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Aurora Real Estate Market Conditions: March 2018

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Aurora Real Estate Market Update

The Aurora Real Estate market continues to limp in March. Closed sales and new listings for both single family homes and condo/townhomes decreased this March compared to last year. However, favorable conditions for a seller continue to persist with an increase of nearly 20% in sales price for both single family and condo/townhomes coupled with a decrease in both market times and months supply. This is the time for sellers to capitalize on these conditions before they change.

Aurora Home Sales

115 single family homes and 57 condo/town homes closed in March. Compare that to the 146 single family home closings at the same time last year and you’ll find a slight decrease of about 21% in the number of single family homes sold. Condo and townhome sales in March decreased by 23% from last year with 57 closings this year, compared to the 74 that sold at the same time last year.

Aurora Sales Price

During March 2018, there was a noted increase in median sales price for single family homes of nearly 17% with a median sales price of $229,000 this year compared to $195,000 last year. Condo/townhomes saw their median sales price increase to $186,000 this year compared to $158,000 this time last year, or an 18% increase.

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 64 days at the end of March 2018, compared to 92 days on the market in March 2017 or a 30% decrease. Condo/townhome market times also saw a decrease of 44% this March with 38 days on the market, compared to the 68 days we saw at this time last year.

Aurora New Listings

During March 2018, 220 single family homes were listed for sale in Aurora, compared to the 252 new listings last year, a decrease of 13%. New condo/town home listings have had a noted decrease of 8% with 95 new listings this March compared to the 103 last year at this time.

Aurora Months Supply

Aurora single family home inventory decreased by 29% this March, 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 2.4 months. The months supply of condos/townhomes in Aurora is super low with only 1 months supply for sale, down an amazing 33% from last March when there were 1.5 months of supply. Anything under a 5 months supply is considered favorable conditions for sellers.

#AuroraRealEstate #AuroraRealEstateMarket

Elmhurst Real Estate Market Conditions – March 2018 – Single Family Home Inventory Continues To Shrink

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Elmhurst Real Estate Market Update

The Elmhurst Real Estate Market is still pretty strong in March despite the lack of inventory. Homes are selling fairly quick. With the limited inventory buyers need to act quickly when a new listing comes on the market.

Elmhurst Market Times

Single family home market times increased in March. Homes were on the market for an average of 119 days compared to 97 days last year at the same time, more than a 22% increase. The average time a condo/townhome stayed on the market was 170 days compared to last year when it was 47 days, more than an 261% increase.

Elmhurst Real Estate market times

Elmhurst Months Supply

Single family home inventories in Elmhurst had 3.9 months of supply at the end of March, more than a 7% decrease compared to last year at this time when the months supply was 4.2 months. The supply of condos and townhomes increased 52.2% in March with 3.5 months supply this year compared to last year when the months supply was 2.3.

Elmhurst Real Estate months supply

Elmhurst Homes For Sale

At the end of March there were 194 single family homes for sale in Elmhurst, a 8.5% decrease from last March when there were 212 homes for sale. The number of condos and townhomes for sale increased more than 41% in March with 24 for sale this year compared to last year when there were 17 for sale.

Elmhurst Real Estate homes for sale

Elmhurst New Listings

New listings saw a decrease during March with 112 single family homes newly listed compared to the 142 listed in March 2017, a decrease of 21.1%. Condo and townhome new listings decreased 40% with 9 listed for sale this March compared to 15 the same time last year.

Elmhurst Real Estate new listings

Elmhurst Real Estate Closings

The number of single family home closed sales decreased more than 14% with 41 closings this March compared to 48 last year. Condo and townhome closings had a 72.7% decrease in closed sales with only 3 closings this year compared to 11 last March.

Elmhurst Real Estate closed sales

#ElmhurstRealEstate

Buffalo Grove Real Estate Market Conditions – March 2018

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Buffalo Grove Real Estate Market Update

Buffalo Grove real estate experienced an interesting March with very disappointing results for Single Family Homes and continued very positive trends for Condos and Townhomes. Single Family home buyers are demonstrating great patience and restraint, holding off for well updated homes or great deals. On the other hand, Condos and Townhomes seemingly are selling as soon as they hit the market. Based on my experience with our listings, the pool of buyers is very strong and there are lots of showings. Now that Spring is here, the next couple of months should be very interesting … stay tuned!

Single Family Homes:

Average Market Time

The average time a single family home remained on the market in Buffalo Grove was 87 days in March 2018, which was up from 81 days in March 2017.

Months Supply

As of April 1, 2018, there is 3.2 months supply of single family homes for sale in Buffalo Grove, up from 2.9 last year. Anything under 5 months is considered a seller’s market, but it just doesn’t feel like it.

Homes For Sale

At the end of March 2018, there are 108 single family homes for sale in Buffalo Grove, compare that to the 103 available at this time last year.

New Listings

101 single family homes were listed for sale in March of 2018, compared to 85 new listings last year, our inventory position is improving, which is good news for Buyers and not so good for Sellers.

Homes Under Contract

43 single family homes went under contract in Buffalo Grove in March 2018 a slight decrease from 44 in March 2017.

