Aurora Real Estate Market Conditions: December 2017

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Aurora Real Estate Market Update

Limited inventory continues in December in the Aurora Real Estate making it a great time to sell your home. Limited supply has helped an increase in median sales price as well as dropping the market times for both single family homes as well as condos/townhomes. It is a great time for sellers, as months’ supply continue to decrease putting sellers in an advantageous negotiating position yielding higher sales prices.

Aurora Home Sales

116 single family homes and 47 condo/town homes closed in December. Compare that to the 108 single family home closings at the same time last year and you’ll find a slight increase of about 7% in the number of single family homes sold. Condo and townhome sales in December decreased by 20% from last year with 47 closings this year, compared to the 59 that sold at the same time last year.
Aurora Real Estate Market Conditions: December 2017 closed sales

Aurora Sales Price

During December 2017, there was a noted increase in median sales price for single family homes of nearly 9% with a median sales price of $195,450 this year compared to $179,000 last year. Condo/townhomes saw their median sales price raise to $168,000 this year compared to $158,000 this time last year, or a 6% increase.
Aurora Real Estate Market Conditions: December 2017 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 73 days at the end of December 2017, compared to 87 days on the market in December 2016 or a 16% decrease. Condo/townhome market times saw a smaller decrease of 8% this December with 45 days on the market, compared to the 49 days we saw at this time last year.
Aurora Real Estate Market Conditions: December 2017 market times

Aurora New Listings

During December 2017, 83 single family homes were listed for sale in Aurora, compared to the 72 new listings last year, an increase of 15%. New condo/town home listings have had an astonishing increase of 52% with 32 new listings this December compared to the 21 last year at this time.
Aurora Real Estate Market Conditions: December 2017 new listings

Aurora Months Supply

Aurora single family home inventory decreased significantly by 24% this December, dropping to 1.6 months supply of homes for sale. The months supply of Aurora single family homes for sale at the same time last year was 2.1 months. The months supply of condos/townhomes in Aurora is super low with only 1.0 months supply for sale, down 33% from last December when there were 1.5 months of supply. Anything under a 5 months supply is considered favorable conditions for sellers.
Aurora Real Estate Market Conditions: December 2017 months supply

#AuroraRealEstate #AuroraRealEstateMarket

Buffalo Grove Real Estate Market Conditions – December 2017 – Mixed Results in 2017, Looking For More Inventory in 2018!

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Buffalo Grove Real Estate Update

Buffalo Grove real estate results remain mixed in December 2017, as inventory remains very tight with new listings still 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. Some recent research suggests that many “empty nesters” are updating and remodeling their homes as opposed to downsizing or moving to warmer climates. This could have a significant impact over inventory for the next several years. It is also worth noting that this analysis is for the entire Village of Buffalo Grove. 2018 should be a very interesting year, so stay tuned!

Single Family Homes:

Average Market Time

The average time a single family home remains on the market in Buffalo Grove was 61 days in December 2017, which was down significantly from 96 days in December 2016. The 12 month average of 72 days is pretty low when compared with many of the other local suburbs.

Buffalo Grove Real Estate market time

Months Supply

As of January 1, 2018, there is 1.8 months supply of single family homes for sale in Buffalo Grove compared to 2.3 last year. Anything under 5 months is considered a seller’s market. It continues to be a good time to consider selling as we average 36 sales per month and there are only 63 homes on the market.

Buffalo Grove Real Estate months supply

Homes For Sale

At the end of December 2017, there are 63 single family homes for sale in Buffalo Grove, compare that to the 81 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 homes for sale

New Listings

14 single family homes were listed for sale in December of 2017, compared to 19 new listings last year. Still not enough new inventory to satisfy the pent up demand of buyers. With 36 average homes sold per month and 14 new listings, we are not building any much needed inventory.

Buffalo Grove Real Estate new listings

Homes Under Contract

13 single family homes went under contract in Buffalo Grove in December 2017, the same figure from November 2016.

Buffalo Grove Real Estate under contract

Closings

21 Single family homes closed in December 2017, down from 26 in December 2016. 428 homes closed this year versus 430 in 2016, just not enough inventory.

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 63 days which is up from 52 days in December 2016. The 12 month average was 56 days, which remains a very low figure and reflects the competiveness we are facing with Condos and Townhomes.

Buffalo Grove Real Estate market time

Months Supply

As of January 1, 2018, there is a very low 1.7 months supply of Condos and Townhomes for sale in Buffalo Grove down from last year’s figure of 2.0. Buyers have to move quickly when an attractive listing hits the market, as we average 31 sales per month with only 55 homes for sale.

Buffalo Grove Real Estate months supply

Homes For Sale

At the end of December 2017, there are 55 Condos and Townhomes for sale in Buffalo Grove, compare that to the 68 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

21 Condos and Townhomes were listed for sale in December of 2017, up from 17 last year.

Buffalo Grove Real Estate new listings

Condos and Townhomes Under Contract

14 Condos and Townhomes went under contract in Buffalo Grove in December, which is equal to last year’s figure. It appears that the new listings found buyers quickly!

Buffalo Grove Real Estate under contract

Closings

30 Condos and Townhomes closed in December 2017, up nicely from 23 in 2016. In 2017, 377 homes have closed, a decrease from 408 in 2016. The main thing holding back sales is a simple lack of inventory.

