The March 2012 Buffalo Grove Real Estate market statistics have been published and I am happy to finally report for the first time in years that there has not been a loss in the area. Both the detached and attached sectors in Buffalo Grove have seen an increase in price and the attached market has also seen an increase in the number of homes sold.
The Buffalo Grove real estate detached market has had a 2.9% increase in average sales prices from $292,946 to $301,326 and a median sales price of $300,000 versus $270,000 in 2011. There were 15 homes closed in both March 2011 and 2012.
The attached real estate market of Buffalo Grove has great numbers to report as well. There was a 72.7 % increase in closed units from 2011 to 2012. This March there were 19 closed attached homes in Buffalo Grove compared to 11 last March. The average sales price this March was $146,384, up from $137,036, which is a 6.8% increase. The median sales price for the Buffalo Grove attached real estate market has risen 24.8% to $156,000.
The 1st quarter report for the Buffalo Grove real estate market is showing some promising number and all we can do at this point is hope that things keep trending in this direction. There is that dreaded F word out there right now that may have an impact on the market, but at this time it’s just too soon to tell. The news has been full of reports that the banks are going to start releasing foreclosures onto the market now that they have reached a settlement with the government. Some are saying they will flood the market and other are saying that they will release them slowly so the market will not take such a hard hit. What we do know for sure is that Illinois is one of the highest in the country for foreclosures and owners that are behind on their payments. This means it is likely that foreclosures with have some sort of impact on the Buffalo Grove real estate market.
We at the Sharron Kelley team are experts in the Buffalo Grove real estate market and watch it very closely every day. We are here to help you understand the current market and help you get through some of these turbulent times. If you would like to be put on a personalized market report that comes to your email every 30 days to see exactly what your neighborhood is doing, please contact us and we will set you up immediately and answer any questions you may have. We are here to help you with all of your Buffalo Grove real estate needs whether you are buying, selling, or just have a few questions about your home and need some advice.