Buffalo Grove Real Estate Conditions – October 2019

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Buffalo Grove Real Estate Market Update

The Buffalo Grove Real Estate market had another good month in October with solid inventory levels, good market times and more homes closing and under contract for both Single Family homes and Townhomes and Condos. Many Buffalo Grove home owners have finally decided to try selling their homes and with interest rates lower than expected, the market now seems to be in favor of the Buyer!

Single Family Homes:

Average Market Time

The average time a single family home remains on the market in Buffalo Grove was 79 days in October 2019, which was down slightly from 80 days in October 2018. 79 days is a relatively short period of time compared with much of the Chicagoland area.

Months Supply

As of November 1, 2019, there is 3.7 months supply of single family homes for sale in Buffalo Grove, down from 4.1 last year. Anything under 5 months is considered a seller’s market, but things seem to be shifting in the favor of the buyer.

Homes For Sale

At the end of October 2019, there are 130 single family homes for sale in Buffalo Grove, compare that to the 137 available at this time last year and you’ll see that inventory has stabilized with plenty of options for buyers to consider.

New Listings

64 single family homes were listed for sale in October of 2019, compared to 57 new listings last year. That’s a very solid number for October.

Homes Under Contract

35 single family homes went under contract in Buffalo Grove in October 2019 a significant increase from 22 in October 2018.

Closings

35 Single family homes closed in October 2019, up from 31 in October 2018, the 4th straight month that closings increased over 2018. Through the first 10 months of 2019, we have registered 357 closings in 2019 versus 368 in 2018.

Condos and Townhomes:

Average Market Time

The time Condos and Townhomes remains on the market in Buffalo Grove was 68 days, which is up significantly from 38 days in October 2018. Still a very low figure when compared to the broader Chicago suburban market.

Months Supply

As of November 1, 2019, there are 4.0 months supply of Condos and Townhomes for sale in Buffalo Grove up from last year’s figure of 3.3. Buyers still have to move quickly when an attractive listing hits the market!

Homes For Sale

At the end of October 2019, there are 112 Condos and Townhomes for sale in Buffalo Grove, compare that to the 104 available at this time last year and you’ll see that inventory has improved.

New Listings

38 Condos and Townhomes were listed for sale in October of 2019, a decrease of 25 from last year.

Condos and Townhomes Under Contract

28 Condos and Townhomes went under contract in Buffalo Grove in October, up from 24 last year.

Closings

22 Condos and Townhomes closed in October 2019, down from 32 in 2018. For the first 10 months, we have seen 294 closings so far this year, compared to 337 in 2018.

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Addison Real Estate Market Conditions – October 2019

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Addison Real Estate Market Update

The Addison Real Estate Market continues to see good market conditions despite the extremely low inventory. Single family home inventory decreased 4.4% in October and condo and townhome inventory increased 50%.

Addison Home Sales

Addison single family home sales in October were the same as last year with 25 closed sales both years. Condo and townhome sales decreased more than 46% with 8 closing this year compared to 15 closings last year the same time.

Addison Real Estate Market Conditions - October 2019 closed sales

Addison Market Times

Addison market times increased for single family homes during October. Single family homes were on the market for an average of 74 days, compared to 20 days last year at the same time, a 270% increase. Condo/townhome market times decreased 24.4%. This year the average market time was 34 days compared to 45 days last year.

Addison Real Estate Market Conditions - October 2019 market time

Addison New Listings

During October 2019, 48 single family homes were listed for sale in Addison, that’s a decrease of 4% compared to the 50 new listings last year. New condos/townhomes had 18 new listings this October compared to the 14 new listings last year.at the same time, an increase of 28%.

Addison Real Estate Market Conditions - October 2019 new listings

Months Supply

Addison single family home inventory is still super, super low and this month it decreased again. October ended with 4.3 months of supply, a 4.4% decrease from last year at the same time when there was a 4.5 month supply. The months supply of condos/townhomes saw a 50% increase from last October with 3.6 months supply for sale this year compared to 2.4 months last year. Anything under a 5 month supply is considered favorable conditions for sellers.

Addison Real Estate Market Conditions - October 2019 months supply

Addison Homes For Sale

At the end of October there were 111 single family homes for sale in Addison, the exact same amount as last year at the same time. The number of condos and townhomes for sale increased with 33 for sale this year, a 37.5% increase from last year when there were 24 for sale.

Addison Real Estate Market Conditions - October 2019 homes for sale

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Elmhurst Real Estate Market Conditions – October 2019

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Elmhurst Real Estate Market Update

The Elmhurst Real Estate Market continues to see good market conditions while building some much needed inventory. Single family home sales increased more than 48% and inventory increased more than 7% in October.

Elmhurst Market Times

Single family home market times increased in October. Homes were on the market for an average of 108 days compared to 101 days last year at the same time, a 6.9% increase. The average time a condo/townhome stayed on the market was 119 days compared to last year when it was 21 days, an increase of 466.7%.

Elmhurst Real Estate Market Conditions - October 2019 market times

Elmhurst Months Supply

Single family home inventories in Elmhurst had a 5.8 month supply at the end of October, a 7.4% increase compared to last year at this time when the months supply was 5.4 months. The supply of condos and townhomes decreased 40.9% in October with 3.9 months supply this year compared to last year when the months supply was 6.6.

