Archive for the ‘Buffalo Grove’ Category:

Buffalo Grove Real Estate Market Conditions – April 2019

Buffalo Grove Real Estate Market Update

Buffalo Grove Real Estate experienced a pretty significant shift in April with inventory levels, market time and closings up over last year for both single family homes and townhomes and condos. With interest rates lower than expected now that we are in the key Spring market, May and June should be pretty solid months for home sales!

Single Family Homes:

Average Market Time

The average time a single family home remains on the market in Buffalo Grove was 118 days in April 2019, which was up from 77 days in April 2018.

Months Supply

As of May 1, 2019, there is 4.2 months supply of single family homes for sale in Buffalo Grove compared to 3.1 last year. Anything under 5 months is considered a seller’s market, but it feels like we are shifting to a market more favorable to buyers.

Homes For Sale

At the end of April 2019, there are 137 single family homes for sale in Buffalo Grove, compare that to the 107 available at this time last year and you’ll see that inventory has improved with more options for buyers to consider.

New Listings

103 single family homes were listed for sale in April of 2019, compared to 90 new listings last year. More inventory provide more options wihich should convert into more sales.

Homes Under Contract

54 single family homes went under contract in Buffalo Grove in April 2019 an increase from 66 in April 2018.

Closings

43 Single family homes closed in April 2019, up from 35 in April 2018. Through the first four months of 2019, we have registered 100 closings in 2019 versus 97 in 2018.

Condos and Townhomes:

Average Market Time

The time Condos and Townhomes remains on the market in Buffalo Grove was 75 days, which is up from 39 days in April 2018. Still a relatively low figure when compared to the broader Chicago suburban market.

Months Supply

As of April 1, 2019, there are 3.0 months supply of Condos and Townhomes for sale in Buffalo Grove up from last year’s figure of 2.3. Buyers still have to move quickly when an attractive listing hits the market!

Homes For Sale

At the end of April 2019, there are 89 Condos and Townhomes for sale in Buffalo Grove, compare that to the 73 available at this time last year and you’ll see that inventory has definitiely improved.

New Listings

74 Condos and Townhomes were listed for sale in April of 2019, an increase of 4 from last year.

Condos and Townhomes Under Contract

42 Condos and Townhomes went under contract in Buffalo Grove in April, an increase from 53 from 2018.

Closings

49 Condos and Townhomes closed in April 2019, up from 39 in 2018. For the first four months, we have seen 106 closings so far this year, compared to 111 in 2018.

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Buffalo Grove Real Estate Market Conditions – March 2019

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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Buffalo Grove Real Estate Market Conditions – February 2019

Buffalo Grove Real Estate Market Update

The big news for Buffalo Grove real estate through two months of 2019 is that inventory levels have increased providing buyers more options! Now, if the weather will will just improve, I expect sales will respond accordingly … stay tuned!

Single Family Homes:

Average Market Time

The average time a single family home remains on the market in Buffalo Grove was 107 days in Febuary 2019, which was down significantly from 141 days in February 2018.

Months Supply

As of March 1, 2019, there is 2.7 months supply of single family homes for sale in Buffalo Grove compared to 12.2 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 February 2019, there are 94 single family homes for sale in Buffalo Grove, compare that to the 72 available at this time last year and you’ll see that inventory has improved.

New Listings

56 single family homes were listed for sale in February of 2019, compared to 50 new listings last year. We should see a significant influx of new homes listed over the next couple of months.

Homes Under Contract

37 single family homes went under contract in Buffalo Grove in February 2019 an increase from 32 in February 2018.

Closings

14 Single family homes closed in February 2019, down from 19 in February 2018. Through two months, we have registered 33 closings in 2019 versus 37 in 2018.

Condos and Townhomes:

Average Market Time

The time Condos and Townhomes remains on the market in Buffalo Grove was 76 days which is up slightly from 72 days in February 2018. This is a relatively low figure for the greater Chicagoland area.

Months Supply

As of March 1, 2019, there are 2.8 months supply of Condos and Townhomes for sale in Buffalo Grove up from last year’s figure of 1.8. Buyers still have to move quickly when an attractive listing hits the market!

Homes For Sale

At the end of February 2019, there are 83 Condos and Townhomes for sale in Buffalo Grove, compare that to the 56 available at this time last year and you’ll see that inventory has improved nicely.

New Listings

51 Condos and Townhomes were listed for sale in February of 2019, an increase of 12 from last year.

Condos and Townhomes Under Contract

33 Condos and Townhomes went under contract in Buffalo Grove in February, which is a slight decrease from 34 from 2018.

Closings

15 Condos and Townhomes closed in February 2019, down from 27 in 2018. For January and February, we have seen 32 closings so far this year, compared to 45 through two months in 2018.

