Buffalo Grove Real Estate Market Conditions – August 2019

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Buffalo Grove Real Estate Market Update

The Buffalo Grove Real Estate market stabilized in August after experiencing a significant shift over the previous 3 months with inventory levels, market time and homes for sale up considerably over last year for both Single Family homes and Townhomes and Condos. Many Buffalo Grove home owners have finally decided to try selling their homes and with interest rates lower than expected, the market now seems to be in favor of the Buyer!

Single Family Homes:

Average Market Time

The average time a single family home remains on the market in Buffalo Grove was 64 days in August 2019, which was up from 44 days in August 2018. 64 days is a relatively short period of time compared with much of the Chicagoland area.

Months Supply

As of September 1, 2019, there is 4.7 months supply of single family homes for sale in Buffalo Grove compared to 4.4 last year. Anything under 5 months is considered a seller’s market, so we are experiencing a market more favorable to buyers for the first time in a while.

Homes For Sale

At the end of August 2019, there are 156 single family homes for sale in Buffalo Grove, compare that to the 149 available at this time last year and you’ll see that inventory has stabilized with more options for buyers to consider.

New Listings

86 single family homes were listed for sale in August of 2019, compared to 92 new listings last year.

Homes Under Contract

36 single family homes went under contract in Buffalo Grove in August 2019 an increase from 31 in August 2018.

Closings

58 Single family homes closed in August 2019, up from 50 in August 2018. 58 closings represents the largest figure recorded in 2019. Through the first 8 months of 2019, we have registered 288 closings in 2019 versus 313 in 2018.

Condos and Townhomes:

Average Market Time

The time Condos and Townhomes remains on the market in Buffalo Grove was 37 days, which is down from 68 days in August 2018. Still a very low figure when compared to the broader Chicago suburban market.

Months Supply

As of September 1, 2019, there are 4.2 months supply of Condos and Townhomes for sale in Buffalo Grove up from last year’s figure of 3.1. Buyers still have to move quickly when an attractive listing hits the market!

Homes For Sale

At the end of August 2019, there are 120 Condos and Townhomes for sale in Buffalo Grove, compare that to the 101 available at this time last year and you’ll see that inventory has definitiely improved.

New Listings

68 Condos and Townhomes were listed for sale in Auguat of 2019, an increase of 15 from last year.

Condos and Townhomes Under Contract

26 Condos and Townhomes went under contract in Buffalo Grove in August, up from 23 last year.

Closings

24 Condos and Townhomes closed in August 2019, down from 29 in 2018. For the first 8 months, we have seen 241 closings so far this year, compared to 283 in 2018.

#BuffaloGroveRealEstate

 

 

Eddie Nusinow

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