Buffalo Grove Real Estate Market Update
Buffalo Grove Real Estate experienced a relatively muted first quarter with only moderate gains in inventory and the number of closings down for both Single Family homes and Townhomes and Condos. With interest rates dropping as we enter the key Spring market, it will be very interesting to see if reluctant sellers finally put their homes on the market – we definitely need the inventory!!
Single Family Homes:
Average Market Time
The average time a single family home remains on the market in Buffalo Grove was 78 days in March 2019, which was down from 87 days in March 2018.
Months Supply
As of April 1, 2019, there is 3.6 months supply of single family homes for sale in Buffalo Grove compared to 3.5 last year. 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 March 2019, there are 124 single family homes for sale in Buffalo Grove, compare that to the 115 available at this time last year and you’ll see that inventory has improved only marginally.
New Listings
94 single family homes were listed for sale in March of 2019, compared to 90 new listings last year. We expected to see a more significant influx of new homes listed in March, and that should materialize over the next couple of months.
Homes Under Contract
42 single family homes went under contract in Buffalo Grove in March 2019 a slight increase from 41 in March 2018.
Closings
24 Single family homes closed in March 2019, down from 25 in March 2018. Through the first quarter of 2019, we have registered 57 closings in 2019 versus 62 in 2018.
Condos and Townhomes:
Average Market Time
The time Condos and Townhomes remains on the market in Buffalo Grove was 101 days which is up significantly from 48 days in March 2018. This figure is a real outlier as average market time for Buffalo Grove Condos and Townhomes has been extremely low for the past several years. We will see if it normalizes in April.
Months Supply
As of March 1, 2019, there are 2.3 months supply of Condos and Townhomes for sale in Buffalo Grove up slightly from last year’s figure of 2.2. Buyers still have to move quickly when an attractive listing hits the market!
Homes For Sale
At the end of March 2019, there are 71 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 has improved slightly.
New Listings
55 Condos and Townhomes were listed for sale in March of 2019, a decrease of 7 from last year.
Condos and Townhomes Under Contract
51 Condos and Townhomes went under contract in Buffalo Grove in March, which is a nice increase from 36 from 2018.
Closings
24 Condos and Townhomes closed in March 2019, down from 27 in 2018. For the first quarter, we have seen 57 closings so far this year, compared to 72 in 2018.
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