Realtors in Buffalo Grove and Long Grove, suburbs of Chicago, Illinois, are reporting active markets, despite longer selling times.

Buffalo Grove

"Low inventory in the Northern Suburbs of the Chicago land area have kept the prices stable and in the same range as last years market," says Sharron Kelley. "The middle range price of homes from $400-$600 are moving very quickly and buyers should be preapproved for the mortgage which will help them in a multiple-offer situation."

"The Buffalo Grove market continues to be very active," says Realtor Jeff Stone. "Townhomes and condos continue to sell at the same rate as last year with the average price for a multi-family unit up nine percent over the same time period last year. Market time is up about three weeks over last year. The number of single-family home sales is down about nine percent over last year's record pace but prices are up a healthy seven percent from the first six months of 2002. Market time for single-family homes is up just eight days over last year. Well-priced homes continue to sell quickly."

Long Grove

"Long Grove closings have edged closer to last year's numbers," says Stone. "Closings through the first six months of 2003 are down 18 percent over the same period last year, while June closings were up 21 percent versus June of last year. Sale prices averaged $677,169 for the first six months of 2003 versus $675,750 for 2002. Market time is up 11 days for the properties that have closed this year. Vacant land sales are about equal to last year with a 10 percent increase in price. There is an excellent inventory of exceptional homes available in Long Grove at this time."

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Published: July 22, 2003

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