Buffalo Grove Real Estate Market Conditions – April 2017 – Low Supply Continues To Impact 2017 Home Sales

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Buffalo Grove Real Estate Market Update

Buffalo Grove real estate sales increased slightly in April 2017, as inventory remains 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 73 days in April 2017, which was down from 85 days in April 2016.

Months Supply

As of May 1, 2017, there is 3.0 months supply of single family homes for sale in Buffalo Grove compared to 3.4 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 April 2017, there are 108 single family homes for sale in Buffalo Grove, compare that to the 124 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

77 single family homes were listed for sale in April of 2017, compared to 74 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 46 single family homes went under contract in Buffalo Grove in April 2017 a decrease from 49 in April 2016.

Closings

40 Single family homes closed in April 2017, up from 39 in April 2016. Through the first four months of the year, 125 homes have closed this year versus 104 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 75 days which is up from 48 days in April 2016. This remains a low figure and reflects the competiveness we are facing with Condos and Townhomes.

Months Supply

As of May 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 April 2017, there are 65 Condos and Townhomes for sale in Buffalo Grove, compare that to the 84 available at this time last year and you’ll see that inventory remains very tight, and getting tighter. There simply aren’t enough homes to supply the current buyer demand, which provides for a very competitive environment.

New Listings

58 Condos and Townhomes were listed for sale in April of 2017, down slightly from 61 last year, which continues to compound our inventory shortage.

Condos and Townhomes Under Contract

51 Condos and Townhomes went under contract in Buffalo Grove in April, which is an increase from 43 from 2016. Attractive listings are selling fast!

Closings

34 Condos and Townhomes closed in April 2017, up from 32 in 2016. Through the first four months of 2017, 100 homes have closed, a decrease from 103 in 2016. The main thing holding back sales is a simple lack of inventory.

#BuffaloGroveRealEstate

Eddie Nusinow

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