Elmhurst Real Estate Market Conditions - October 2019 months supply

Elmhurst Homes For Sale

At the end of October there were 271 single family homes for sale in Elmhurst, an increase of 0.7% from last year when there were 269 homes for sale. The number of condos and townhomes for sale decreased 27.3% in October with 40 for sale this year compared to last year when there were 55 for sale.

Elmhurst Real Estate Market Conditions - October 2019 homes for sale

Elmhurst New Listings

October single family home new listings increased with 109 new listings compared to 99 last year at the same time, a 10.1% increase. Condo and townhome new listings increased 9.5% with 23 new listings this year compared to 21 last year at the same time.

Elmhurst Real Estate Market Conditions - October 2019 new listings

Elmhurst Real Estate Closings

The number of single family home closed sales increased with 49 closings this October compared to 33 last year, a 48.5% increase. Condo and townhome closings increased 75% with 7 closings this October, compared to the same time last year when there were 4 closings.

Elmhurst Real Estate Market Conditions - October 2019 closed sales

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Buffalo Grove Real Estate Conditions – September 2019

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Buffalo Grove Real Estate Market Update

The Buffalo Grove Real Estate market had a very good September with higher inventory levels, good market times and more homes closing and under contract for both Single Family homes and Townhomes and Condos. Many Buffalo Grove home owners have finally decided to try selling their homes and with interest rates lower than expected, the market now seems to be in favor of the Buyer!

Single Family Homes:

Average Market Time

The average time a single family home remains on the market in Buffalo Grove was 78 days in September 2019, which was up slightly from 75 days in September 2018. 78 days is a relatively short period of time compared with much of the Chicagoland area.

Months Supply

As of October 1, 2019, there is 4.2 months supply of single family homes for sale in Buffalo Grove, the same figure as last year. Anything under 5 months is considered a seller’s market, but things seem to be shifting in the favor of the buyer.

Homes For Sale

At the end of September 2019, there are 143 single family homes for sale in Buffalo Grove, compare that to the 142 available at this time last year and you’ll see that inventory has stabilized with plenty of options for buyers to consider.

New Listings

91 single family homes were listed for sale in September of 2019, compared to 67 new listings last year. That’s a very solid number for September.

Homes Under Contract

38 single family homes went under contract in Buffalo Grove in September 2019 a significant increase from 24 in September 2018.

Closings

34 Single family homes closed in September 2019, up from 24 in September 2018. Through the first 9 months of 2019, we have registered 322 closings in 2019 versus 337 in 2018.

Condos and Townhomes:

Average Market Time

The time Condos and Townhomes remains on the market in Buffalo Grove was 71 days, which is up significantly from 30 days in September 2018. Still a very low figure when compared to the broader Chicago suburban market.

Months Supply

As of October 1, 2019, there are 4.2 months supply of Condos and Townhomes for sale in Buffalo Grove up from last year’s figure of 3.0. Buyers still have to move quickly when an attractive listing hits the market!

Homes For Sale

At the end of September 2019, there are 118 Condos and Townhomes for sale in Buffalo Grove, compare that to the 95 available at this time last year and you’ll see that inventory has definitely improved.

New Listings

58 Condos and Townhomes were listed for sale in September of 2019, an increase of 9 from last year.

Condos and Townhomes Under Contract

24 Condos and Townhomes went under contract in Buffalo Grove in September, equal to last year.

Closings

30 Condos and Townhomes closed in September 2019, up from 22 in 2018. For the first 9 months, we have seen 272 closings so far this year, compared to 305 in 2018.

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Elmhurst Real Estate Market Conditions – September 2019

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Elmhurst Real Estate Market Update

The Elmhurst Real Estate Market continues to see good market conditions while building some much needed inventory. Single family home inventory increased more than 13% and sales increased 4.8% in September.

Elmhurst Market Times

Single family home market times decreased in September. Homes were on the market for an average of 69 days compared to 114 days last year at the same time, an 39.5% decrease. The average time a condo/townhome stayed on the market was 110 days compared to last year when it was 62 days, an increase of 77.4%.

Elmhurst real estate market time Sept 2019

Elmhurst Months Supply

Single family home inventories in Elmhurst had a 3.4 month supply at the end of September, a 13.3% increase compared to last year at this time when the months supply was 3 months. The supply of condos and townhomes decreased 29.3% in September with 2.9 months supply this year compared to last year when the months supply was 4.1.

Elmhurst real estate months supply Sept 2019

Elmhurst Homes For Sale

At the end of September there were 280 single family homes for sale in Elmhurst, an increase of 0.4% from last year when there were 279 homes for sale. The number of condos and townhomes for sale decreased 22% in September with 39 for sale this year compared to last year when there were 50 for sale.

Elmhurst real estate homes for sale Sept 2019

Elmhurst New Listings

September single family home new listings increased with 124 new listings compared to 119 last year at the same time, a 4.2% increase. Condo and townhome new listings increased 6.3% with 17 new listings this year compared to 16 last year at the same time.

Elmhurst real estate new listings Sept 2019

Elmhurst Real Estate Closings

The number of single family home closed sales increased with 44 closings this September compared to 42 last year, a small 4.8% increase. Condo and townhome closings decreased more than 37% with 5 closings this September, compared to the same time last year when there were 8 closings.

Elmhurst real estate closed sales Sept 2019

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