Buffalo Grove Real Estate Update
Buffalo Grove real estate sales remain healthy through the first six months of 2016, but inventory remains tight with new listings down from last year. Positive indicators are that market times remain favorable and homes under contract and closings are above last year’s pace. I do find it fascinating when I see nice homes that are available that aren’t being snatched up by potential Buyers. There are some very nice homes that have been available for the past couple of months that are not yet under contract.
Single Family Homes:
Average Market Time
The time a single family home remains on the market in Buffalo Grove is 72 days which is up significantly from the staggering 34 days in June 2015. Buffalo Grove had the lowest market time in the Chicagoland area in 2015 and June 2015 was by far the lowest number for the year. The June 2016 figure is a much more average performance.
Months Supply
As of July 1, 2016, there is a 3.5 months supply of single family homes for sale in Buffalo Grove compared to 4.5 last year. Anything under 5 months is considered a seller’s market.
Homes For Sale
At the end of June 2016, there are 128 single family homes for sale in Buffalo Grove, compare that to the 154 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.
New Listings
82 single family homes were listed for sale in June of 2016, compared to 91 new listings last year. While this new inventory is good news, it just isn’t keeping up with the demand of buyers.
Homes Under Contract
The new listings over the past couple of months have satisfied some of the demand as 47 single family homes went under contract in Buffalo Grove. This is an increase of 2 from 2015.
Closings
A disappointing 43 Single family homes closed in June, down from 51 in 2015. Through the first six months of 2016, 209 single family homes closed this year versus 186 in last year.
Condos and Townhomes:
Average Market Time
The time Condos and Townhomes remain on the market in Buffalo Grove is 62 days which is up from 50 days in June 2015. This remains a low figure and reflects the competitiveness we are facing with Condos and Townhomes.
Months Supply
As of July 1, 2016, there is a ridiculously low 2.1 months supply of Condos and Townhomes for sale in Buffalo Grove equaling last year’s number. Buyers have to move quickly when an attractive listing hits the market!
Homes For Sale
At the end of June 2016, there are 67 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 remains very tight. There simply aren’t enough homes to supply the current buyer demand, which provides for a very competitive environment.
New Listings
61 Condos and Townhomes were listed for sale in June of 2016, the same figure as last year. This influx of new inventory just might alleviate some of the pent up demand of buyers.
Condos and Townhomes Under Contract
46 Condos and Townhomes went under contract in Buffalo Grove in June, which is an increase of 6 from 2015.
Closings
46 Condos and Townhomes closed in June, up from 42 in 2015. Through the first six months, 196 Condos and Townhomes closed this year versus 178 in 2015. It appears that the main thing holding back sales is a simple lack of inventory.