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Buffalo Grove Real Estate Conditions – April 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 activity had some predictable outcomes in April with significant declines in showings, new listings, homes for sale, homes under contract, and closings. I do believe the very good news is that there was still some solid activity for the month, despite the shelter in place order and it is quite evident that this is not a housing crisis like we experienced in 2008 through 2012. Based on the demand we are seeing from Buyers, it is my expectation that 2020 will be a good Real Estate year, just delayed more to the Summer and Fall. The next couple of months will sure be interesting to see how we come out of this situation. Stay safe everyone!

Single Family Homes:

Average Market Time

The average time a single family home remains on the market in Buffalo Grove was 108 days in April 2020, which was down from 115 days in April 2019.

Months Supply

As of May 1, 2020, there is 3.0 months supply of single family homes for sale in Buffalo Grove compared to 4.8 last year. Anything under 5 months is considered a seller’s market. This is a key measure demonstrating that we aren’t experiencing a crisis like 2008 and due to a relative lack of inventory, prices should be stable.

Homes For Sale

At the end of April 2020, there are 98 single family homes for sale in Buffalo Grove, compare that to the 151 available at this time last year and you’ll see that inventory has declined, which was predictable. Based on recent trends, I anticipate May and June will be busy listing periods this year.

New Listings

32 single family homes were listed for sale in April of 2020, compared to 103 new listings last year. March, April, and May are typically the biggest months for new listings!

Homes Under Contract

21 single family homes went under contract in Buffalo Grove in April 2020, a decrease from 44 in April 2019. I think it is easy to dwell on the decline from last year, but I am pleasantly surprised by the amount of activity despite the shelter in place order.

Closings

30 Single family homes closed in April 2020, decrease from 44 in April 2019. For the first four of 2020, 102 homes have closed this year versus 101 in 2019.

Condos and Townhomes:

Average Market Time

The time Condos and Townhomes remains on the market in Buffalo Grove was 59 days which is down from 75 days in April 2019.

Months Supply

As of May 1, 2020, there is 4.0 months supply of Condos and Townhomes for sale in Buffalo Grove up from last year’s figure of 3.1.

Homes For Sale

At the end of April 2020, there are 105 Condos and Townhomes for sale in Buffalo Grove, compare that to the 92 available at this time last year.

New Listings

34 Condos and Townhomes were listed for sale in April of 2020, down from 74 last year, which was expected.

Condos and Townhomes Under Contract

19 Condos and Townhomes went under contract in Buffalo Grove in April, which is a significant decrease from 41 from 2019.

Closings

29 Condos and Townhomes closed in April 2020, down from 49 in 2019. For the first four months, we have had 102 closings in 2020, a small decline from 106 in 2019.

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Addison Real Estate Market Conditions – April 2020

Addison Real Estate Market Update

The Addison Real Estate Market continues to see good market conditions despite the extremely low inventory. Single family home sales decreased 29.6% in April, condo and townhome sales increased 20% compared to last year.

Addison Home Sales

Single family home sales in Addison decreased more than 29% in April. 19 single family homes closed this year compared to last year at the same time when there were 27 closings. Condo and townhome sales increased 20% with 12 closings this year compared to 10 closings last year the same time.

Addison Real Estate Market Conditions - April 2020 closed sales

Addison Market Times

Addison market times decreased for condos and townhomes during April. Single family homes were on the market for an average of 94 days, the same amount as last year at the same time. Condo/townhome market times decreased 5.7%. This year the average market time was 66 days compared to 70 days last year at the same time.

Addison Real Estate Market Conditions - April 2020 market time

Addison New Listings

During April 2020, 38 single family homes were listed for sale, a 52.5% decrease compared to last year at the same time when there were 80 new listings. New condos/townhomes had 10 new listings, that’s a 63% decrease compared to the 27 new listings last year at the same time.

Addison Real Estate Market Conditions - April 2020 new listings

Months Supply

Addison single family home inventory is still super, super low. April ended with 3.3 months of supply, more than a 17% decrease from last year at the same time when there was a 4 month supply. The months supply of condos/townhomes had a 50% decrease from last April with 2.4 months supply for sale this year compared to 4.8 months last year. Anything under a 5 month supply is considered favorable conditions for sellers.

