Buffalo Grove Real Estate Market Conditions May 2017 – Lack Of Inventory Continues To Suppress Sales

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Buffalo Grove real estate sales decreased significantly in May 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 May 2017, which was up from 61 days in May 2016.

Buffalo Grove Real Estate Market

Months Supply

As of June 1, 2017, there is 3.2 months supply of single family homes for sale in Buffalo Grove compared to 3.5 last year. Anything under 5 months is considered a seller’s market. It continues to be a good time to consider selling.

Buffalo Grove Real Estate Market

Homes For Sale

At the end of May 2017, there are 117 single family homes for sale in Buffalo Grove, compare that to the 126 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.

Buffalo Grove Real Estate Market

New Listings

87 single family homes were listed for sale in May of 2017, compared to 71 new listings last year. Hopefully, this new influx of inventory will satisfy some of the pent up demand of buyers … stay tuned for my June update!

Buffalo Grove Real Estate Market

Homes Under Contract

The new listings in May seem to have satisfied some of the demand in the market as 53 single family homes went under contract in Buffalo Grove in May 2017 an increase from 47 in May 2016.

Buffalo Grove Real Estate Market

Closings

40 Single family homes closed in May 2017, down from 62 in May 2016. Through the first five months of the year, 165 homes have closed this year versus 166 in 2016. This disappointing performance appears to be due a significant lack of inventory in our market.

Buffalo Grove Real Estate Market

Condos and Townhomes:

Average Market Time

The time Condos and Townhomes remains on the market in Buffalo Grove was 36 days which is down from 43 days in May 2016. This remains a very low figure and reflects the competitiveness we are facing with Condos and Townhomes.

Buffalo Grove Real Estate Market

Months Supply

As of June 1, 2017, there is a ridiculously low 2.0 months supply of Condos and Townhomes for sale in Buffalo Grove down from last year’s figure of 2.5. Buyers have to move quickly when an attractive listing hits the market!

Buffalo Grove Real Estate Market

Homes For Sale

At the end of May 2017, there are 69 Condos and Townhomes for sale in Buffalo Grove, compare that to the 81 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.

Buffalo Grove Real Estate Market

New Listings

55 Condos and Townhomes were listed for sale in May of 2017, down significantly from 71 last year, which continues to compound our inventory shortage.

Buffalo Grove Real Estate Market

Condos and Townhomes Under Contract

46 Condos and Townhomes went under contract in Buffalo Grove in May, which is a decrease from 42 from 2016. Attractive listings are selling fast!

Buffalo Grove Real Estate Market

Closings

39 Condos and Townhomes closed in May 2017, down from 47 in 2016. Through the first five months of 2017, 140 homes have closed, a decrease from 150 in 2016. The main thing holding back sales is a simple lack of inventory.

Buffalo Grove Real Estate Market

#BuffaloGroveRealEstate

Eddie Nusinow

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