increase in supply of condos and townhomes from 3.5 months last year at this time.  Still low enough to be considered a sellers market.
Addison Real Estate Months Supply of Homes

Addison Homes For Sale

Last year at this time, there were 134 single family homes for sale in Addison. This year there are only 115 which results in a 17% decrease over 2015. There were 32 condos and townhomes for sale at the end of both May 2015 and May 2016.
Addison Real Estate Homes For Sale

New Listings

During May 60 single family homes were listed for sale.  That is a significant increase over the 42 listed last year in May. Last year 20 condos and townhomes were listed in May which is slightly greater than the 17 listed in May of 2016.
Addison Real Estate New Listings

Addison Real Estate Closings

Up now for the 6th consecutive month, 25 Single family homes closed in May of 2016, which is up slightly from the 22 closings in May 2015.  Condo and townhomes declined slightly with 8 closings in 2016 compared to 11 in 2015.
Addison Real Estate Closed Sales

Average Percent Off Original List Price

This last chart I am sharing because a large percentage of buyers that I speak with still think the “deals” exist. By “deal” they mean “steal” and getting 10% or more of list is just no longer viable as a rule.  In the chart below, we show the percentage off the original list price and we are trending above 95% on single family homes and just under for condos and townhomes. The percentage is 99.1% for townhomes and 96.7% from list price to sale price currently.  Moral:  Expect to place close to list if you find a place you like.

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