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Buffalo Grove Real Estate Market Conditions – March 2019

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Buffalo Grove Real Estate Market Update

Buffalo Grove Real Estate experienced a relatively muted first quarter with only moderate gains in inventory and the number of closings down for both Single Family homes and Townhomes and Condos. With interest rates dropping as we enter the key Spring market, it will be very interesting to see if reluctant sellers finally put their homes on the market – we definitely need the inventory!!

Single Family Homes:

Average Market Time

The average time a single family home remains on the market in Buffalo Grove was 78 days in March 2019, which was down from 87 days in March 2018.

Months Supply

As of April 1, 2019, there is 3.6 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. Now is definitely a good time to consider selling.

Homes For Sale

At the end of March 2019, there are 124 single family homes for sale in Buffalo Grove, compare that to the 115 available at this time last year and you’ll see that inventory has improved only marginally.

New Listings

94 single family homes were listed for sale in March of 2019, compared to 90 new listings last year. We expected to see a more significant influx of new homes listed in March, and that should materialize over the next couple of months.

Homes Under Contract

42 single family homes went under contract in Buffalo Grove in March 2019 a slight increase from 41 in March 2018.

Closings

24 Single family homes closed in March 2019, down from 25 in March 2018. Through the first quarter of 2019, we have registered 57 closings in 2019 versus 62 in 2018.

Condos and Townhomes:

Average Market Time

The time Condos and Townhomes remains on the market in Buffalo Grove was 101 days which is up significantly from 48 days in March 2018. This figure is a real outlier as average market time for Buffalo Grove Condos and Townhomes has been extremely low for the past several years. We will see if it normalizes in April.

Months Supply

As of March 1, 2019, there are 2.3 months supply of Condos and Townhomes for sale in Buffalo Grove up slightly from last year’s figure of 2.2. Buyers still have to move quickly when an attractive listing hits the market!

Homes For Sale

At the end of March 2019, there are 71 Condos and Townhomes for sale in Buffalo Grove, compare that to the 68 available at this time last year and you’ll see that inventory has improved slightly.

New Listings

55 Condos and Townhomes were listed for sale in March of 2019, a decrease of 7 from last year.

Condos and Townhomes Under Contract

51 Condos and Townhomes went under contract in Buffalo Grove in March, which is a nice increase from 36 from 2018.

Closings

24 Condos and Townhomes closed in March 2019, down from 27 in 2018. For the first quarter, we have seen 57 closings so far this year, compared to 72 in 2018.

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Addison Real Estate Market Conditions – March 2019

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Addison Real Estate Market Update

The Addison Real Estate Market continues to see strong market conditions despite the extremely low inventory. Single family home sales decreased 4% in March. The extremely low inventory is still making it really difficult for buyers to find a home, benefiting home sellers.

Addison Home Sales

Single family home sales in Addison decreased 4% in March. 24 single family homes closed this year compared to last year at the same time when there were 25 closings. Condo and townhome sales decreased 33.3% in March with 10 closing this year compared to 15 closings last year the same time.

Addison Real Estate Market Conditions - March 2019 closed sales

Addison Market Times

Addison market times saw an increase during March. Single family homes were on the market for an average of 119 days, compared to 102 days in March 2018, a 16.7% increase. Condo/townhome market times also had an increase, 23.5%. This year the average market time was 105 days compared to 85 days last year at the same time.

Addison Real Estate Market Conditions - March 2019 market times

Addison New Listings

During March 2019, 52 single family homes were listed for sale in Addison, that’s an increase of 57.6% compared to the 33 new listings last year. New condo/town home listings had 15 new listings this March compared to the 21 new listings last year.at the same time there was a decrease of 28.6%.

Addison Real Estate Market Conditions - March 2019 new listings

Months Supply

Addison single family home inventory is still super, super low. March ended with 3.1 months of supply, a slight 6.9% increase compared to last year at the same time when the months supply was 2.9. The months supply of condos/townhomes had an 11% decrease from last March with 2.4 months supply for sale this year compared to 2.7 months last year. Anything under a 5 month supply is considered favorable conditions for sellers.

Addison Real Estate Market Conditions - March 2019 months supply

Addison Homes For Sale

At the end of March there were 75 single family homes for sale in Addison, an 8.7% increase from last year when there were 69 homes for sale. The number of condos and townhomes for sale decreased with 22 for sale this year, a 21.4% decrease from last year when there were 28 for sale.

Addison Real Estate Market Conditions - March 2019 homes for sale

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Elmhurst Real Estate Market Conditions – March 2019

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Elmhurst Real Estate Market Update

The Elmhurst Real Estate Market had another solid month in March. Inventory increased 30% for single family homes and 60% for condos and townhomes. Single family home sales increased almost 20% while condo/townhome sales increased 200%.

Elmhurst Market Times

Single family home market times increased in March. Homes were on the market for an average of 137 days compared to 119 days last year at the same time, a 15.1% increase. The average time a condo/townhome stayed on the market was 142 days compared to last year when it was 170 days, a decrease of 16.5%.

Elmhurst Real Estate Market Conditions - March 2019 market time

Elmhurst Months Supply

Single family home inventories in Elmhurst had a 5.2 month supply at the end of March  a 30% increase compared to last year at this time when the months supply was 4 months. The supply of condos and townhomes increased substantially, 60% in March with 5.6 months supply this year compared to last year when the months supply was only 3.5.