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Buffalo Grove Real Estate Market Conditions – January 2019

Buffalo Grove Real Estate Market Update

Buffalo Grove real estate sales got off to a very similar start in January 2019 as in 2018. Inventory levels have improved, so it will be interesting to see if inventory keeps up with demand as we approach Spring.

Single Family Homes:

Average Market Time

The average time a single family home remains on the market in Buffalo Grove was 108 days in January 2019, which was up from 85 days in January 2018.

Buffalo Grove Real Estate Market Conditions - January 2019 market time

Months Supply

As of February 1, 2019, there is 2.8 months supply of single family homes for sale in Buffalo Grove compared to 1.9 last year. Anything under 5 months is considered a seller’s market. Now is definitely a good time to consider selling.

Buffalo Grove Real Estate Market Conditions - January 2019 months supply

Homes For Sale

At the end of January 2019, there are 95 single family homes for sale in Buffalo Grove, compare that to the 65 available at this time last year and you’ll see that inventory has improved.

Buffalo Grove Real Estate Market Conditions - January 2019 homes for sale

New Listings

49 single family homes were listed for sale in January of 2019, compared to 48 new listings last year. We should see a significant influx of new homes listed over the next couple of months.

Buffalo Grove Real Estate Market Conditions - January 2019 new listings

Homes Under Contract

22 single family homes went under contract in Buffalo Grove in January 2019 a slight decrease from 25 in January 2018.

Buffalo Grove Real Estate Market Conditions - January 2019 under contract

Closings

18 Single family homes closed in January 2019, down nominally from 19 in January 2018.

Buffalo Grove Real Estate Market Conditions - January 2019 closed sales

Condos and Townhomes:

Average Market Time

The time Condos and Townhomes remains on the market in Buffalo Grove was 85 days which is up from 62 days in January 2018.

Buffalo Grove Real Estate Market Conditions - January 2019 market time

Months Supply

As of February 1, 2019, there are 2.6 months supply of Condos and Townhomes for sale in Buffalo Grove up from last year’s figure of 1.8. Buyers still have to move quickly when an attractive listing hits the market!

Buffalo Grove Real Estate Market Conditions - January 2019 months supply

Homes For Sale

At the end of January 2019, there are 78 Condos and Townhomes for sale in Buffalo Grove, compare that to the 57 available at this time last year and you’ll see that inventory has improved..

Buffalo Grove Real Estate Market Conditions - January 2019 homes for sale

New Listings

38 Condos and Townhomes were listed for sale in January of 2018, the same figure as last year.

Buffalo Grove Real Estate Market Conditions - January 2019 new listings

Condos and Townhomes Under Contract

20 Condos and Townhomes went under contract in Buffalo Grove in January, which is a decrease from 30 from 2018.

Buffalo Grove Real Estate Market Conditions - January 2019 under contract

Closings

16 Condos and Townhomes closed in January 2019, down from 18 in 2018.

Buffalo Grove Real Estate Market Conditions - January 2019 closed sales

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Understanding your Buffalo Grove Property Tax Bill

Property taxes are a contentious topic in Illinois and they are pretty complicated to understand, and even more difficult to explain. What follows are the results of the research I performed by chatting with the Tax Assessors representing Vernon Township and Wheeling Township in Buffalo Grove and the Lake County Treasurer with the hope of providing some clarity.

Buffalo Grove is split between Lake and Cook counties, each taxing residents differently. The Lake County portion of Buffalo Grove is in Vernon Township which has 12 different tax rates ranging from 8.119465 to 9.972825.  The three major tax groups are for District 96 – Kildeer Countryside School District, District 102 – Aptakisic Tripp School District and District 103 – Lincolnshire-Prairie View School District, with multiple sub groups for each different school district.

The portion of Buffalo Grove that is located in Cook County, Illinois is in Wheeling Township and District 214, which flows into Buffalo Grove High School.  There are 3 tax rates for Cook County Buffalo Grove residents from 11% to 12%.

To help understand how property taxes are calculated, I am including some examples below for the most common tax rates, with some descriptions of the key terms – all examples are for homes with fair market value of $400,000:

Lake County – the tax bill comes out in late April / early May and is payable 50% on June 1st and 50% on September 1st. If you pay your taxes through escrow via your mortgage payment, your lender pays the taxes for you.

Full Fair Cash value – as determined by the Lake County Assessor which is based on sales transactions over the most recent 3 year period. This is typically published in the August – September timeframe and this is what is often grounds for appeal based on an incorrect value.

