Buffalo Grove Real Estate Market Update
The Buffalo Grove real estate market posted generally solid results for 2018. Detached single family homes and Condos / Townhomes continue to demonstrate “Seller’s market” tendencies with relatively low market times and months of supply of inventory, but both measures improved in the back half of the year. A lack of inventory, increased interest rates and a reduced deduction for property taxes definitely impacted sales as detached homes sales were down by 21 and Condos / Townhomes were equal to 2017. Despite all of the news to the contrary, the Buffalo Grove real estate market is solid and poised for another good year in 2019.
Single Family Homes:
Average Market Time
The average time a single family home remained on the market in Buffalo Grove was 105 days in December, which was up from 61 days in December 2017. The 12 month average was 65 days in 2019, down from 72 days in 2017 … relatively low figures for the Chicago suburbs.
As of January 1, 2019, there are 2.5 months supply of single family homes for sale in Buffalo Grove, up from 1.8 last year. The 12 month average was 3.6 days in 2018 and 2.9 days in 2017. 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 December 2018, there are 86 single family homes for sale in Buffalo Grove, compare that to the 65 available at this time last year. On average for 2018, there were 121 homes for sale, up from 105 in 2017 – we are building up some much needed inventory.
24 single family homes were listed for sale in December of 2018, compared to 14 new listings last year, our inventory position is improving and Buyers should benefit.
Homes Under Contract
22 single family homes went under contract in Buffalo Grove in December 2018 an increase from 13 in December 2017. It’s great to see solid activity during a traditionally slow month!
25 Single family homes closed in December 2018, up from 21 in December 2017. 407 homes sold in 2018 versus 428 in 2017. Eventhough closings were down in 2018, we appear to be headed to a better inventory position as we look towards 2019.
Condos and Townhomes:
Average Market Time
The time Condos and Townhomes remained on the market in Buffalo Grove was 62 days which is down from 63 days in December 2017. For the full year, average market time was 47 days in 2018, down from 56 days in 2017. This figure is considerably lower than many other Chicago area markets.
As of January 1, 2019, there is a very low 2.4 months supply of Condos and Townhomes for sale in Buffalo Grove up from last year’s figure of 2.0. For the year, average months of supply was 2.6 versus 2.3 in 2017. Buyers still have to move pretty quickly when an attractive listing hits the market!
Homes For Sale
At the end of December 2018, there are 74 Condos and Townhomes for sale in Buffalo Grove, compare that to the 62 available at this time last year and you’ll see that inventory is finally improving.
19 Condos and Townhomes were listed for sale in December of 2018, down slightly from 21 last year.
Condos and Townhomes Under Contract
19 Condos and Townhomes went under contract in Buffalo Grove in December, which is up nicely from 10 from 2017.
21 Condos and Townhomes closed in December 2018, down from 30 in 2017. For the ful year, 377 Condos and Townhomes were sold, equal to the amount in 2017. If inventory continues to improve, 2019 should be a very good year.