Elmhurst Real Estate Market Conditions - March 2019 months supply

Elmhurst Homes For Sale

At the end of March there were 252 single family homes for sale in Elmhurst, an increase of 28.6% from last year when there were 196 homes for sale. The number of condos and townhomes for sale increased more than 116% in March with 52 for sale this year compared to last year when there were 24 for sale.

Elmhurst Real Estate Market Conditions - March 2019 homes for sale

Elmhurst New Listings

March single family home new listings increased with 151 new listings compared to 113 last year at the same time, a 33.6% increase. Condo and townhome new listings increased more than 66% with 15 new listings this year compared to the same time last year when there were 9 new listings.

Elmhurst Real Estate Market Conditions - March 2019 new listings

Elmhurst Real Estate Closings

The number of single family home closed sales increased with 49 closings this March compared to 41 last year, a 19.5% increase. Condo and townhome closings increased with 9 closings this March compared to 3 last year, a huge 200% increase.

Elmhurst Real Estate Market Conditions - March 2019 closed sales

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Aurora Real Estate Market Conditions – March 2019

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Aurora Real Estate Market Update

The Aurora Real Estate begins to show signs of life in March. The number of closed single family and condo/town homes increased by 12% and 23% respectively. The number of new listings for condo/town homes increased while months supply continued to decrease for single family homes which is a great sign for sellers.

Aurora Home Sales

131 single family homes and 70 condo/town homes closed in March. Compare that to the 117 single family home closings at the same time last year and you’ll find a large increase of 12% in the number of single family homes sold. Condo and townhome sales in March increased from last year with 70 closings this year, or about a jump of 23%, compared to the 57 that sold at the same time last year.

Aurora Real Estate Market Conditions - March 2019 closed sales

Aurora Sales Price

During March 2019, there was a decrease in median sales price for single family homes of 5% with a median sales price of $218,000 this year compared to $229,000 last year. Condo/townhomes saw their median sales price decrease to $172,250 this year compared to $186,000 this time last year, or about a 7% decrease.

Aurora Real Estate Market Conditions - March 2019 sales price

Aurora Market Times

Market times for single family homes and condos/townhomes in Aurora increased this year. Single family homes were on the market for 84 days at the end of March 2019, compared to 67 days on the market in March 2018 or a 25% increase. Condo/townhome market times increased this March with 58 days on the market, compared to the 38 days we saw at this time last year or about a 53% jump.

Aurora Real Estate Market Conditions - March 2019 market time

Aurora New Listings

During March 2019, 208 single family homes were listed for sale in Aurora, compared to the 222 new listings last year, a decrease of 6%. New condo/town home listings have had an increase of 13% with 107 new listings this March compared to the 95 last year at this time.

Aurora Real Estate Market Conditions - March 2019 new listings

Aurora Months Supply

Aurora single family home inventory decreased by 15% this March, falling to 1.7 months supply of homes for sale. The months supply of Aurora single family homes for sale at the same time last year was 2.0 months. The months supply of condos/townhomes in Aurora is jumped to 1.7 months supply for sale, up 42% from last March when there were 1.2 months of supply. Anything under a 5 months supply is considered favorable conditions for sellers.

Aurora Real Estate Market Conditions - March 2019 homes for sale

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Aurora Real Estate Market Conditions – February 2019

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Aurora Real Estate Market Update

The Aurora Real Estate picks up in February. The number of closed single family homes increased as well as the sales price. Market times for both single family homes and condos/townhomes increased significantly while the number of new listings increased as well. Overall there is an upward trajectory as we head into the spring season.

Aurora Home Sales

101 single family homes and 32 condo/town homes closed in February. Compare that to the 76 single family home closings at the same time last year and you’ll find a massive increase of 33% in the number of single family homes sold. Condo and townhome sales in February decreased from last year with 32 closings this year, or about a slight drop of 18%, compared to the 39 that sold at the same time last year.

Aurora Sales Price

During February 2019, there was an increase in median sales price for single family homes of 6% with a median sales price of $196,500 this year compared to $184,950 last year. Condo/townhomes saw their median sales price increase to $183,450 this year compared to $172,250 this time last year, or about a 7% increase.

Aurora Market Times

Market times for single family homes and condos/townhomes in Aurora increased this year. Single family homes were on the market for 101 days at the end of February 2019, compared to 32 days on the market in February 2018 or a 147% increase, that’s right a 147% increase. Condo/townhome market times increased this February with 69 days on the market, compared to the 39 days we saw at this time last year or about a 77% jump.

Aurora New Listings

During February 2019, 150 single family homes were listed for sale in Aurora, compared to the 142 new listings last year, an increase of 6%. New condo/town home listings have had an increase of 6% with 77 new listings this February compared to the 73 last year at this time.

Aurora Months Supply

Aurora single family home inventory decreased by 10% this February, falling to 1.8 months supply of homes for sale. The months supply of Aurora single family homes for sale at the same time last year was 2.0 months. The months supply of condos/townhomes in Aurora is jumped to 1.6 months supply for sale, up 45% from last February when there were 1.1 months of supply. Anything under a 5 months supply is considered favorable conditions for sellers.

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