Buffalo Grove Real Estate Market Update
Buffalo Grove real estate sales got off to a relatively slow start in January and February 2018 resulting primarily from inventory levels remaining very tight with new listings not meeting potential buyer demand. I read an article that I believe puts our current inventory situation in good perspective … to paraphrase; putting your home up for sale before the Spring is like trying to beat rush hour traffic in the morning. By leaving at 5 or 6am allows you to arrive at work more quickly. The same applies to our Real Estate market, there is so little inventory on the market right now and typically we find more serious Buyers, as opposed to lookers, which will potentially allow you to sell your home more quickly and move on to your next chapter. Something to think about …
Single Family Homes:
Average Market Time
The average time a single family home remains on the market in Buffalo Grove was 148 days in February 2018, which was down from 156 days in January 2017.
As of March 1, 2018, there is 2.1 months supply of single family homes for sale in Buffalo Grove, equal to last year’s figure. Anything under 5 months is considered a seller’s market. Now is definitely a good time to consider selling.
Homes For Sale
At the end of February 2018, there are 71 single family homes for sale in Buffalo Grove, compare that to the 79 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.
50 single family homes were listed for sale in February of 2018, compared to 61 new listings last year. New listings just are not keeping up with the pent up demand of buyers.
Homes Under Contract
The lack of new listings over the past couple of months have not satisfied the demand as 31 single family homes went under contract in Buffalo Grove in February 2018 a significant decrease from 42 in February 2017.
17 Single family homes closed in February 2018, up from low 11 in February 2017. Through February, 36 homes have sold this year versus 38 in 2017 through 2 months.
Condos and Townhomes:
Average Market Time
The time Condos and Townhomes remains on the market in Buffalo Grove was 73 days which is down from 88 days in February 2017. This remains a low figure and reflects the competiveness we are facing with Condos and Townhomes.
As of March 1, 2018, there is a ridiculously low 1.6 months supply of Condos and Townhomes for sale in Buffalo Grove down from last year’s figure of 1.8. Buyers have to move quickly when an attractive listing hits the market!
Homes For Sale
At the end of February 2018, there are 51 Condos and Townhomes for sale in Buffalo Grove, compare that to the 60 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.
39 Condos and Townhomes were listed for sale in February of 2018, equal to the 39 last year, which will not help with our inventory shortage.
Condos and Townhomes Under Contract
36 Condos and Townhomes went under contract in Buffalo Grove in February, which is a slight increase from 33 from 2017.
25 Condos and Townhomes closed in Febuary 2018, up from 19 in 2017. Through 2 months, we have seen 43 sales this year versus 44 in 2017. It appears that the main thing holding back sales is a simple lack of inventory.