Buffalo Grove Real Estate Update
Buffalo Grove real estate results remain mixed in December 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. 2018 should be a very interesting year, so stay tuned!
Single Family Homes:
Average Market Time
The average time a single family home remains on the market in Buffalo Grove was 61 days in December 2017, which was down significantly from 96 days in December 2016. The 12 month average of 72 days is pretty low when compared with many of the other local suburbs.
As of January 1, 2018, there is 1.8 months supply of single family homes for sale in Buffalo Grove compared to 2.3 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 36 sales per month and there are only 63 homes on the market.
Homes For Sale
At the end of December 2017, there are 63 single family homes for sale in Buffalo Grove, compare that to the 81 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.
14 single family homes were listed for sale in December of 2017, compared to 19 new listings last year. Still not enough new inventory to satisfy the pent up demand of buyers. With 36 average homes sold per month and 14 new listings, we are not building any much needed inventory.
Homes Under Contract
13 single family homes went under contract in Buffalo Grove in December 2017, the same figure from November 2016.
21 Single family homes closed in December 2017, down from 26 in December 2016. 428 homes closed this year versus 430 in 2016, just not enough inventory.
Condos and Townhomes:
Average Market Time
The time Condos and Townhomes remains on the market in Buffalo Grove was 63 days which is up from 52 days in December 2016. The 12 month average was 56 days, which remains a very low figure and reflects the competiveness we are facing with Condos and Townhomes.
As of January 1, 2018, there is a very low 1.7 months supply of Condos and Townhomes for sale in Buffalo Grove down from last year’s figure of 2.0. Buyers have to move quickly when an attractive listing hits the market, as we average 31 sales per month with only 55 homes for sale.
Homes For Sale
At the end of December 2017, there are 55 Condos and Townhomes for sale in Buffalo Grove, compare that to the 68 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.
21 Condos and Townhomes were listed for sale in December of 2017, up from 17 last year.
Condos and Townhomes Under Contract
14 Condos and Townhomes went under contract in Buffalo Grove in December, which is equal to last year’s figure. It appears that the new listings found buyers quickly!
30 Condos and Townhomes closed in December 2017, up nicely from 23 in 2016. In 2017, 377 homes have closed, a decrease from 408 in 2016. The main thing holding back sales is a simple lack of inventory.