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Aurora Real Estate Market Conditions – December 2018

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Aurora Real Estate Market Update

The Aurora Real Estate slowly raises in December. There was an increase in both sales price and new listings for single family and condo/townhomes. The number of closed properties have decreased this December compared to last year but market times for condo/townhomes saw a decrease. Overall there are positive signs at this time of year that will hopefully carry into the new year.

Aurora Home Sales

92 single family homes and 48 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 an decrease of about 15% in the number of single family homes sold. Condo and townhome sales in December increased from last year with 48 closings this year, or about a slight jump of 2%, compared to the 47 that sold at the same time last year.

Aurora Real Estate Market Conditions - December 2018 closed sales

Aurora Sales Price

During December 2018, there was an increase in median sales price for single family homes of almost 10% with a median sales price of $196,500 this year compared to $179,000 last year. Condo/townhomes saw their median sales price also increase to $176,500 this year compared to $158,000 this time last year, or about a 12% decrease.

Aurora Real Estate Market Conditions - December 2018 sales price

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 44 days at the end of December 2018, compared to 34 days on the market in December 2017 or a 29% increase. Condo/townhome market times decreased this December with 23 days on the market, compared to the 28 days we saw at this time last year or about a 18% drop.

Aurora Real Estate Market Conditions - December 2018 market times

Aurora New Listings

During December 2018, 95 single family homes were listed for sale in Aurora, compared to the 85 new listings last year, an increase of 12%. New condo/town home listings have had a massive increase of 56% with 50 new listings this December compared to the 32 last year at this time.

Aurora Real Estate Market Conditions - December 2018 new listings

Aurora Months Supply

Aurora single family home inventory increased by 21% this December, jumping to 2.3 months supply of homes for sale. The months supply of Aurora single family homes for sale at the same time last year was 1.9 months. The months supply of condos/townhomes in Aurora is jumped to 1.8 months supply for sale, up 64% from last December when there were 1.1 months of supply. Anything under a 5 months supply is considered favorable conditions for sellers.

Aurora Real Estate Market Conditions - December 2018 months supply

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Buffalo Grove Real Estate Market Conditions – December 2018

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Buffalo Grove Real Estate Market Update

The Buffalo Grove real estate market posted generally solid results for 2018. Detached single family homes and Condos / Townhomes continue to demonstrate “Seller’s market” tendencies with relatively low market times and months of supply of inventory, but both measures improved in the back half of the year. A lack of inventory, increased interest rates and a reduced deduction for property taxes definitely impacted sales as detached homes sales were down by 21 and Condos / Townhomes were equal to 2017. Despite all of the news to the contrary, the Buffalo Grove real estate market is solid and poised for another good year in 2019.

Single Family Homes:

Average Market Time

The average time a single family home remained on the market in Buffalo Grove was 105 days in December, which was up from 61 days in December 2017. The 12 month average was 65 days in 2019, down from 72 days in 2017 … relatively low figures for the Chicago suburbs.

Buffalo Grove Real Estate Market Conditions - December 2018 market times

Months Supply

As of January 1, 2019, there are 2.5 months supply of single family homes for sale in Buffalo Grove, up from 1.8 last year. The 12 month average was 3.6 days in 2018 and 2.9 days in 2017. 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 - December 2018 months supply

Homes For Sale

At the end of December 2018, there are 86 single family homes for sale in Buffalo Grove, compare that to the 65 available at this time last year. On average for 2018, there were 121 homes for sale, up from 105 in 2017 – we are building up some much needed inventory.

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

New Listings

24 single family homes were listed for sale in December of 2018, compared to 14 new listings last year, our inventory position is improving and Buyers should benefit.

Buffalo Grove Real Estate Market Conditions - December 2018 new listings

Homes Under Contract

22 single family homes went under contract in Buffalo Grove in December 2018 an increase from 13 in December 2017. It’s great to see solid activity during a traditionally slow month!

Buffalo Grove Real Estate Market Conditions - December 2018 under contract

Closings

25 Single family homes closed in December 2018, up from 21 in December 2017. 407 homes sold in 2018 versus 428 in 2017. Eventhough closings were down in 2018, we appear to be headed to a better inventory position as we look towards 2019.

Buffalo Grove Real Estate Market Conditions - December 2018 closed sales

Condos and Townhomes:

Average Market Time

The time Condos and Townhomes remained on the market in Buffalo Grove was 62 days which is down from 63 days in December 2017. For the full year, average market time was 47 days in 2018, down from 56 days in 2017. This figure is considerably lower than many other Chicago area markets.

Buffalo Grove Real Estate Market Conditions - December 2018 market times

Months Supply

As of January 1, 2019, there is a very low 2.4 months supply of Condos and Townhomes for sale in Buffalo Grove up from last year’s figure of 2.0. For the year, average months of supply was 2.6 versus 2.3 in 2017. Buyers still have to move pretty quickly when an attractive listing hits the market!

