Buffalo Grove Real Estate Market Update
Buffalo Grove real estate results remain mixed in October 2017, as inventory remains very tight with new listings still 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. Some recent research suggests that many “empty nesters” are updating and remodeling their homes as opposed to downsizing or moving to warmer climates. This could have a significant impact over inventory for the next several years. It is also worth noting that this analysis is for the entire Village of Buffalo Grove. There are pockets in town that have multiple similar listings on the same small block, the Woodlands of Fiore subdivision, in particular … the odd thing is that Buyers are not flocking to this coveted part of town!
Single Family Homes:
Average Market Time
The average time a single family home remains on the market in Buffalo Grove was 74 days in October 2017, which was down from 84 days in October 2016. 74 days average market time is pretty low when compared with many of the other local suburbs.
As of November 1, 2017, there is 2.7 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. It continues to be a good time to consider selling as we average 38 sales per month and there are only 97 homes on the market.
Homes For Sale
At the end of October 2017, there are 97 single family homes for sale in Buffalo Grove, compare that to the 115 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.
38 single family homes were listed for sale in October of 2017, compared to 39 new listings last year. Still not enough new inventory to satisfy the pent up demand of buyers. With 38 average homes sold per month and 38 new listings, we are not building any much needed inventory.
Homes Under Contract
23 single family homes went under contract in Buffalo Grove in October 2017 an decrease from 27 in October 2016.
28 Single family homes closed in October 2017, up from 24 in October 2016. Through ten months of the year, 384 homes have closed this year versus 381 in 2016.
Condos and Townhomes:
Average Market Time
The time Condos and Townhomes remains on the market in Buffalo Grove was 27 days which is down from 41 days in October 2016. This remains a very low figure and reflects the competiveness we are facing with Condos and Townhomes.
As of November 1, 2017, there is a very low 2.4 months supply of Condos and Townhomes for sale in Buffalo Grove up mimimally from last year’s figure of 2.3. Buyers have to move quickly when an attractive listing hits the market, as we average 33 sales per month with only 74 homes for sale.
Homes For Sale
At the end of October 2017, there are 74 Condos and Townhomes for sale in Buffalo Grove, compare that to the 79 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.
40 Condos and Townhomes were listed for sale in October of 2017, down from 47 last year.
Condos and Townhomes Under Contract
27 Condos and Townhomes went under contract in Buffalo Grove in October, which is a decrease from 36 in 2016.
37 Condos and Townhomes closed in October 2017, up nicely from 26 in 2016. Through the first ten months of 2017, 332 homes have closed, a decrease from 353 in 2016. The main thing holding back sales is a simple lack of inventory.