Buffalo Grove Real Estate Market Update
As Fall has settled in, the Buffalo Grove real estate market had a solid month in October, continuing to build much needed inventory. Single Family home buyers had been demonstrating great patience and restraint, holding off for well updated homes or great deals. Condos and Townhomes closings were down again in October, but average market time of 32 days is still very low! With Fall upon us, the activity will 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 82 days in October, which was up from 74 days in October 2017. This continues to be a relatively low figure.
Months Supply
As of November 1, 2018, there are 3.8 months supply of single family homes for sale in Buffalo Grove, up from 2.9 last year. The new listings in the market has helped to balance the market as anything under 5 months is considered a seller’s market.
Homes For Sale
At the end of October 2018, there are 131 single family homes for sale in Buffalo Grove, compare that to the 101 available at this time last year, and it is clear that we are starting to build up some much needed inventory.
New Listings
57 single family homes were listed for sale in October of 2018, compared to 38 new listings last year, our inventory position is improving and Buyers should benefit.
Homes Under Contract
25 single family homes went under contract in Buffalo Grove in October 2018 an increase from 21 in October 2017.
Closings
30 Single family homes closed in October 2018, up from 28 in October 2017. Through the 1st ten months of the year, 367 homes have sold this year versus 384 in 2017. There seems to be some good momentum with more available inventory.
Condos and Townhomes:
Average Market Time
The time Condos and Townhomes remained on the market in Buffalo Grove was 32 days which is up slightly from 27 days in October 2017. Condos and Townhomes are seemingly selling as quickly as they are listed.
Months Supply
As of November 1, 2018, there is a very low 3.2 months supply of Condos and Townhomes for sale in Buffalo Grove up slightly from last year’s figure of 2.6. Buyers have to move quickly when an attractive listing hits the market!
Homes For Sale
At the end of October 2018, there are 102 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 tight, but improving.
New Listings
63 Condos and Townhomes were listed for sale in October of 2018, up slightly from 40 last year, Buyers are finally going to have some more choices!
Condos and Townhomes Under Contract
24 Condos and Townhomes went under contract in Buffalo Grove in October, which is up slightly from 23 from 2017.
Closings
30 Condos and Townhomes closed in October 2018, down from 38 in 2017. Through 10 months, we have seen 335 sales this year versus 333 in 2017.
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