Buffalo Grove Real Estate Market Conditions – January 2021

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Buffalo Grove Real Estate Market Update

I hope everyone is staying safe and healthy. A month into 2021, the weather is cold, but we find ourselves in a hot Real Estate market, the likes we have not experienced in many years. Buyer demand for Buffalo Grove real estate continues to amaze, and despite a significant decline in total homes for sale, closings and homes going under contract continue to increase significantly. The overall results are remarkable due to a lack of inventory – Buyers are out in force and well priced, nicely updated homes are selling in days. With historically low interest rates, buyer demand should stay strong, prices should continue to increase, but potential sellers will want to get in front of the typical influx of new inventory that we should see in early 2021.

Single Family Homes:

Average Market Time

The average time a single family home remains on the market in Buffalo Grove was 63 days in January 2021, which was less than half of the 137 days in January 2020.

Buffalo Grove Real Estate Market Conditions - January 2021

Months Supply

As of February 1, 2021, there is 1.0 months supply of single family homes for sale in Buffalo Grove compared to 2.4 last year. 1.0 months of supply is the lowest figure we have seen since 2007! 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 go up. Well priced, nicely updated homes are selling fast and often with mulitple offers.

Buffalo Grove Real Estate Market Conditions - January 2021

Homes For Sale

At the end January 2021, there are only 36 single family homes for sale in Buffalo Grove, compare that to the 82 available at this time last year – meaning that inventory has declined significantly. 36 homes for sale is the lowest figure we have seen since 2007!

Buffalo Grove Real Estate Market Conditions - January 2021

New Listings

46 single family homes were listed for sale in January of 2021, compared to 57 new listings last year. Sellers are carefully watching the trends and we should see new listings increasing significantly in the next several weeks. Even if you are considering a sale this year, now is the time!

Buffalo Grove Real Estate Market Conditions - January 2021

Homes Under Contract

40 single family homes went under contract in Buffalo Grove in January 2021, up from the 34 homes going under contract in January 2020 . This is pretty impressive given that there are less than half the number of available homes to choose from!

Buffalo Grove Real Estate Market Conditions - January 2021

Closings

28 Single family homes closed in January 2021, a solid increase from 18 in January 2020.

Buffalo Grove Real Estate Market Conditions - January 2021

Condos and Townhomes:

Average Market Time

The time Condos and Townhomes remains on the market in Buffalo Grove was 82 days which is down from 86 days in January 2020.

Buffalo Grove Real Estate Market Conditions - January 2021

Months Supply

As of February 1, 2021, there is 2.6 months supply of Condos and Townhomes for sale in Buffalo Grove, equal to last year’s figure.

Buffalo Grove Real Estate Market Conditions - January 2021

Homes For Sale

At the end of January 2021, there are 81 Condos and Townhomes for sale in Buffalo Grove, compare that to the 79 available at this time last year.

Buffalo Grove Real Estate Market Conditions - January 2021

New Listings

55 Condos and Townhomes were listed for sale in January of 2021, an increase from 48 last year.

Buffalo Grove Real Estate Market Conditions - January 2021

Condos and Townhomes Under Contract

43 Condos and Townhomes went under contract in Buffalo Grove in January, which is a nice increase from 32 from 2020.

Buffalo Grove Real Estate Market Conditions - January 2021

Closings

22 Condos and Townhomes closed in January 2021, an increase from 20 in 2020.

Buffalo Grove Real Estate Market Conditions - January 2021

Elmhurst Real Estate Market Conditions – January 2021

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Elmhurst Real Estate Market Update

The Elmhurst Real Estate Market continues to see good market conditions despite the low inventory. Single family home inventory decreased 55%. Condo and townhome inventory decreased more than 31% in January.

Elmhurst Market Times

Single family home market times decreased in January. Homes were on the market for an average of 131 days compared to 172 days last year at the same time, a 23.8% decrease. The average time a condo/townhome stayed on the market was 121 days compared to last year when it was 42 days, an increase of more than 188%.

Elmhurst Real Estate Market Conditions - January 2021

Elmhurst Months Supply

Single family home inventories in Elmhurst had a 1.8 month supply at the end of January, a 55% decrease compared to last year at this time when the supply was 4 months. The supply of condos and townhomes decreased 31.8% in January with 3 months supply this year compared to last year when the months supply was 4.4.

Elmhurst Real Estate Market Conditions - January 2021

Elmhurst Homes For Sale

At the end of January there were 106 single family homes for sale in Elmhurst, a decrease of 46.2% from last year when there were 197 homes for sale. The number of condos and townhomes for sale decreased 32.6% in January with 29 for sale this year compared to last year when there were 43 for sale.

Elmhurst Real Estate Market Conditions - January 2021

Elmhurst New Listings

January single family home new listings decreased with 68 new listings compared to 96 last year at the same time, a 29.2% decrease. Condo and townhome new listings decreased with 12 new listings compared to 23 last year at the same time, a 47.8% decrease.

Elmhurst Real Estate Market Conditions - January 2021

Elmhurst Real Estate Closings

The number of single family home sales decreased with 35 closings this January compared to 39 last year, a 10.3% decrease. Condo and townhome closings increased 60% with 8 closings this January, compared to the same time last year when there were 5 closings.

