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Aurora Real Estate Market Conditions – November 2018

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Aurora Real Estate Market Update

The Aurora Real Estate slows in November. There was a decrease in both single family homes and condo/town homes across the in home sales price while showing an increase in months supply. Some noted sign of life was an increase in number of new listings for both single family and condo/town homes. Sellers have begun to realize the environment for their listings and may be a result of the increase in new listings.

Aurora Home Sales

109 single family homes and 53 condo/town homes closed in November. Compare that to the 130 single family home closings at the same time last year and you’ll find an decrease of about 16% in the number of single family homes sold. Condo and townhome sales in November increased from last year with 53 closings this year, or about a jump of 10%, compared to the 48 that sold at the same time last year.

Aurora Real Estate Market Conditions - November 2018
Aurora Sales Price

During November 2018, there was a decrease in median sales price for single family homes of just over 2% with a median sales price of $194,000 this year compared to $190,000 last year. Condo/townhomes saw their median sales price slightly decrease to $160,000 this year compared to $176,000 this time last year, or about a 9% decrease.

Aurora Real Estate Market Conditions - November 2018

Aurora Market Times

Market times for single family homes increased where condos/townhomes in Aurora decreased this year. Single family homes were on the market for 56 days at the end of November 2018, compared to 50 days on the market in November 2017 or a 12% increase. Condo/townhome market times significantly decreased this November with 40 days on the market, compared to the 48 days we saw at this time last year or about a 17% drop.

Aurora Real Estate Market Conditions - November 2018
Aurora New Listings

During November 2018, 149 single family homes were listed for sale in Aurora, compared to the 140 new listings last year, an increase of 6%. New condo/town home listings have had an increase of 7% with 58 new listings this November compared to the 54 last year at this time.

Aurora Real Estate Market Conditions - November 2018

Aurora Months Supply

Aurora single family home inventory increased by 29% this November, jumping to 2.7 months supply of homes for sale. The months supply of Aurora single family homes for sale at the same time last year was 2.1 months. The months supply of condos/townhomes in Aurora is jumped to 2.0 months supply for sale, up 43% from last November when there were 1.4 months of supply. Anything under a 5 months supply is considered favorable conditions for sellers.

Aurora Real Estate Market Conditions - November 2018

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Buffalo Grove Real Estate Market Conditions – November 2018

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Buffalo Grove Real Estate Market Update

The Buffalo Grove real estate market continued to build much needed inventory in November. Single Family home buyers had been demonstrating great patience and restraint, holding off for well updated homes or great deals. Condos and Townhomes closings increased in November, continuing the solid trend for the year in that segment of the market. With late Fall upon us, the activity will slow down some, but there are still active buyers in the market!

Single Family Homes:

Average Market Time

The average time a single family home remained on the market in Buffalo Grove was 66 days in November, which was down from 72 days in November 2017. This continues to be a relatively low figure.

Buffalo Grove Real Estate Market Conditions - November 2018 market times

Months Supply

As of December 1, 2018, there are 3.4 months supply of single family homes for sale in Buffalo Grove, up from 2.3 last year. The new listings in the market has helped to balance the market as anything under 5 months is considered a seller’s market.

Buffalo Grove Real Estate Market Conditions - November 2018 momths supply

Homes For Sale

At the end of November 2018, there are 113 single family homes for sale in Buffalo Grove, compare that to the 82 available at this time last year, and it is clear that we are building up some much needed inventory.

Buffalo Grove Real Estate Market Conditions - November 2018 homes for sale

New Listings

37 single family homes were listed for sale in November of 2018, compared to 26 new listings last year, our inventory position is improving and Buyers should benefit.

Buffalo Grove Real Estate Market Conditions - November 2018 new listings

Homes Under Contract

19 single family homes went under contract in Buffalo Grove in November 2018 a decrease from 26 in November 2017.

Buffalo Grove Real Estate Market Conditions - November 2018 under contract

Closings

14 Single family homes closed in November 2018, down from 23 in November 2017. Through eleven months of the year, 382 homes have sold this year versus 407 in 2017. Closings will be down in 2018, but we appear to be headed to a better inventory position as we look towards 2019.

Buffalo Grove Real Estate Market Conditions - November 2018 closed sales

Condos and Townhomes:

Average Market Time

The time Condos and Townhomes remained on the market in Buffalo Grove was 69 days which is up from 60 days in November 2017. This figure is considerably lower than many other Chicago area markets.

Buffalo Grove Real Estate Market Conditions - November 2018 market times

Months Supply

As of December 1, 2018, there is a very low 3.0 months supply of Condos and Townhomes for sale in Buffalo Grove up from last year’s figure of 2.2. Buyers still have to move pretty quickly when an attractive listing hits the market!

Buffalo Grove Real Estate Market Conditions - November 2018 momths supply

Homes For Sale

At the end of November 2018, there are 93 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 is finally improving.

Buffalo Grove Real Estate Market Conditions - November 2018 homes for sale

New Listings

34 Condos and Townhomes were listed for sale in November of 2018, down from 41 last year.

Buffalo Grove Real Estate Market Conditions - November 2018 new listings

Condos and Townhomes Under Contract

21 Condos and Townhomes went under contract in Buffalo Grove in November, which is down from 32 from 2017.

Buffalo Grove Real Estate Market Conditions - November 2018 under contract

Closings

19 Condos and Townhomes closed in November 2018, up from 14 in 2017. Through 11 months, we have seen 356 sales this year versus 347 in 2017.

Buffalo Grove Real Estate Market Conditions - November 2018 closed sales

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Addison Real Estate Market Conditions – November 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 sales increased more than 70% in November. The extremely low inventory is still making it really difficult for buyers to find a home, benefiting home sellers.

