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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Addison Real Estate Market Conditions – September 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. Many single family home owners have finally decided to try to sell their homes and new listings increased more than 55% in September.

Addison Home Sales

Single family home sales in Addison decreased 9.7% in September. 28 single family homes closed this year compared to last year at the same time when there were 31 closings. Condo and townhome sales decreased more than 33% in September with 6 closing this year compared to 9 closings last year the same time.

Addison real estate closed sales Sept 2019

Addison Market Times

Addison market times increased for single family homes during September but still remain low. Single family homes were on the market for an average of 66 days, compared to 41 days in September 2018, a 61% increase. Condo/townhome market times increased 194.6%. This year the average market time was 109 days compared to 37 days last year at the same time.

Addison real estate market time Sept 2019

Addison New Listings

During September 2019, 67 single family homes were listed for sale in Addison, that’s an increase of 55.8% compared to the 43 new listings last year. New condos/townhomes had 14 new listings this September compared to the 21 new listings last year.at the same time, an decrease of 33.3%.

Addison real estate market new listings Sept 2019

Months Supply

Addison single family home inventory is still super, super low. September ended with 4.8 months of supply, a 6.7% increase from last year at the same time when there was a 4.5 month supply. The months supply of condos/townhomes saw a 12.1% decrease from last September with 2.9 months supply for sale this year compared to 3.3 months last year. Anything under a 5 month supply is considered favorable conditions for sellers.

Addison real estate market months supply Sept 2019

Addison Homes For Sale

At the end of September there were 122 single family homes for sale in Addison, an 8.9% increase from last year when there were 112 homes for sale. The number of condos and townhomes for sale decreased with 27 for sale this year, a 15.6% decrease from last year when there were 32 for sale.

Addison real estate market homes for sale Sept 2019

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Addison Real Estate Market Conditions – August 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. Inventory is still super low and still decreasing, making it really difficult for buyers to find a home. Condo and townhome market times plummeted, a 63% decrease.

Addison Home Sales

Single family home sales in Addison decreased 20% in August. 27 single family homes closed this year compared to last year at the same time when there were 34 closings. Condo and townhome sales decreased 10% in August with 9 closing this year compared to 10 closings last year the same time.

Addison Real Estate Market Conditions - August 2019

Addison Market Times

Addison market times increased for single family homes during August, although still remain really low. Single family homes were on the market for an average of 56 days, compared to 52 days in August 2018, a 7.7% increase. Condo/townhome market times decreased, 63.8%. This year the average market time was 17 days compared to 47 days last year at the same time.

Addison Real Estate Market Conditions - August 2019

Addison New Listings

During August 2019, 57 single family homes were listed for sale in Addison, that’s a decrease of 8.1% compared to the 62 new listings last year. New condos/townhomes had 20 new listings this August compared to the 12 new listings last year.at the same time, an increase of 66.7%.

Addison Real Estate Market Conditions - August 2019

Months Supply

Addison single family home inventory is still super, super low. August ended with 4.9 months of supply, a 2.1% increase from last year at the same time when there was a 4.8 month supply. The months supply of condos/townhomes had a 3.3% decrease from last August with 2.9 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 - August 2019

Addison Homes For Sale

At the end of August there were 121 single family homes for sale in Addison, a 0.8% increase from last year when there were 120 homes for sale. The number of condos and townhomes for sale decreased with 28 for sale this year, a 6.7% decrease from last year when there were 30 for sale.

Addison Real Estate Market Conditions - August 2019

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Buffalo Grove Real Estate Market Conditions – August 2019

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Buffalo Grove Real Estate Market Update

The Buffalo Grove Real Estate market stabilized in August after experiencing a significant shift over the previous 3 months with inventory levels, market time and homes for sale up considerably over last year 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 64 days in August 2019, which was up from 44 days in August 2018. 64 days is a relatively short period of time compared with much of the Chicagoland area.

Months Supply

As of September 1, 2019, there is 4.7 months supply of single family homes for sale in Buffalo Grove compared to 4.4 last year. Anything under 5 months is considered a seller’s market, so we are experiencing a market more favorable to buyers for the first time in a while.

Homes For Sale

At the end of August 2019, there are 156 single family homes for sale in Buffalo Grove, compare that to the 149 available at this time last year and you’ll see that inventory has stabilized with more options for buyers to consider.

New Listings

86 single family homes were listed for sale in August of 2019, compared to 92 new listings last year.

Homes Under Contract

36 single family homes went under contract in Buffalo Grove in August 2019 an increase from 31 in August 2018.

Closings

58 Single family homes closed in August 2019, up from 50 in August 2018. 58 closings represents the largest figure recorded in 2019. Through the first 8 months of 2019, we have registered 288 closings in 2019 versus 313 in 2018.

Condos and Townhomes:

Average Market Time

The time Condos and Townhomes remains on the market in Buffalo Grove was 37 days, which is down from 68 days in August 2018. Still a very low figure when compared to the broader Chicago suburban market.

Months Supply

As of September 1, 2019, there are 4.2 months supply of Condos and Townhomes for sale in Buffalo Grove up from last year’s figure of 3.1. Buyers still have to move quickly when an attractive listing hits the market!

Homes For Sale

At the end of August 2019, there are 120 Condos and Townhomes for sale in Buffalo Grove, compare that to the 101 available at this time last year and you’ll see that inventory has definitiely improved.

New Listings

68 Condos and Townhomes were listed for sale in Auguat of 2019, an increase of 15 from last year.

Condos and Townhomes Under Contract

26 Condos and Townhomes went under contract in Buffalo Grove in August, up from 23 last year.

Closings

24 Condos and Townhomes closed in August 2019, down from 29 in 2018. For the first 8 months, we have seen 241 closings so far this year, compared to 283 in 2018.

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