Addison Real Estate Market Conditions - April 2020 months supply

Addison Homes For Sale

At the end of April there were 83 single family homes for sale in Addison, a 15.3% decrease from last year when there were 98 homes for sale. The number of condos and townhomes for sale decreased with 23 for sale this year, a 43.9% decrease from last year when there were 41 for sale.

Addison Real Estate Market Conditions - April 2020 homes for sale

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Elmhurst Real Estate Market Conditions – April 2020

Elmhurst Real Estate Market Update

The Elmhurst Real Estate Market continues to see good market conditions despite the extremely low inventory. Single family home inventory had 4.6 months of supply at the end of April. Home sales decreased more than 16% compared to last year.

Elmhurst Market Times

Single family home market times decreased in April. Homes were on the market for an average of 95 days compared to 103 days last year at the same time, a 7.8% decrease. The average time a condo/townhome stayed on the market was 75 days compared to last year when it was 136 days, a decrease of 44.9%.

Elmhurst Real Estate Market Conditions - April 2020 market time

Elmhurst Months Supply

Single family home inventories in Elmhurst had a 4.6 month supply at the end of April, more than a 24% decrease compared to the 6.1 months last year at the same time. The supply of condos and townhomes increased 17.5% in April with 4.7 months supply this year compared to 4 months last year at the same time.

Elmhurst Real Estate Market Conditions - April 2020 months supply

Elmhurst Homes For Sale

At the end of April there were 211 single family homes for sale in Elmhurst, a decrease of 27% from last year when there were 289 homes for sale. The number of condos and townhomes for sale increased 10.3% in April with 43 for sale this year compared to last year when there were 39 for sale.

Elmhurst Real Estate Market Conditions - April 2020 homes for sale

Elmhurst New Listings

April single family home new listings decreased with 64 new listings compared to 156 last year at the same time, a 59% decrease. Condo and townhome new listings decreased 51.6% with 15 new listings this year compared to 31 last year at the same time.

Elmhurst Real Estate Market Conditions - April 2020 new listings

Elmhurst Real Estate Closings

The number of single family home closed sales decreased with 46 closings this April compared to 55 last year, more than a 16% decrease. Condo and townhome closings increased with 7 closings this April compared to 6 last year at the same time, a 16.7% increase.

Elmhurst Real Estate Market Conditions - April 2020 closed sales

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The post Elmhurst Real Estate Market Conditions – April 2020 appeared first on Getting Real.

Elmhurst Real Estate Market Conditions – March 2020

Elmhurst Real Estate Market Update

The Elmhurst Real Estate Market continues to see good market conditions despite the extremely low inventory. Single family home inventory had 4.3 months of supply at the end of March. Home sales decreased more than 18% compared to last year.

Elmhurst Market Times

Single family home market times increased in March. Homes were on the market for an average of 154 days compared to 137 days last year at the same time, a 12.4% increase. The average time a condo/townhome stayed on the market was 106 days compared to last year when it was 142 days, a decrease of 25.4%.

Elmhurst Real Estate Market Conditions - January 2020 market time

Elmhurst Months Supply

Single family home inventories in Elmhurst had a 4.3 month supply at the end of March, more than a 18% decrease compared to the 5.3 months last year at the same time. The supply of condos and townhomes decreased 35.6% in March with 3.8 months supply this year compared to 5.9 months last year at the same time.

Elmhurst Real Estate Market Conditions - January 2020 months supply

Elmhurst Homes For Sale

At the end of March there were 211 single family homes for sale in Elmhurst, a decrease of 17.3% from last year when there were 255 homes for sale. The number of condos and townhomes for sale decreased 29.6% in March with 38 for sale this year compared to last year when there were 54 for sale.

Elmhurst Real Estate Market Conditions - January 2020 homes for sale

Elmhurst New Listings

March single family home new listings decreased with 100 new listings compared to 151 last year at the same time, a 33.8% decrease. Condo and townhome new listings decreased 31.3% with 11 new listings this year compared to 16 last year at the same time.

