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Aurora Real Estate Market Conditions – July 2018

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Aurora Real Estate Market Update

The Aurora Real Estate begins to show signs of life in July. There was an increase in median sales price for both single family homes and condo/town homes sold in July 2018. In addition, a decrease in market times for both property types makes the market perfect for sellers to capitalize. Single family home sellers have begun to realize these market conditions resulting in a 26% increase in new listings, however there was a 5% decrease in new listings for condo/town homes. Months supply remains critically low for both single family homes and condo/town homes continuing to be a marketplace for sellers.

Aurora Home Sales

167 single family homes and 74 condo/town homes closed in July. Compare that to the 176 single family home closings at the same time last year and you’ll find an decrease of about 5% in the number of single family homes sold. Condo and townhome sales in July slightly increased from last year with 74 closings this year, or about 3%, compared to the 72 that sold at the same time last year.

Aurora Real Estate Market Conditions - July 2018 closed sales

Aurora Sales Price

During July 2018, there was an increase in median sales price for single family homes of just over 11% with a median sales price of $240,000 this year compared to $216,000 last year. Condo/townhomes saw their median sales price slightly increase to $179,000 this year compared to $172,500 this time last year, or about a 4% increase.

Aurora Real Estate Market Conditions - July 2018 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 14 days at the end of July 2018, compared to 15 days on the market in July 2017 or a 7% decrease. Condo/townhome market times stayed the same this July with 8 days on the market, compared to the 8 days we saw at this time last year.

Aurora Real Estate Market Conditions - July 2018 market time

Aurora New Listings

During July 2018, 245 single family homes were listed for sale in Aurora, compared to the 195 new listings last year, an increase of 26%. New condo/town home listings have had a decrease of 5% with 94 new listings this July compared to the 99 last year at this time.

Aurora Real Estate Market Conditions - July 2018 new listings

Aurora Months Supply

Aurora single family home inventory decreased by 14% this July, dropping to 2.4 months supply of homes for sale. The months supply of Aurora single family homes for sale at the same time last year was 2.8 months. The months supply of condos/townhomes in Aurora is super low with only 2.0 months supply for sale, up 18% from last July when there were 1.7 months of supply. Anything under a 5 months supply is considered favorable conditions for sellers.

Aurora Real Estate Market Conditions - July 2018 months supply

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Addison Real Estate Market Conditions – July 2018

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Addison Real Estate Market Update

The Addison Real Estate Market continues to see good market conditions despite the extremely low inventory. Single family home market times decreased more than 47% in July. 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 Addison had no change in July. 30 single family homes closed this year the same as last year at the same time. Condo and townhome sales decreased 38.5% in July with 8 closing this year compared to 13 closings last year the same time.Addison Real Estate Market Conditions - July 2018 closed sales

Addison Market Times

Market times for single family homes decreased significantly during July. Single family homes were on the market for an average of 36 days, compared to 68 days in July 2017, a 47.1% decrease. Condo/townhome market times remained the same this July with an average of 48 days on the market both this year and last year.Addison Real Estate Market Conditions - July 2018 market times

Addison New Listings

During July 2018, 78 single family homes were listed for sale in Addison, an increase of 44.4% compared to the 54 new listings last July. New condo/town home listings had a 21.1% decrease with 15 new listings this July compared to the 19 last year at this time.Addison Real Estate Market Conditions - July 2018 new listings

Addison Months Supply

Addison single family home inventory still remains historically low. July ended with 4.6 months of supply, a 11.5% decrease compared to last July when 5.2 months of supply was available. The months supply of condos/townhomes had a 20% decrease from last July with 2.8 months supply for sale this year compared to 3.5 months last year. Anything under a 5 month supply is considered favorable conditions for sellers.Addison Real Estate Market Conditions - July 2018 months supply

Addison Homes For Sale

At the end of July there were 113 single family homes for sale in Addison, a small 5.8% decrease from last July when there were 120 homes for sale. The number of condos and townhomes for sale decreased also with 29 for sale this year, a 14.7% decrease from last year when there were 34 for sale.Addison Real Estate Market Conditions - July 2018 homes for sale

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Elmhurst Real Estate Market Conditions – July 2018

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Elmhurst Real Estate Market Update

The Elmhurst Real Estate Market is still pretty strong in July despite the lack of inventory. 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 July. Homes were on the market for an average of 74 days compared to 93 days last year at the same time, more than a 20% decrease. The average time a condo/townhome stayed on the market was 66 days compared to last year when it was 17 days, a whopping 288.2% increase.

Elmhurst Real Estate Market Conditions - July 2018 market times

Elmhurst Months Supply

Single family home inventories in Elmhurst had a 5.5 month supply at the end of July, a 25% increase compared to last year at this time when the months supply was 4.4 months. The supply of condos and townhomes increased tremendously, 215% in July with 6.3 months supply this year compared to last year when the months supply was 2.

Elmhurst Real Estate Market Conditions - July 2018 months supply

Elmhurst Homes For Sale

At the end of July there were 271 single family homes for sale in Elmhurst, a 15.8% increase from last July when there were 234 homes for sale. The number of condos and townhomes for sale increased 226.7% in July with 49 for sale this year compared to last year when there were 15 for sale.

Elmhurst Real Estate Market Conditions - July 2018 homes for sale

Elmhurst New Listings

New listings saw an increase during July with 129 single family homes newly listed compared to the 101 listed in July 2017, an increase of 27.7%. Condo and townhome new listings increased 70% with 17 listed for sale this July compared to 10 the same time last year.