Buffalo Grove Real Estate closed sales

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Elmhurst Real Estate Market Conditions – December 2017

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Elmhurst Real Estate Market Update

The Elmhurst Real Estate Market is still pretty strong in December despite the lack of inventory. Single family home sales decreased and market times had a slight increase. Regardless of the increase homes are still 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 December. Homes were on the market for an average of 103 days compared to 93 days last year at the same time, a 10.8% increase. Condos and townhomes sold super, super fast in December. The average time a condo/townhome stayed on the market was 16 days compared to last year when it was 84 days, a 81% decrease.

Elmhurst real estate market time

Elmhurst Months Supply

Single family home inventories in Elmhurst had 2.9 months of supply at the end of December, more than a 19% decrease compared to last year at this time when the months supply was 3.6. The supply of condos and townhomes increased more than 35% in December with 2.3 months supply this year compared to last year when the months supply was 1.7.

Elmhurst real estate months supply Dec 2017

Elmhurst Homes For Sale

At the end of December there were 149 single family homes for sale in Elmhurst, a 15.8% decrease from last December when there were 177 homes for sale. The number of condos and townhomes for sale increased almost 39% in December with 18 for sale this year compared to last year when there were 13 for sale.

Elmhurst real estate homes for sale Dec 2017

Elmhurst New Listings

New listings saw a decrease during December with single family homes having 30 new listings compared to the 40 listed in December 2016, a decrease of 25%. Condos and townhomes saw an enormous 350% increase with 9 listed for sale this December compared to 2 new listings at this time last year.

Elmhurst real estate new listings Dec 2017

Elmhurst Real Estate Closings

The number of single family home closings decreased 26.3% with 28 closings this December, compared to 38 closings last December. Condo and townhome closings had a 28.6% decrease in closed sales with 5 closings this year compared to 7 last December.

Elmhurst real estate closed sales Dec 2017

#ElmhurstRealEstate

Addison Real Estate Market Conditions – December 2017

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Addison Real Estate Market Update

The Addison Real Estate Market had a decrease in single family home sales in December. The extremely low inventory is making it really hard for buyers to find anything.

Addison Home Sales

Single family home sales in December remained the same as last year in Addison. 21 single family homes closed this year, the same as last December. Condo and townhome sales decreased more than 37% in December with 5 closing this year compared to 8 closing last year the same time.

Addison real estate closed sales Dec 2017

Addison Market Times

Market times for single family homes decreased during December. Single family homes were on the market for an average of 56 days, compared to 86 days in December 2016, more than a 34% decrease. Condo/townhome market times decreased this December with an average of 67 days on the market compared to 87 last December, a 23% decrease.

Addison real estate market time Dec 2017

Addison New Listings

During December 2017, 16 single family homes were listed for sale in Addison, a decrease of more than 11% compared to the 18 new listings last December. New condo/town home listings had an 62.5% increase with 13 new listings this December compared to the 8 last year at this time.

Addison real estate new listings Dec 2017

Addison Months Supply

Addison single family home inventory still remains historically low, and we did see another decrease in supply. December ended with 2.7 months of supply, a 34.1% decrease compared to last November when 4.1 months of supply was for sale. The months supply of condos/townhomes increased 11.5% from last December with 2.9 months supply for sale, compared to the 2.6 months of supply we saw last year at the same time. Anything under a 5 months supply is considered favorable conditions for sellers.

Addison real estate months supply Dec 2017

Addison Homes For Sale

At the end of December there were 65 single family homes for sale in Addison, a 28.6% decrease from last December when there were 91 homes for sale. The number of condos and townhomes for sale increased 31.8% with 29 for sale at the end of December 2017 compared to 22 in December 2016.

Addison real estate homes for sale Dec 2017

#AddisonRealEstateMarket

Aurora Real Estate Market Conditions: November 2017

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Aurora Real Estate Market Update

Limited inventory continues in November in the Aurora Real Estate making it a great time to sell your home. Limited supply has helped an increase in median sales price as well as dropping the market times for both single family homes as well as condos/townhomes. It is a great time for sellers, as months’ supply continue to decrease putting sellers in an advantageous negotiating position yielding higher sales prices.

Aurora Home Sales

130 single family homes and 47 condo/town homes closed in November. Compare that to the 137 single family home closings at the same time last year and you’ll find a slight decrease of about 5% in the number of single family homes sold. Condo and townhome sales in November decreased by 34% from last year with 47 closings this year, compared to the 71 that sold at the same time last year.


Aurora Sales Price

During November 2017, there was a noted increase in median sales price for single family homes of nearly 8% with a median sales price of $190,000 this year compared to $174,900 last year. Condo/townhomes saw their median sales price raise to $174,000 this year compared to $158,900 this time last year, or a 10% 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 50 days at the end of November 2017, compared to 86 days on the market in November 2016 or a 42% decrease. Condo/townhome market times saw a smaller decrease of 6% this November with 47 days on the market, compared to the 50 days we saw at this time last year.


Aurora New Listings

During November 2017, 139 single family homes were listed for sale in Aurora, compared to the 135 new listings last year, a slight increase of 3%. New condo/town home listings have had an decrease by 7% with 52 new listings this November compared to the 56 last year at this time.


Aurora Months Supply

Aurora single family home inventory decreased significantly by 30% this November, 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 2.7 months. The months supply of condos/townhomes in Aurora is super low with only 1.2 months supply for sale, down 25% from last November when there were 1.6 months of supply. Anything under a 5 months supply is considered favorable conditions for sellers.


#AuroraRealEstate #AuroraRealEstateMarket