Elmhurst Real Estate Market Conditions - January 2020 new listings

Elmhurst Real Estate Closings

The number of single family home closed sales decreased with 40 closings this March compared to 49 last year, more than a 18% decrease. Condo and townhome closings decreased with 6 closings this March compared to 9 last year at the same time, a 33.3% decrease.

Elmhurst Real Estate Market Conditions - January 2020 closed sales

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Addison Real Estate Market Conditions – March 2020

Addison Real Estate Market Update

The Addison Real Estate Market continues to see good market conditions despite the extremely low inventory. Single family home sales decreased 29.2% in March and condo and townhome sales decreased 30% compared to last year.

Addison Home Sales

Single family home sales in Addison decreased more than 29% in March. 17 single family homes closed this year compared to last year at the same time when there were 24 closings. Condo and townhome sales decreased 30% with 7 closings this year compared to 10 closings last year the same time.Addison Real Estate Market Conditions - February 2020 closed

Addison Market Times

Addison market times decreased for single family homes during March. Single family homes were on the market for an average of 76 days, compared to 119 days last year at the same time, more than a 36% decrease. Condo/townhome market times decreased 61.9%. This year the average market time was 40 days compared to 105 days last year at the same time.Addison Real Estate Market Conditions - February 2020 market times

Addison New Listings

During March 2020, 38 single family homes were listed for sale, an 26.9% decrease compared to last year at the same time when there were 52 new listings. New condos/townhomes had 11 new listings, that’s a 26.7% decrease compared to the 15 new listings last year at the same time.Addison Real Estate Market Conditions - February 2020 new listings

Months Supply

Addison single family home inventory is still super, super low. March ended with 3.1 months of supply, more than a 13% decrease from last year at the same time when there was a 3.6 month supply. The months supply of condos/townhomes had a 26.7% decrease from last March with 2.2 months supply for sale this year compared to 3 months last year. Anything under a 5 month supply is considered favorable conditions for sellers.Addison Real Estate Market Conditions - February 2020 months supply

Addison Homes For Sale

At the end of March there were 84 single family homes for sale in Addison, a 1.2% increase from last year when there were 83 homes for sale. The number of condos and townhomes for sale decreased with 21 for sale this year, a 22.2% decrease from last year when there were 27 for sale.Addison Real Estate Market Conditions - February 2020 homes for sale

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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

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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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Addison Real Estate Market Conditions – February 2020

Addison Real Estate Market Update

The Addison Real Estate Market continues to see good market conditions despite the extremely low inventory. Single family home sales increased 114% in February and condo and townhome sales increased 150% compared to last year.

Addison Home Sales

Single family home sales in Addison increased more than 114% in February. 15 single family homes closed this year compared to last year at the same time when there were 7 closings. Condo and townhome sales increased 150% with 10 closings this year compared to 4 closings last year the same time.Addison Real Estate Market Conditions - February 2020 closed

Addison Market Times

Addison market times increased for single family homes during February. Single family homes were on the market for an average of 98 days, compared to 42 days last year at the same time, more than a 133% increase. Condo/townhome market times increased 3.3%. This year the average market time was 31 days compared to 30 days last year at the same time.Addison Real Estate Market Conditions - February 2020 market times

Addison New Listings

During February 2020, 38 single family homes were listed for sale, an 8.6% increase compared to last year at the same time when there were 35 new listings. New condos/townhomes had 18 new listings, that’s a 5.9% increase compared to the 17 new listings last year at the same time.Addison Real Estate Market Conditions - February 2020 new listings

Months Supply

Addison single family home inventory is still super, super low. February ended with 2.8 months of supply, more than a 6% decrease from last year at the same time when there was a 3 month supply. The months supply of condos/townhomes saw a 46.9% decrease from last February with 1.7 months supply for sale this year compared to 2.5 months last year. Anything under a 5 month supply is considered favorable conditions for sellers.Addison Real Estate Market Conditions - February 2020 months supply

Addison Homes For Sale

At the end of February there were 78 single family homes for sale in Addison, a 9.9% increase from last year when there were 71 homes for sale. The number of condos and townhomes for sale decreased with 18 for sale this year, a 37.9% decrease from last year when there were 29 for sale.Addison Real Estate Market Conditions - February 2020 homes for sale

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Elmhurst Real Estate Market Conditions – February 2020

Elmhurst Real Estate Market Update

The Elmhurst Real Estate Market continues to see good market conditions despite the extremely low inventory. Single family home inventory had 4.3 months of supply at the end of February. Home sales increased more than 12% compared to last year.