Addison Home Sales

Single family home sales in Addison increased 70% in November. 34 single family homes closed this year compared to last year at the same time when there were 20 closings. Condo and townhome sales decreased 50% in November with 12 closing this year compared to 6 closings last year the same time.Addison Real Estate Market Conditions - November 2018 closed sales

Addison Market Times

Market times for single family homes had a considerable decrease during November. Single family homes were on the market for an average of 59 days, compared to 95 days in November 2017, a 37.9% decrease. Condo/townhome market times had a small decrease of 7.5% this November with the average market time of 49 days compared to 53 days last year at the same time.

Addison Real Estate Market Conditions - November 2018 market times

Addison New Listings

During November 2018, 24 single family homes were listed for sale in Addison, a slight increase of 4.3% compared to the 23 new listings last November. New condo/town home listings had 14 new listings this November compared to last year at the same time when there were 9 new listings, a 55.6 increase.

Addison Real Estate Market Conditions - November 2018 new listings

Months Supply

Addison single family home inventory is still super low. November ended with 3.9 months of supply, a 2.6% increase compared to last November when 3.8 months of supply was available. The months supply of condos/townhomes had a 23.3% decrease from last November with only 2.3 months supply for sale this year compared to 3 months last year. Anything under a 5 month supply is considered favorable conditions for sellers.

Addison Real Estate Market Conditions - November 2018 months supply

Addison Homes For Sale

At the end of November there were 95 single family homes for sale in Addison, a 6.7% increase from last November when there were 89 homes for sale. The number of condos and townhomes for sale decreased with 23 for sale this year, a 20.7% decrease from last year when there were 29 for sale.

Addison Real Estate Market Conditions - November 2018 homes for sale

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Elmhurst Real Estate Market Conditions – November 2018

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Elmhurst Real Estate Market Update

The Elmhurst Real Estate Market had another solid month in November while starting to build up some much needed inventory. Single family home sales increased more than 16% while condos and townhome sales increased 180%.

Elmhurst Market Times

Single family home market times increased in November. Homes were on the market for an average of 93 days compared to 89 days last year at the same time, a 4.5% increase. The average time a condo/townhome stayed on the market was 39 days compared to last year when it was 49 days, a decrease of 20.4%.

Elmhurst Real Estate Market Conditions - November 2018 market times

Elmhurst Months Supply

Single family home inventories in Elmhurst had a 4.6 month supply at the end of November, a 27.8% increase compared to last year at this time when the months supply was 3.6 months. The supply of condos and townhomes increased tremendously, 126.9% in November with 5.9 months supply this year compared to last year when the months supply was only 2.6.

Elmhurst Real Estate Market Conditions - November 2018 months supply

Elmhurst Homes For Sale

At the end of November there were 226 single family homes for sale in Elmhurst, a 18.9% increase from last November when there were 190 homes for sale. The number of condos and townhomes for sale increased 163.2% in November with 50 for sale this year compared to last year when there were 19 for sale.

Elmhurst Real Estate Market Conditions - November 2018 homes for sale

Elmhurst New Listings

November single family homes new listings increased with 55 new listings compared to 43 last year at the same time, a 27.9% increase. Condo and townhome new listings decreased 10% with 9 listed for sale this November compared to 10 the same time last year.

Elmhurst Real Estate Market Conditions - November 2018 new listings

Elmhurst Real Estate Closings

The number of single family home closed sales increased with 50 closings this November compared to 43 last year, a 16.3% increase. Condo and townhome closings had a 180% increase in closed sales with 14 closings this year compared to 5 last November.

Elmhurst Real Estate Market Conditions - November 2018 closed sales

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Aurora Real Estate Market Conditions – October 2018

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Aurora Real Estate Market Update

The Aurora Real Estate slows in October. There was a decrease in both single family homes and condo/town homes across the board in home sales and sales price while showing an increase in months supply. Some noted sign of life was a decrease in market times and a significant increase in number of new listings for both single family and condo/town homes. Sellers have begun to realize the environment for their listings and maybe a result of the increase in new listings.

Aurora Home Sales

134 single family homes and 71 condo/town homes closed in October. Compare that to the 138 single family home closings at the same time last year and you’ll find an decrease of about 3% in the number of single family homes sold. Condo and townhome sales in October took a dip from last year with 71 closings this year, or about a drop of 12%, compared to the 81 that sold at the same time last year.

Aurora Real Estate Market Conditions - October 2018 closed sales

Aurora Sales Price

During October 2018, there was a decrease in median sales price for single family homes of just over 6% with a median sales price of $186,500 this year compared to $200,000 last year. Condo/townhomes saw their median sales price slightly increase to $172,500 this year compared to $164,000 this time last year, or about a 5% increase.

Aurora Real Estate Market Conditions - October 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 29 days at the end of October 2018, compared to 31 days on the market in October 2017 or a 6% decrease. Condo/townhome market times significantly decreased this October with 20 days on the market, compared to the 33 days we saw at this time last year or a 40% drop.

Aurora Real Estate Market Conditions - October 2018 market times

Aurora New Listings

During October 2018, 204 single family homes were listed for sale in Aurora, compared to the 153 new listings last year, an increase of 33%. New condo/town home listings have had an increase of 33% with 92 new listings this October compared to the 69 last year at this time.

Aurora Real Estate Market Conditions - October 2018 new listings

Aurora Months Supply

Aurora single family home inventory increased by 17% this October, jumping to 2.7 months supply of homes for sale. The months supply of Aurora single family homes for sale at the same time last year was 2.3 months. The months supply of condos/townhomes in Aurora is jumped to 2.2 months supply for sale, up 47% from last October 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 - October 2018 months supply

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