Elmhurst Real Estate Market Conditions - July 2018 new listings

Elmhurst Real Estate Closings

The number of single family home closed sales increased with 67 closings this July compared to 60 last year, a 11.7% increase. Condo and townhome closings had a 57.1% increase in closed sales with 11 closings this year compared to 7 last July.

Elmhurst Real Estate Market Conditions - July 2018 closed sales

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Buffalo Grove Real Estate Market Conditions – July 2018 – Another Solid Month

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Buffalo Grove Real Estate Market Update

The Buffalo Grove real estate market had another solid month in July after 3 very good months. Single Family home buyers had been demonstrating great patience and restraint, holding off for well updated homes or great deals. In July, another 99 new single family homes were listed, following 119 and 114 in May and June respectively. Condos and Townhomes continue to seemingly sell as soon as they hit the market, with an extremely low average market time of 38 days! Based on my experience with our listings, the pool of buyers is very strong and there are lots of showings. We are at the end of the Summer market, and I anticipate 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 41 days in July 2018, which was down from 56 days in July 2017. There are not many communities in the Chicago area with such a low figure.

Months Supply

As of August 1, 2018, there are 4.6 months supply of single family homes for sale in Buffalo Grove, up from 4.0 last year. The new listings in the market has really balanced the market as anything under 5 months is considered a seller’s market.

Homes For Sale

At the end of July 2018, there are 157 single family homes for sale in Buffalo Grove, compare that to the 139 available at this time last year, we are starting to build up some much needed inventory.

New Listings

99 single family homes were listed for sale in July of 2018, compared to 75 new listings last year, our inventory position is improving and Buyers got off the fence in April, May, June and July.

Homes Under Contract

37 single family homes went under contract in Buffalo Grove in July 2018 an increase from 27 in July 2017.

Closings

45 Single family homes closed in July 2018, down from 53 in July 2017. Through the 1st seven months of the year, 263 homes have sold this year versus 276 in 2017. There seems to be some good momentum with more available inventory.

Condos and Townhomes:

Average Market Time

The time Condos and Townhomes remained on the market in Buffalo Grove was 38 days which is down from 53 days in July 2017. This continues to be an extremely low figure and reflects the competiveness we are facing with Condos and Townhomes.

Months Supply

As of August 1, 2018, there is a very low 2.6 months supply of Condos and Townhomes for sale in Buffalo Grove down slightly from last year’s figure of 2.7. Buyers have to move quickly when an attractive listing hits the market!

Homes For Sale

At the end of July 2018, there are 87 Condos and Townhomes for sale in Buffalo Grove, compare that to the 83 available at this time last year and you’ll see that inventory remains tight.

New Listings

56 Condos and Townhomes were listed for sale in July of 2018, the same figure as last year. This is after 73 new listings in June which was the most new Condo and Town home listings we have seen for a month in 8 years.

Condos and Townhomes Under Contract

38 Condos and Townhomes went under contract in Buffalo Grove in July, which is a significant increase from 26 from 2017.

Closings

49 Condos and Townhomes closed in July 2018, up from 41 in 2017. Through 7 months, we have seen 254 sales this year versus 234 in 2017.

#BuffaloGroveRealEstate

Aurora Real Estate Market Conditions: June 2018

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Aurora Real Estate Market Update

The Aurora Real Estate remains stagnant in June. There was a decrease in closed single family homes and the same number of condo/town homes sold in June 2018 as June 2017. Sales prices also saw a dip in single family homes, while market times continue to drop for both single family homes and condo/townhomes. The number of listings remains low, which provides leverage for new sellers entering the market.

Aurora Home Sales

194 single family homes and 106 condo/town homes closed in June. Compare that to the 211 single family home closings at the same time last year and you’ll find an decrease of about 8% in the number of single family homes sold. Condo and townhome sales in June stayed the exact same from last year with 106 closings this year, compared to the 106 that sold at the same time last year.

Aurora Real Estate Market Conditions: June 2018 - closed sales

Aurora Sales Price

During June 2018, there was a slight decrease in median sales price for single family homes of just over 5% with a median sales price of $232,000 this year compared to $245,000 last year. Condo/townhomes saw their median sales price slightly increase to $175,000 this year compared to $170,000 this time last year, or a 3% increase.

Aurora Real Estate Market Conditions: June 2018 - 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 11 days at the end of June 2018, compared to 17 days on the market in June 2017 or a 35% decrease. Condo/townhome market times saw a decrease of 20% this June with 8 days on the market, compared to the 10 days we saw at this time last year.

Aurora Real Estate Market Conditions: June 2018 - market time

Aurora New Listings

During June 2018, 258 single family homes were listed for sale in Aurora, compared to the 268 new listings last year, a slight decrease of 6%. New condo/town home listings have had a noted increase of 4% with 123 new listings this June compared to the 118 last year at this time.

Aurora Real Estate Market Conditions: June 2018 - new listings

Aurora Months Supply

Aurora single family home inventory decreased by 22% this June, dropping to 2.2 months supply of homes for sale. The months supply of Aurora single family homes for sale at the same time last year was 2.9 months. The months supply of condos/townhomes in Aurora is super low with only 2.0 months supply for sale, up 25% from last June when there were 1.6 months of supply. Anything under a 5 months supply is considered favorable conditions for sellers.

Aurora Real Estate Market Conditions: June 2018 - months supply

#AuroraRealEstate #AuroraRealEstateMarket