Buffalo Grove Real Estate Market
After an extremely solid 2015, the Buffalo Grove Real Estate Market for Single Family Homes started Strong in January 2016. Below are some of the highlights.
Average Sales Price
One of the Buffalo Grove Real Estate Market factors we reviewed was the average sales price for single family homes. The average price increased nicely in January 2016 to $382,476, a 5.4% improvement over the January 2015 figure of $362,747.
Months of Supply of Homes for Sale
From an inventory perspective, average Months of Supply of Homes for Sale continues to decline to 2.8. This equals a 3.4% change from the average of 2.9 in January 2015. Anything under 5 months supply is considered a sellers market.
Buffalo Grove Single Family Homes for Sale
January 2016 ended with 99 Single Family Homes for Sale in Buffalo Grove. This is a low figure, particularly when you account for the 48 new listings coming to market in January.
22 Single Family Homes closed in Buffalo Grove in January 2016, 1 more than 2015. January is a traditionally slow month for closings. With 21 homes going under contract during the month, 2016 is poised to surpass the total 2015 closings of 419.
Average Market Time
Average Market times in Buffalo Grove were the lowest of any Chicago suburb in 2015, which makes the January figure of 128 days noteworthy. We will track this number closely throughout the year in order to determine if this was simply an aberration.
Buffalo Grove Real Estate Market – 2015 Condos and Town homes
Similar to Single Family Homes, Buffalo Grove Condos and Town homes had an extremely solid 2015. Below are the figures for January.
Average Sales Price
The average sales price for Condos and Town-homes in Buffalo Grove increased in January 2016 to $196,643. This reflects a 13.2% improvement over the 2015 figure of $173,744.
Months of Supply of Home for Sale
From an inventory perspective, Months of Supply continues to decline to an amazing figure of 1.8, a 5.3% improvement from 1.9 in January 2015.
Buffalo Grove Condos and Townhomes for Sale
At the close of January 2016, there were at total of 58 condos and town homes on the market. This is an extremely low figure, particularly when you account for the 40 new listings that came to market in January which is 11.1% more than the new listings in January 2015. This general lack of inventory likely contributed to the +13.2% average sales price the market realized in January.
19 Condos and Town homes closed in Buffalo Grove in January 2016, a decline of 7 from 2015. January is a traditionally slow month for closings. With an impressive 34 homes going under contract during the month, 2016 is poised to surpass the total 2015 closings of 373.
Buffalo Grove Condo and Town home Average Market Time
Similar to the Single Family Homes, we also saw a slight increase in average market time in January to 74 days. This is extremely low compared to other area markets.