Buffalo Grove Real Estate Conditions – October 2019

Buffalo Grove Real Estate Market Update

The Buffalo Grove Real Estate market had another good month in October with solid inventory levels, good market times and more homes closing and under contract 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 79 days in October 2019, which was down slightly from 80 days in October 2018. 79 days is a relatively short period of time compared with much of the Chicagoland area.

Months Supply

As of November 1, 2019, there is 3.7 months supply of single family homes for sale in Buffalo Grove, down from 4.1 last year. Anything under 5 months is considered a seller’s market, but things seem to be shifting in the favor of the buyer.

Homes For Sale

At the end of October 2019, there are 130 single family homes for sale in Buffalo Grove, compare that to the 137 available at this time last year and you’ll see that inventory has stabilized with plenty of options for buyers to consider.

New Listings

64 single family homes were listed for sale in October of 2019, compared to 57 new listings last year. That’s a very solid number for October.

Homes Under Contract

35 single family homes went under contract in Buffalo Grove in October 2019 a significant increase from 22 in October 2018.

Closings

35 Single family homes closed in October 2019, up from 31 in October 2018, the 4th straight month that closings increased over 2018. Through the first 10 months of 2019, we have registered 357 closings in 2019 versus 368 in 2018.

Condos and Townhomes:

Average Market Time

The time Condos and Townhomes remains on the market in Buffalo Grove was 68 days, which is up significantly from 38 days in October 2018. Still a very low figure when compared to the broader Chicago suburban market.

Months Supply

As of November 1, 2019, there are 4.0 months supply of Condos and Townhomes for sale in Buffalo Grove up from last year’s figure of 3.3. Buyers still have to move quickly when an attractive listing hits the market!

Homes For Sale

At the end of October 2019, there are 112 Condos and Townhomes for sale in Buffalo Grove, compare that to the 104 available at this time last year and you’ll see that inventory has improved.

New Listings

38 Condos and Townhomes were listed for sale in October of 2019, a decrease of 25 from last year.

Condos and Townhomes Under Contract

28 Condos and Townhomes went under contract in Buffalo Grove in October, up from 24 last year.

Closings

22 Condos and Townhomes closed in October 2019, down from 32 in 2018. For the first 10 months, we have seen 294 closings so far this year, compared to 337 in 2018.

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The post Buffalo Grove Real Estate Conditions – October 2019 appeared first on Getting Real.

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