Elmhurst Real Estate Market Conditions - January 2021

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Addison Real Estate Market Conditions – January 2021

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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 more than 71% in January.

Addison Home Sales

Addison single family home sales remained the same in January with 18 closings, the same as last year. Condo and townhome sales decreased 27.3% with 8 closing this year compared to 11 closings last year at the same time.

Addison Real Estate Market Conditions - January 2021

Addison Market Times

Addison single family home market times decreased during January. Single family homes were on the market for an average of 52 days, compared to 54 days last year at the same time, a 3.7% decrease. Condo/townhome market times increased 4.8%. This year the average market time was 87 days compared to 83 days last year.

Addison Real Estate Market Conditions - January 2021

Addison New Listings

During January, 29 single family homes were listed for sale in Addison, that’s a decrease of 14.7% compared to the 34 new listings last year. New condos/townhomes had 14 new listings this January compared to the 13 new listings last year.at the same time, an increase of 7.7%.

Addison Real Estate Market Conditions - January 2021

Months Supply

Addison single family home inventory is still super, super low and this month it decreased again. January ended with 1 month of supply, a 71.4% decrease from last year at the same time when there was a 3.5 month supply. The months supply of condos/townhomes was 2.8 months this January, a 40% increase from last year at the same time when there was a 2 month supply. Anything under a 5 month supply is considered favorable conditions for sellers.Addison Real Estate Market Conditions - January 2021

Addison Homes For Sale

At the end of January there were 28 single family homes for sale in Addison, more than a 69.6% decrease from last year when there 92 homes for sale. The number of condos and townhomes for sale increased with 30 for sale this year, a 57.9% increase from last year when there were 19 for sale.

Addison Real Estate Market Conditions - January 2021

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Elmhurst Real Estate Market Conditions – December 2020

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Elmhurst Real Estate Market Update

The Elmhurst Real Estate Market continues to see good market conditions despite the low inventory. Single family home sales increased more than 51% while inventory decreased more than 47% in December.

Elmhurst Market Times

Single family home market times decreased in December. Homes were on the market for an average of 69 days compared to 115 days last year at the same time, a 40% decrease. The average time a condo/townhome stayed on the market was 53 days compared to last year when it was 65 days, a decrease of 18.5%.

Elmhurst Real Estate Market Conditions - December 2020

Elmhurst Months Supply

Single family home inventories in Elmhurst had a 2 month supply at the end of December, a 47.4% decrease compared to last year at this time when the supply was 3.8 months. The supply of condos and townhomes decreased 10.8% in December with 3.3 months supply this year compared to last year when the months supply was 3.7.

Elmhurst Real Estate Market Conditions - December 2020

Elmhurst Homes For Sale

At the end of December there were 112 single family homes for sale in Elmhurst, a decrease of 39.1% from last year when there were 184 homes for sale. The number of condos and townhomes for sale decreased 8.6% in December with 32 for sale this year compared to last year when there were 35 for sale.

Elmhurst Real Estate Market Conditions - December 2020

Elmhurst New Listings

December single family home new listings increased with 44 new listings compared to 34 last year at the same time, a 29.4% increase. Condo and townhome new listings increased with 9 new listings compared to 5 last year at the same time, an 80% increase.

Elmhurst Real Estate Market Conditions - December 2020

Elmhurst Real Estate Closings

The number of single family home sales increased with 62 closings this December compared to 41 last year, a 51.2% increase. Condo and townhome closings increased 42.9% with 10 closings this December, compared to the same time last year when there were 7 closings.

Elmhurst Real Estate Market Conditions - December 2020

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Addison Real Estate Market Conditions – December 2020

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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 sales increased more than 18% in December. Condo and townhome sales increased 275%.

Addison Home Sales

Addison single family home sales increased 18.5% in December with 32 home sales compared to last year at the same time when there were 27. Condo and townhome sales increased 275% with 15 closing this year compared to 4 closings last year the same time.

Addison Real Estate Market Conditions - December 2020

Addison Market Times

Addison single family home market times increased during December. Single family homes were on the market for an average of 99 days, compared to 85 days last year at the same time, a 16.5% increase. Condo/townhome market times increased 97.3%. This year the average market time was 73 days compared to 37 days last year.

Addison Real Estate Market Conditions - December 2020

Addison New Listings

During December, 19 single family homes were listed for sale in Addison, that’s a decrease of 26.9% compared to the 26 new listings last year. New condos/townhomes had 12 new listings this December compared to the 8 new listings last year.at the same time, an increase of 50%.

Addison Real Estate Market Conditions - December 2020

Months Supply

Addison single family home inventory is still super, super low and this month it decreased again. December ended with 1.5 months of supply, a 53.1% decrease from last year at the same time when there was a 3.2 month supply. The months supply of condos/townhomes was 2.4 months of supply this December, a 14.3% decrease from last year at the same time when there was a 2.8 month supply. Anything under a 5 month supply is considered favorable conditions for sellers.

Addison Real Estate Market Conditions - December 2020

Addison Homes For Sale

At the end of December there were 42 single family homes for sale in Addison, more than a 49.4% decrease from last year when there 83 homes for sale. The number of condos and townhomes for sale increased with 27 for sale this year, a 3.8% increase from last year when there were 26 for sale.

Addison Real Estate Market Conditions - December 2020

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