Buffalo Grove Real Estate Market Conditions – March 2020

Buffalo Grove Real Estate Market Update

My thoughts and prayers go out to everyone affected by COVID-19 and I hope you are staying safe and healthy. With our new reality, I know many people are curious about what is going on in the Real Estate market and I wanted to provide my monthly update. The Buffalo Grove real estate market had a very solid 1st quarter of 2020 with significant increases in closings for both detached single-family homes and Condos / Townhomes. The March activity had some predictable outcomes – showings were down over 33% from last year and significantly fewer detached single-family homes were listed for sale. However, we did experience an increase in new listings and total Condos/Townhomes for sale in March, which is a surprise. The next couple of months will sure be interesting to see how COVID-19 affects our normal busiest time of year. Stay safe everyone!

Single Family Homes:

Average Market Time

The average time a single-family home remains on the market in Buffalo Grove was 75 days in March 2020, which was down from 78 days in March 2019.

Buffalo Grove Real Estate Market Conditions - March 2020 market times

Months Supply

As of April 1, 2020, there is 2.8 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.

Buffalo Grove Real Estate Market Conditions - March 2020 months supply

Homes For Sale

At the end of March 2020, there are 99 single family homes for sale in Buffalo Grove, compare that to the 132 available at this time last year and you’ll see that inventory has declined, which was predictable.

Buffalo Grove Real Estate Market Conditions - March 2020 homes for sale

New Listings

62 single family homes were listed for sale in March of 2020, compared to 94 new listings last year. March, April, and May are typically the biggest months for new listings!

Buffalo Grove Real Estate Market Conditions - March 2020 new listings

Homes Under Contract

36 single family homes went under contract in Buffalo Grove in March 2020, a very small decrease from 37 in March 2019, a pleasant surprise.

Buffalo Grove Real Estate Market Conditions - March 2020 under contract

Closings

27 Single-family homes closed in March 2020, an increase from 24 in March 2019. For the 1st Quarter of 2020, 71 homes have closed this year versus 57 in 2019.

Buffalo Grove Real Estate Market Conditions - March 2020 closings

Condos and Townhomes:

Average Market Time

The time Condos and Townhomes remains on the market in Buffalo Grove was 95 days which is down from 101 days in March 2019.

Buffalo Grove Real Estate Market Conditions - March 2020 market times

Months Supply

As of April 1, 2020, there is 3.2 months supply of Condos and Townhomes for sale in Buffalo Grove up from last year’s figure of 2.5.

Buffalo Grove Real Estate Market Conditions - March 2020 months supply

Homes For Sale

At the end of March 2020, there are 93 Condos and Townhomes for sale in Buffalo Grove, compare that to the 76 available at this time last year.

Buffalo Grove Real Estate Market Conditions - March 2020 homes for sale

New Listings

61 Condos and Townhomes were listed for sale in March of 2020, up from 55 last year, which was unexpected.

Buffalo Grove Real Estate Market Conditions - March 2020 new listings

Condos and Townhomes Under Contract

32 Condos and Townhomes went under contract in Buffalo Grove in March, which is a significant decrease from 47 from 2019.

Buffalo Grove Real Estate Market Conditions - March 2020 under contract

Closings

20 Condos and Townhomes closed in March 2020, down from 24 in 2019. For the 1st quarter, we have had 71 closings in 2020, a gain from 57 in 2019. With the significant decrease in homes going under contract in March, April closings should be down significantly.

Buffalo Grove Real Estate Market Conditions - March 2020 closings

#BuffaloGroveRealEstate

 

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

Leave a Reply

Your email address will not be published. Required fields are marked *