Elmhurst Market Times

Single family home market times decreased in February. Homes were on the market for an average of 125 days compared to 138 days last year at the same time, a 9.4% decrease. The average time a condo/townhome stayed on the market was 107 days compared to last year when it was 45 days, an increase of 137.8%.Elmhurst Real Estate Market Conditions - February 2020 market times

Elmhurst Months Supply

Single family home inventories in Elmhurst had a 4.3 month supply at the end of February, more than an 8% decrease compared to the 4.7% last year at the same time. The supply of condos and townhomes decreased more than 32% in February with 3.9 months supply this year compared to 5.8 months last year at the same time.Elmhurst Real Estate Market Conditions - February 2020 months supply

Elmhurst Homes For Sale

At the end of February there were 215 single family homes for sale in Elmhurst, a decrease of 4.9% from last year when there were 226 homes for sale. The number of condos and townhomes for sale decreased 21.6% in February with 40 for sale this year compared to last year when there were 51 for sale.Elmhurst Real Estate Market Conditions - February 2020 homes for sale

Elmhurst New Listings

February single family home new listings increased with 129 new listings compared to 92 last year at the same time, a 40.2% increase. Condo and townhome new listings decreased 23.5% with 13 new listings this year compared to 17 last year at the same time.Elmhurst Real Estate Market Conditions - February 2020 new listings

Elmhurst Real Estate Closings

The number of single family home closed sales increased with 27 closings this February compared to 24 last year, more than a 12% increase. Condo and townhome closings decreased with 3 closings this February compared to 5 last year at the same time, a 40% decrease.Elmhurst Real Estate Market Conditions - February 2020 closed

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Addison Real Estate Market Conditions – January 2020

Addison Real Estate Market Update

The Addison Real Estate Market continues to see good market conditions despite the extremely low inventory. Single family home sales increased 50% in January and condo and townhome sales increased 120% compared to last year.

Addison Home Sales

Single family home sales in Addison increased more than 50% in January. 18 single family homes closed this year compared to last year at the same time when there were 12 closings. Condo and townhome sales increased more than 120% with 11 closings this year compared to 5 closings last year the same time.

Addison Real Estate Market Conditions - January 2020 closed sales

Addison Market Times

Addison market times decreased for single family homes during January. Single family homes were on the market for an average of 54 days, compared to 94 days last year at the same time, more than a 42% decrease. Condo/townhome market times increased 144%. This year the average market time was 83 days compared to 34 days last year at the same time.

Addison Real Estate Market Conditions - January 2020 market times

Addison New Listings

During January 2020, 34 single family homes were listed for sale this January the same amount as last year at the same time. New condos/townhomes had 13 new listings, that’s a 30% increase compared to the 10 new listings last year at the same time.

Addison Real Estate Market Conditions - January 2020 new listings

Months Supply

Addison single family home inventory is still super, super low but this month inventory has a slight increase. January ended with 3.1 months of supply, more than a 3.3% increase from last year at the same time when there was a 3 month supply. The months supply of condos/townhomes saw a 28% decrease from last January with 1.8 months supply for sale this year compared to 2.5 months last year. Anything under a 5 month supply is considered favorable conditions for sellers.

Addison Real Estate Market Conditions - January 2020 months supply

Addison Homes For Sale

At the end of January there were 84 single family homes for sale in Addison, an 18.3% increase from last year when there were 71 homes for sale. The number of condos and townhomes for sale decreased with 18 for sale this year, a 25% decrease from last year when there were 24 for sale.

Addison Real Estate Market Conditions - January 2020 homes for sale

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