Buffalo Grove Real Estate Market Update
Buffalo Grove real estate sales increased significantly in March 2017, despite the inventory remaining very tight with new listings not meeting potential buyer demand. Updated homes and/or well priced listings are selling very quickly. Homes that are not updated are sitting on the market for 4 to 6 months. With the new “HGTV expectations,” it appears that buyers are missing some nice opportunities, if they could look past a current owner’s tastes.
Single Family Homes:
Average Market Time
The average time a single family home remains on the market in Buffalo Grove was 82 days in March 2017, which was down from 109 days in March 2016.
Months Supply
As of April 1, 2017, there is 2.7 months supply of single family homes for sale in Buffalo Grove compared to 3.3 last year. Anything under 5 months is considered a seller’s market. It continues to be a good time to consider selling.
Homes For Sale
At the end of March 2017, there are 97 single family homes for sale in Buffalo Grove, compare that to the 122 available at this time last year and you’ll see that inventory remains ridiculously very low. There aren’t enough homes to supply the current buyer demand, which provides for a very competitive environment.
New Listings
85 single family homes were listed for sale in March of 2017, compared to 81 new listings last year. New listings just are not keeping up with the pent up demand of buyers.
Homes Under Contract
The new listings over the past couple of months are not satisfying the demand as 49 single family homes went under contract in Buffalo Grove in March 2017 a decrease from 55 in March 2016.
Closings
To demonstrate the level of pent up demand among hopeful buyers, an impressive 46 Single family homes closed in March 2017, up from 29 in March 2017. Through the first quarter of the year, 84 homes have closed this year versus 65 in 2016. This performance took place despite a significant lack of inventory in our market.
Condos and Townhomes:
Average Market Time
The time Condos and Townhomes remains on the market in Buffalo Grove was 99 days which is up from 82 days in March 2016. This remains a low figure and reflects the competiveness we are facing with Condos and Townhomes.
Months Supply
As of April 1, 2017, there is a ridiculously low 1.9 months supply of Condos and Townhomes for sale in Buffalo Grove down from last year’s figure of 2.1. Buyers have to move quickly when an attractive listing hits the market!
Homes For Sale
At the end of March 2017, there are 64 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 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 March of 2017, down slightly from 62 last year, which continues to compound our inventory shortage.
Condos and Townhomes Under Contract
44 Condos and Townhomes went under contract in Buffalo Grove in March, which is a slight decrease of 45 from 2016. Attractive listings are selling fast!
Closings
22 Condos and Townhomes closed in March 2017, down significantly from 33 in 2016. Through the first quarter of 2017, 66 homes have closed, a decrease from 71 in 2016. The main thing holding back sales is a simple lack of inventory.