Buffalo Grove Real Estate Market – March Healthy

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The Buffalo Grove real estate market is healthy through the first quarter of 2016 with some key indicators pointing to a breakout April and May. Inventory remains very tight, market times are up slightly, new listings and homes under contract are well above last year’s pace.

Single Family Homes

Average Market Time

The time a single family home remains on the market in Buffalo Grove is 109 days which is up from 80 days in March 2015. Buffalo Grove had the lowest market time in the Chicagoland area in 2015, so we are at more average level so far in 2016.

Buffalo Grove Real Estate Average Market Time

 

Months Supply

As of April 1, 2016, there is a 2.9 months supply of single family homes for sale in Buffalo Grove compared to 3.2 last year. Anything under 5 months is considered a seller’s market.

Buffalo Grove Real Estate Months Supply

 

Homes For Sale

At the end of the first quarter of 2016, there are 107 single family homes for sale in Buffalo Grove, compare that to the 102 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

81 single family homes were listed for sale in March of 2016, compared to 63 new listings last year. This influx of inventory is great news for the pent up demand of buyers.

Buffalo Grove Real Estate New Listings

 

Homes Under Contract

With the influx of new listings in March, some significant demand has been satisfied as 67 single family homes went under contract in Buffalo Grove. This is an increase of 26 from 2015 or a whopping increase of 63%. Assuming that they close in April and May, it will be a huge shot in the arm for the local market. As you can see from the chart below, this is by far the largest number of homes under contract in a single month in recent history.

Buffalo Grove Real Estate Under Contract Listings

Closings

29 Single family homes closed in March, down slightly from 31 in 2015. Through the first quarter, 65 single family homes closed this year versus 66 in Q1 2015. The new listings and new homes under contract bode well for the new quarter’s results.

Buffalo Grove Real Estate Closed Home Sales

Condos and Townhomes:

Average Market Time

The time Condos and Townhomes remains on the market in Buffalo Grove is 82 days which is up from 7o days in March 2015. This is a relatively low figure and reflects the competiveness we are facing with Condos and Townhomes.

Buffalo Grove Real Estate Attached Average Market Time

Months Supply

As of April 1, 2016, there is a ridiculously low 1.9 months supply of Condos and Townhomes for sale in Buffalo Grove compared to 2.1 last year. Buyers have to move quickly when an attractive listing hits the market!

Buffalo Grove Real Estate Attached Months Supply

Homes For Sale

At the end of the first quarter of 2016, there are 61 Condos and Townhomes for sale in Buffalo Grove, compare that to the 67 available at this time last year and you’ll see that inventory remains very low and getting even tighter. There simply aren’t enough homes to supply the current buyer demand, which provides for a very competitive environment.

Buffalo Grove Real Estate Attached Homes for Sale

New Listings

63 Condos and Townhomes were listed for sale in March of 2016, compared to 53 new listings last year. This influx of inventory is great news for the pent up demand of buyers.

Buffalo Grove Real Estate Attached New Listings

Condos and Townhomes Under Contract

With the influx of new listings in March, some of the pent up demand has been satisfied as 49 Condos and Townhomes went under contract in Buffalo Grove. This is an increase of 8 from 2015 or an increase of 19.5%.

Buffalo Grove Real Estate Attached Under Contract Listings

Closings

33 Condos and Townhomes closed in March, up from 27 in 2015. Through the first quarter, 71 Condos and Townhomes closed this year versus 70 in Q1 2015. The new listings and new homes under contract bode well for the new quarter’s results.

Buffalo Grove Real Estate Attached Closed Sales
Eddie Nusinow

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