Assessed value – equals 1/3 of the full fair cash value.

Exemptions – the state of Illinois offers various exemptions to home owners – the most common is the General Homestead exemption which you can deduct for your primary residence. In Lake County, it is $6,000. There are also exemptions available for Seniors, Disabled and Veterans.

Example – Buffalo Grove – Lake County – Vernon Township – D96 – Kildeer Countryside School District

Full Fair Cash Value                                  $400,000

Total Assessed Value (1/3)                        $133,333

General Homestead Exemption                    $6,000

Taxable Valuation                                      $127,333

Tax Rate                                                 9.386768%

Real Estate Tax                                      $11,952.48

District                  Taxable Valuation        Tax Rate             Tax Bill

D96                       $127,333                       9.386768            $11,952.48
D102                     $127,333                       9.222720            $11,743.57
D103                     $127,333                       8.601049            $10,951.97

Cook County – Property tax bills are mailed twice a year. The first installment is due at the beginning of March. By law, the First-Installment Property Tax Bill is exactly 55% percent of the previous year’s total tax amount. The Second-Installment Property Tax Bill is mailed and due in late summer; it reflects new tax rates, levies, assessments and any dollars saved by exemptions for which you have qualified and applied.

Example – Buffalo Grove – Cook County – Wheeling Township – Township High School District 214

Estimated Market Value                            $400,000 as determined by the Cook County Assessor

Assessment level                                              10%

Proposed Assessed Valuation                    $40,000

State Equalizer                                            2.9627

Equalized Assessed Value                         $118,508

Homeowners Exemption                            $10,000

Adjusted Equalized Assessed Value          $108,508

Tax Rate                                                   11.41%

Estimated Tax Bill                                   $12,380.76

So, in the Village of Buffalo Grove, there are 15 different tax rates. For reference, Cook County is higher than the three Lake County jurisdictions.

If you need any assistance with homes outside of Buffalo Grove, feel free to reach out to me or go to the Cook County or Lake County Assessor websites.

 

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Buffalo Grove Real Estate Market Conditions – December 2018

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.

Buffalo Grove Real Estate Market Conditions - December 2018 market times

Months Supply

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.

Buffalo Grove Real Estate Market Conditions - December 2018 months supply

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.

Buffalo Grove Real Estate Market Conditions - December 2018 homes for sale

New Listings

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.

Buffalo Grove Real Estate Market Conditions - December 2018 new listings

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!

Buffalo Grove Real Estate Market Conditions - December 2018 under contract

Closings

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.

Buffalo Grove Real Estate Market Conditions - December 2018 closed sales

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.

Buffalo Grove Real Estate Market Conditions - December 2018 market times

Months Supply

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!

Buffalo Grove Real Estate Market Conditions - December 2018 months supply

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.

Buffalo Grove Real Estate Market Conditions - December 2018 homes for sale

New Listings

19 Condos and Townhomes were listed for sale in December of 2018, down slightly from 21 last year.

Buffalo Grove Real Estate Market Conditions - December 2018 new listings

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.

Buffalo Grove Real Estate Market Conditions - December 2018 under contract

Closings

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.

Buffalo Grove Real Estate Market Conditions - December 2018 closed sales

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Buffalo Grove Real Estate Market Conditions – November 2018

Buffalo Grove Real Estate Market Update

The Buffalo Grove real estate market continued to build much needed inventory in November. Single Family home buyers had been demonstrating great patience and restraint, holding off for well updated homes or great deals. Condos and Townhomes closings increased in November, continuing the solid trend for the year in that segment of the market. With late 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 66 days in November, which was down from 72 days in November 2017. This continues to be a relatively low figure.

Buffalo Grove Real Estate Market Conditions - November 2018 market times

Months Supply

As of December 1, 2018, there are 3.4 months supply of single family homes for sale in Buffalo Grove, up from 2.3 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.

Buffalo Grove Real Estate Market Conditions - November 2018 momths supply

Homes For Sale

At the end of November 2018, there are 113 single family homes for sale in Buffalo Grove, compare that to the 82 available at this time last year, and it is clear that we are building up some much needed inventory.

Buffalo Grove Real Estate Market Conditions - November 2018 homes for sale

New Listings

37 single family homes were listed for sale in November of 2018, compared to 26 new listings last year, our inventory position is improving and Buyers should benefit.

Buffalo Grove Real Estate Market Conditions - November 2018 new listings

Homes Under Contract

19 single family homes went under contract in Buffalo Grove in November 2018 a decrease from 26 in November 2017.

