Buffalo Grove Real Estate Market Conditions – February 2020

Buffalo Grove Real Estate Market Update

Buffalo Grove real estate activity is off to a fast start through the first two months of 2020, with significant increases in closings and homes under contract for both Single Family Homes and Condos/Townhomes. However, months of supply is very low, meaning that there are more Buyers than homes for sale. While we did experience an increase in new listings, It will be interesting to see if more potential Sellers will list earlier this year to take advantage of the demand as we approach Spring with historically low interest rates.

Single Family Homes:

Average Market Time

The average time a single family home remains on the market in Buffalo Grove was 85 days in February 2020, which was down from 107 days in February 2019.

Months Supply

As of March 1, 2020, there is 2.5 months supply of single family homes for sale in Buffalo Grove compared to 2.9 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 2020, there are 91 single family homes for sale in Buffalo Grove, compare that to the 100 available at this time last year and you’ll see that inventory has declined.

New Listings

69 single family homes were listed for sale in February of 2020, compared to 56 new listings last year. We should see a significant influx of new homes listed over the next couple of months.

Homes Under Contract

43 single family homes went under contract in Buffalo Grove in February 2020 a nice improvement from 31 in February 2019, which demonstrates that Buyers are active.

Closings

26 Single family homes closed in February 2020, a significant increase from 14 in February 2019. Through two months, 44 homes have closed this year versus 33 in 2019. A fast start to 2020!

Condos and Townhomes:

Average Market Time

The time Condos and Townhomes remains on the market in Buffalo Grove was 87 days which is up from 76 days in February 2019.

Months Supply

As of March 1, 2020, there is 2.6 months supply of Condos and Townhomes for sale in Buffalo Grove down from last year’s figure of 2.9. Buyers still have to move quickly when an attractive listing hits the market!

Homes For Sale

At the end of February 2020, there are 78 Condos and Townhomes for sale in Buffalo Grove, compare that to the 86 available at this time last year and you’ll see that inventory levels have weakened.

New Listings

55 Condos and Townhomes were listed for sale in February of 2020, up from 51 last year.

Condos and Townhomes Under Contract

33 Condos and Townhomes went under contract in Buffalo Grove in February, which is an increase from 30 from 2019, reflecting a lot of activity in the area.

Closings

30 Condos and Townhomes closed in February 2020, up significantly from 16 in 2019. Through February, we have had 50 closings in 2020, a significant gain from 33 in 2019!

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The post Buffalo Grove Real Estate Market Conditions – February 2020 appeared first on Getting Real.

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