Buffalo Grove Real Estate Market Conditions - December 2018 months supply

Homes For Sale

At the end of December 2018, there are 74 Condos and Townhomes for sale in Buffalo Grove, compare that to the 62 available at this time last year and you’ll see that inventory is finally improving.

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

New Listings

19 Condos and Townhomes were listed for sale in December of 2018, down slightly from 21 last year.

Buffalo Grove Real Estate Market Conditions - December 2018 new listings

Condos and Townhomes Under Contract

19 Condos and Townhomes went under contract in Buffalo Grove in December, which is up nicely from 10 from 2017.

Buffalo Grove Real Estate Market Conditions - December 2018 under contract

Closings

21 Condos and Townhomes closed in December 2018, down from 30 in 2017. For the ful year, 377 Condos and Townhomes were sold, equal to the amount in 2017. If inventory continues to improve, 2019 should be a very good year.

Buffalo Grove Real Estate Market Conditions - December 2018 closed sales

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Addison Real Estate Market Conditions – December 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 decreased more than 33% in December. Although the home inventory is increasing, 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 decreased 33.3% in December. 14 single family homes closed this year compared to last year at the same time when there were 21 closings. Condo and townhome sales increased 40% in December with 7 closing this year compared to 5 closings last year the same time.

Addison Real Estate Market Conditions - December 2018 closed sales

Addison Market Times

Market times for single family homes had an increase during December. Single family homes were on the market for an average of 65 days, compared to 56 days in December 2017, a 16.1% decrease. Condo/townhome market times had a decrease of 25.4% this December with the average market time of 50 days compared to 67 days last year at the same time.

Addison Real Estate Market Conditions - December 2018 market times

Addison New Listings

During December 2018, 18 single family homes were listed for sale in Addison, an increase of 12.5% compared to the 16 new listings last December. New condo/town home listings had 8 new listings this December compared to last year at the same time when there were 13 new listings, a 38.5 decrease.

Addison Real Estate Market Conditions - December 2018 new listings

Months Supply

Addison single family home inventory is still super low. December ended with 3.1 months of supply, the exact same amount as last year at the same time. The months supply of condos/townhomes had a 21.9% decrease from last December with only 2.5 months supply for sale this year compared to 3.2 months last year. Anything under a 5 month supply is considered favorable conditions for sellers.

Addison Real Estate Market Conditions - December 2018 months supply

Addison Homes For Sale

At the end of December there were 76 single family homes for sale in Addison, a 5.6% increase from last December when there were 72 homes for sale. The number of condos and townhomes for sale decreased with 24 for sale this year, a 22.6% decrease from last year when there were 31 for sale.

Addison Real Estate Market Conditions - December 2018 homes for sale

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Elmhurst Real Estate Market Conditions – December 2018

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Elmhurst Real Estate Market Update

The Elmhurst Real Estate Market had another solid month in December while starting to build up some much needed inventory. Single family home inventory increased more than 44% while condo and townhome inventory increased more than 130%.

Elmhurst Market Times

Single family home market times increased in December. Homes were on the market for an average of 163 days compared to 103 days last year at the same time, a 58.3% increase. The average time a condo/townhome stayed on the market was 62 days compared to last year when it was 16 days, an increase of 287.5%.

Elmhurst Real Estate Market Conditions - December 2018 market times

Elmhurst Months Supply

Single family home inventories in Elmhurst had a 4.2 month supply at the end of December, a 44.8% increase compared to last year at this time when the months supply was 2.9 months. The supply of condos and townhomes increased tremendously, 130.4% in December with 5.3 months supply this year compared to last year when the months supply was only 2.3.

Elmhurst Real Estate Market Conditions - December 2018 months supply

Elmhurst Homes For Sale

At the end of December there were 200 single family homes for sale in Elmhurst, a 30.7% increase from last December when there were 153 homes for sale. The number of condos and townhomes for sale increased 150% in December with 45 for sale this year compared to last year when there were 18 for sale.

Elmhurst Real Estate Market Conditions - December 2018 homes for sale

Elmhurst New Listings

December single family homes new listings increased with 43 new listings compared to 30 last year at the same time, a 43.3% increase. Condo and townhome new listings decreased 33.3% with 6 listed for sale this December compared to 9 the same time last year.

Elmhurst Real Estate Market Conditions - December 2018 new listings

Elmhurst Real Estate Closings

The number of single family home closed sales decreased with 21 closings this December compared to 28 last year, a 25% decrease. Condo and townhome closings had a 40% increase in closed sales with 7 closings this year compared to 5 last December.

Elmhurst Real Estate Market Conditions - December 2018 closed sales

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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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