Buffalo Grove Real Estate Market Conditions - November 2018 under contract

Closings

14 Single family homes closed in November 2018, down from 23 in November 2017. Through eleven months of the year, 382 homes have sold this year versus 407 in 2017. Closings will be down in 2018, but we appear to be headed to a better inventory position as we look towards 2019.

Buffalo Grove Real Estate Market Conditions - November 2018 closed sales

Condos and Townhomes:

Average Market Time

The time Condos and Townhomes remained on the market in Buffalo Grove was 69 days which is up from 60 days in November 2017. This figure is considerably lower than many other Chicago area markets.

Buffalo Grove Real Estate Market Conditions - November 2018 market times

Months Supply

As of December 1, 2018, there is a very low 3.0 months supply of Condos and Townhomes for sale in Buffalo Grove up from last year’s figure of 2.2. Buyers still have to move pretty quickly when an attractive listing hits the market!

Buffalo Grove Real Estate Market Conditions - November 2018 momths supply

Homes For Sale

At the end of November 2018, there are 93 Condos and Townhomes for sale in Buffalo Grove, compare that to the 69 available at this time last year and you’ll see that inventory is finally improving.

Buffalo Grove Real Estate Market Conditions - November 2018 homes for sale

New Listings

34 Condos and Townhomes were listed for sale in November of 2018, down from 41 last year.

Buffalo Grove Real Estate Market Conditions - November 2018 new listings

Condos and Townhomes Under Contract

21 Condos and Townhomes went under contract in Buffalo Grove in November, which is down from 32 from 2017.

Buffalo Grove Real Estate Market Conditions - November 2018 under contract

Closings

19 Condos and Townhomes closed in November 2018, up from 14 in 2017. Through 11 months, we have seen 356 sales this year versus 347 in 2017.

Buffalo Grove Real Estate Market Conditions - November 2018 closed sales

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Buffalo Grove Real Estate Market Conditions – October 2018

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.

Buffalo Grove Real Estate Market Conditions - October 2018 market times

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.

Buffalo Grove Real Estate Market Conditions - October 2018 months supply

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.

Buffalo Grove Real Estate Market Conditions - October 2018 homes for sale

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.

Buffalo Grove Real Estate Market Conditions - October 2018 new listings

Homes Under Contract

25 single family homes went under contract in Buffalo Grove in October 2018 an increase from 21 in October 2017.

Buffalo Grove Real Estate Market Conditions - October 2018 under contract

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.

Buffalo Grove Real Estate Market Conditions - October 2018 closings

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.

Buffalo Grove Real Estate Market Conditions - October 2018 market times

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!

Buffalo Grove Real Estate Market Conditions - October 2018 months supply

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.

Buffalo Grove Real Estate Market Conditions - October 2018 homes for sale

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!

Buffalo Grove Real Estate Market Conditions - October 2018 new listings

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.

Buffalo Grove Real Estate Market Conditions - October 2018 under contract

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.

Buffalo Grove Real Estate Market Conditions - October 2018 closings

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Buffalo Grove Real Estate Market Conditions – September 2018

Buffalo Grove Real Estate Market Update

The Buffalo Grove real estate market had another solid month in September, 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 slowed down in September, but average market time of 31 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 72 days in September 2018, which was down from 125 days in September 2017. There are not many communities in the Chicago area with such a low figure.

Buffalo Grove Real Estate Market Conditions - September 2018 market time

Months Supply

As of October 1, 2018, there are 4.1 months supply of single family homes for sale in Buffalo Grove, up from 3.3 last year. The new listings in the market has really balanced the market as anything under 5 months is considered a seller’s market.

Buffalo Grove Real Estate Market Conditions - September 2018 months supply

Homes For Sale

At the end of September 2018, there are 138 single family homes for sale in Buffalo Grove, compare that to the 119 available at this time last year, we are starting to build up some much needed inventory.

Buffalo Grove Real Estate Market Conditions - September 2018 homes for sale

New Listings

67 single family homes were listed for sale in September of 2018, compared to 57 new listings last year, our inventory position is improving and Buyers got off the fence this Spring and Summer.

Buffalo Grove Real Estate Market Conditions - September 2018 new listings

Homes Under Contract

30 single family homes went under contract in Buffalo Grove in September 2018 an increase from 25 in September 2017.

Buffalo Grove Real Estate Market Conditions - September 2018 under contract

Closings

23 Single family homes closed in September 2018, down from 34 in September 2017. Through the 1st nine months of the year, 336 homes have sold this year versus 356 in 2017. There seems to be some good momentum with more available inventory.

