Buffalo Grove Real Estate Market Conditions – August 2018

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Buffalo Grove Real Estate Market Update

The Buffalo Grove real estate market had another solid month in August, while building much needed inventory. Single Family home buyers had been demonstrating great patience and restraint, holding off for well updated homes or great deals. In August, another 92 new single family homes were listed. Condos and Townhomes slowed down a bit in August with an average market time of 68 days. With kids returning to school and Labor Day now past us, the activity should slow down some, but there are still active buyers in the market!

Single Family Homes:

Average Market Time

The average time a single family home remained on the market in Buffalo Grove was 45 days in August 2018, which was down from 51 days in August 2017. There are not many communities in the Chicago area with such a low figure.

Buffalo Grove Real Estate Market Conditions - August 2018 market times

Months Supply

As of September 1, 2018, there are 4.5 months supply of single family homes for sale in Buffalo Grove, up from 3.5 last year. The new listings in the market have really balanced the market as anything under 5 months is considered a seller’s market.

Buffalo Grove Real Estate Market Conditions - August 2018 months supply

Homes For Sale

At the end of August 2018, there are 150 single family homes for sale in Buffalo Grove, compare that to the 124 available at this time last year, we are starting to build up some much needed inventory.

Buffalo Grove Real Estate Market Conditions - August 2018 homes for sale

New Listings

92 single family homes were listed for sale in August of 2018, compared to 63 new listings last year, our inventory position is improving and Buyers got off the fence this Spring and Summer.

Buffalo Grove Real Estate Market Conditions - August 2018 new listings

Homes Under Contract

31 single family homes went under contract in Buffalo Grove in August 2018 a decrease from 39 in August 2017.

Buffalo Grove Real Estate Market Conditions - August 2018 under contract

Closings

49 Single family homes closed in August 2018, up from 46 in August 2017. Through the 1st eight months of the year, 312 homes have sold this year versus 322 in 2017. There seems to be some good momentum with more available inventory.

Buffalo Grove Real Estate Market Conditions - August 2018 closings

Condos and Townhomes:

Average Market Time

The time Condos and Townhomes remained on the market in Buffalo Grove was 68 days which is up from 42 days in July 2017.

Buffalo Grove Real Estate Market Conditions - August 2018 market times

Months Supply

As of September 1, 2018, there is a very low 3.0 months supply of Condos and Townhomes for sale in Buffalo Grove up slightly from last year’s figure of 2.8. Buyers have to move quickly when an attractive listing hits the market!

Buffalo Grove Real Estate Market Conditions - August 2018 months supply

Homes For Sale

At the end of August 2018, there are 97 Condos and Townhomes for sale in Buffalo Grove, compare that to the 88 available at this time last year and you’ll see that inventory remains tight, but improving.

Buffalo Grove Real Estate Market Conditions - August 2018 homes for sale

New Listings

52 Condos and Townhomes were listed for sale in August of 2018, down from 66 last year.

Buffalo Grove Real Estate Market Conditions - August 2018 new listings

Condos and Townhomes Under Contract

25 Condos and Townhomes went under contract in Buffalo Grove in August, which is a decrease from 37 from 2017.

Buffalo Grove Real Estate Market Conditions - August 2018 under contract

Closings

29 Condos and Townhomes closed in August 2018, up from 26 in 2017. Through 8 months, we have seen 283 sales this year versus 260 in 2017.

Buffalo Grove Real Estate Market Conditions - August 2018 closings

#BuffaloGroveRealEstate

Eddie Nusinow

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