Closings

A disappointing 25 Single family homes closed in March 2018, down significantly from 47 in March 2017. Through the 1st Quarter of the year, 62 homes have sold this year versus 85 in 2017.

Condos and Townhomes:

Average Market Time

The time Condos and Townhomes remained on the market in Buffalo Grove was 46 days which is down from 99 days in March 2017. This is a low figure and reflects the competiveness we are facing with Condos and Townhomes.

Months Supply

As of April 1, 2018, there is a ridiculously low 1.8 months supply of Condos and Townhomes for sale in Buffalo Grove down 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 March 2018, there are 59 Condos and Townhomes for sale in Buffalo Grove, compare that to the 72 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

62 Condos and Townhomes were listed for sale in March of 2018, up slightly form 61 last year, which will not help with our inventory shortage.

Condos and Townhomes Under Contract

44 Condos and Townhomes went under contract in Buffalo Grove in March, which is an increase from 39 from 2017.

Closings

25 Condos and Townhomes closed in March 2018, up from 22 in 2017. Through 3 months, we have seen 70 sales this year versus 66 in 2017. It appears that the main thing holding back sales is a simple lack of inventory.

#BuffaloGroveRealEstate

Elmhurst Real Estate Market Conditions – February 2018

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Elmhurst Real Estate Market Update

The Elmhurst Real Estate Market is still pretty strong in February despite the lack of inventory. Homes are selling fairly quick. With the limited inventory buyers need to act quickly when a new listing comes on the market.

Elmhurst Market Times

Single family home market times decreased in February. Homes were on the market for an average of 130 days compared to 145 days last year at the same time, a 10.3% decrease. The average time a condo/townhome stayed on the market was 53 days compared to last year when it was 7 days, more than an 657% increase.

Elmhurst Real Estate Market Conditions - February 2018 market time

Elmhurst Months Supply

Single family home inventories in Elmhurst had 3.3 months of supply at the end of February, more than a 17% decrease compared to last year at this time when the months supply was 4 months. The supply of condos and townhomes increased 121.4% in February with 3.1 months supply this year compared to last year when the months supply was 1.4.

Elmhurst Real Estate Market Conditions - February 2018 months supply

Elmhurst Homes For Sale

At the end of February there were 171 single family homes for sale in Elmhurst, a 12.8% decrease from last February when there were 196 homes for sale. The number of condos and townhomes for sale increased 100% in February with 22 for sale this year compared to last year when there were 11 for sale.

Elmhurst Real Estate Market Conditions - February 2018 homes for sale

Elmhurst New Listings

New listings saw a decrease during February with 94 single family homes newly listed compared to the 107 listed in February 2017, a decrease of 12.1%. Condos and townhomes remained exactly the same with 9 listed for sale this February the same as this time last year.

Elmhurst Real Estate Market Conditions - February 2018 new listings

Elmhurst Real Estate Closings

The number of single family home closings remained exactly the same as last year with 34 closings this February and last year. Condo and townhome closings had a 150% increase in closed sales with 5 closings this year compared to 2 last February.

Elmhurst Real Estate Market Conditions - February 2018 closed sales

#ElmhurstRealEstate

Addison Real Estate Market Conditions – February 2018

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Addison Real Estate Market Update

The Addison Real Estate Market had a 7.1% increase in single family home sales in February. The extremely low inventory is making it really difficult for buyers to find a home, benefiting home sellers.

Addison Home Sales

Single family home sales in February increased 7.1% in Addison. 15 single family homes closed this year, compared to last February when there were 14 closings. Condo and townhome sales remained the same in February with 7 closing this year and last year the same time.

Addison Real Estate Market Conditions - February 2018 closed sales

Addison Market Times

Market times for single family homes increased during February. Single family homes were on the market for an average of 203 days, compared to 144 days in February 2017, a 41% increase. Condo/townhome market times also increased this February with an average of 95 days on the market compared to 62 last February, a 53.2% increase.

Addison Real Estate Market Conditions - February 2018 market time

Addison New Listings

During February 2018, 41 single family homes were listed for sale in Addison, an increase of more than 28% compared to the 32 new listings last February. New condo/town home listings had a 6.3% increase with 17 new listings this February compared to the 16 last year at this time.

Addison Real Estate Market Conditions - February 2018 new listings

Addison Months Supply

Addison single family home inventory still remains historically low, and just when we thought it couldn’t get any lower there was another significant decrease in supply. February ended with 2.7 months of supply, a 28.9% decrease compared to last February when 3.8 months of supply was for sale. The months supply of condos/townhomes decreased 4.2% from last February with 2.3 months supply for sale, compared to the 2.4 months of supply we saw last year at the same time. Anything under a 5 month supply is considered favorable conditions for sellers.

Addison Real Estate Market Conditions - February 2018 months supply

Addison Homes For Sale

At the end of February there were 64 single family homes for sale in Addison, a 22% decrease from last February when there were 82 homes for sale. The number of condos and townhomes for sale increased 14.3% with 24 for sale at the end of February 2018 compared to 21 in February 2017.

Addison Real Estate Market Conditions - February 2018 homes for sale

#AddisonRealEstateMarket