Buffalo Grove Real Estate Market Conditions - September 2018 closed sales

Condos and Townhomes:

Average Market Time

The time Condos and Townhomes remained on the market in Buffalo Grove was 31 days which is down from 57 days in July 2017. Condos and Townhomes are seemingly selling as quickly as they are listed.

Buffalo Grove Real Estate Market Conditions - September 2018 market time

Months Supply

As of October 1, 2018, there is a very low 2.9 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!

Buffalo Grove Real Estate Market Conditions - September 2018 months supply

Homes For Sale

At the end of September 2018, there are 91 Condos and Townhomes for sale in Buffalo Grove, compare that to the 84 available at this time last year and you’ll see that inventory remains tight, but improving.

Buffalo Grove Real Estate Market Conditions - September 2018 homes for sale

New Listings

49 Condos and Townhomes were listed for sale in September of 2018, up slightly from 48 last year.

Buffalo Grove Real Estate Market Conditions - September 2018 new listings

Condos and Townhomes Under Contract

27 Condos and Townhomes went under contract in Buffalo Grove in September, which is a decrease from 32 from 2017.

Buffalo Grove Real Estate Market Conditions - September 2018 under contract

Closings

21 Condos and Townhomes closed in September 2018, down from 35 in 2017. Through 8 months, we have seen 304 sales this year versus 295 in 2017.

Buffalo Grove Real Estate Market Conditions - September 2018 closed sales

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Buffalo Grove Real Estate Market Conditions – August 2018

Buffalo Grove Real Estate Market Update

The Buffalo Grove real estate market had another solid month in August, while building much needed inventory. Single Family home buyers had been demonstrating great patience and restraint, holding off for well updated homes or great deals. In August, another 92 new single family homes were listed. Condos and Townhomes slowed down a bit in August with an average market time of 68 days. With kids returning to school and Labor Day now past us, the activity should 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 45 days in August 2018, which was down from 51 days in August 2017. There are not many communities in the Chicago area with such a low figure.

Buffalo Grove Real Estate Market Conditions - August 2018 market times

Months Supply

As of September 1, 2018, there are 4.5 months supply of single family homes for sale in Buffalo Grove, up from 3.5 last year. The new listings in the market have really balanced the market as anything under 5 months is considered a seller’s market.

Buffalo Grove Real Estate Market Conditions - August 2018 months supply

Homes For Sale

At the end of August 2018, there are 150 single family homes for sale in Buffalo Grove, compare that to the 124 available at this time last year, we are starting to build up some much needed inventory.

Buffalo Grove Real Estate Market Conditions - August 2018 homes for sale

New Listings

92 single family homes were listed for sale in August of 2018, compared to 63 new listings last year, our inventory position is improving and Buyers got off the fence this Spring and Summer.

Buffalo Grove Real Estate Market Conditions - August 2018 new listings

Homes Under Contract

31 single family homes went under contract in Buffalo Grove in August 2018 a decrease from 39 in August 2017.

Buffalo Grove Real Estate Market Conditions - August 2018 under contract

Closings

49 Single family homes closed in August 2018, up from 46 in August 2017. Through the 1st eight months of the year, 312 homes have sold this year versus 322 in 2017. There seems to be some good momentum with more available inventory.

Buffalo Grove Real Estate Market Conditions - August 2018 closings

Condos and Townhomes:

Average Market Time

The time Condos and Townhomes remained on the market in Buffalo Grove was 68 days which is up from 42 days in July 2017.

Buffalo Grove Real Estate Market Conditions - August 2018 market times

Months Supply

As of September 1, 2018, there is a very low 3.0 months supply of Condos and Townhomes for sale in Buffalo Grove up slightly from last year’s figure of 2.8. Buyers have to move quickly when an attractive listing hits the market!

Buffalo Grove Real Estate Market Conditions - August 2018 months supply

Homes For Sale

At the end of August 2018, there are 97 Condos and Townhomes for sale in Buffalo Grove, compare that to the 88 available at this time last year and you’ll see that inventory remains tight, but improving.

Buffalo Grove Real Estate Market Conditions - August 2018 homes for sale

New Listings

52 Condos and Townhomes were listed for sale in August of 2018, down from 66 last year.

Buffalo Grove Real Estate Market Conditions - August 2018 new listings

Condos and Townhomes Under Contract

25 Condos and Townhomes went under contract in Buffalo Grove in August, which is a decrease from 37 from 2017.

Buffalo Grove Real Estate Market Conditions - August 2018 under contract

Closings

29 Condos and Townhomes closed in August 2018, up from 26 in 2017. Through 8 months, we have seen 283 sales this year versus 260 in 2017.

Buffalo Grove Real Estate Market Conditions - August 2018 closings

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