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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Buffalo Grove Real Estate Market Conditions – December 2020

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Buffalo Grove Real Estate Market Update

Happy New Year to everyone and I hope you are staying safe and healthy. As we enter 2021, we find ourselves in a Real Estate market that 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. 2020 turned into a very good Real Estate year with strong momentum taking us into 2021. 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. I wish you all a safe, healthy and New Year!

Single Family Homes:

Average Market Time

The average time a single family home remains on the market in Buffalo Grove was 47 days in December 2020, which was down significantly from 78 days in December 2019, which is still a pretty low number for the Chicagoland area.

Buffalo Grove Real Estate Market Conditions - December 2020

Months Supply

As of January 1, 2021, there is 1.2 months supply of single family homes for sale in Buffalo Grove compared to 2.6 last year. 1.2 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 remain stable. Well priced, nicely updated homes are selling fast and often with mulitple offers.

Buffalo Grove Real Estate Market Conditions - December 2020

Homes For Sale

At the end December 2020, there are 43 single family homes for sale in Buffalo Grove, compare that to the 90 available at this time last year – meaning that inventory has declined significantly. 43 homes for sale is the lowest figure we have seen since 2007!

Buffalo Grove Real Estate Market Conditions - December 2020

New Listings

18 single family homes were listed for sale in December of 2020, compared to 22 new listings last year. Sellers are carefully watching the trends and we should see new listings increasing significantly in the next several weeks.

Buffalo Grove Real Estate Market Conditions - December 2020

Homes Under Contract

25 single family homes went under contract in Buffalo Grove in December 2020, up from the 13 homes going under contract in December 2019 . 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 - December 2020

Closings

34 Single family homes closed in December 2020, a solid increase from 26 in December 2019. 409 homes closed in 2020 versus 408 in 2019.

Buffalo Grove Real Estate Market Conditions - December 2020

Condos and Townhomes:

Average Market Time

The time Condos and Townhomes remains on the market in Buffalo Grove was 44 days which is down from 82 days in December 2019.

Buffalo Grove Real Estate Market Conditions - December 2020

Months Supply

As of January 1, 2021, there is 3.1 months supply of Condos and Townhomes for sale in Buffalo Grove up slightly from last year’s figure of 2.9.

Buffalo Grove Real Estate Market Conditions - December 2020

Homes For Sale

At the end of December 2020, there are 97 Condos and Townhomes for sale in Buffalo Grove, compare that to the 83 available at this time last year.

Buffalo Grove Real Estate Market Conditions - December 2020

New Listings

32 Condos and Townhomes were listed for sale in December of 2020, an increase from 25 last year.

Buffalo Grove Real Estate Market Conditions - December 2020

Condos and Townhomes Under Contract

35 Condos and Townhomes went under contract in Buffalo Grove in December, which is a nice increase from 24 from 2019.

Buffalo Grove Real Estate Market Conditions - December 2020

Closings

17 Condos and Townhomes closed in December 2020, a decrease from 25 in 2019. We had 356 closings in 2020, an increase from 339 in 2019, not bad for a pandemic!

Buffalo Grove Real Estate Market Conditions - December 2020

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Buffalo Grove Real Estate Market Conditions – November 2020

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Buffalo Grove Real Estate Market Update

My continued 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 will continue to provide my monthly update. Buyer demand for Buffalo Grove real estate continues to impress, now after Thanksgiving! For November, despite a significant decline in total homes for sale, closings and homes going under contract increased significantly over last year. 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. It is quite evident that this is not a housing crisis like we experienced in 2008 through 2012. 2020 has turned into a very good Real Estate year with strong momentum taking us into 2021. 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. I wish you all a safe, healthy and happy holiday season!

Single Family Homes:

Average Market Time

The average time a single family home remains on the market in Buffalo Grove was 55 days in November 2020, which was down significantly from 87 days in November 2019, which is still a pretty low number for the Chicagoland area.

Buffalo Grove Real Estate Market Conditions - November 2020

Months Supply

As of December 1, 2020, there is 1.8 months supply of single family homes for sale in Buffalo Grove compared to 3.1 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 remain stable. Well priced, nicely updated homes are selling fast and often with mulitple offers.

Buffalo Grove Real Estate Market Conditions - November 2020

Homes For Sale

At the end of November 2020, there are 63 single family homes for sale in Buffalo Grove, compare that to the 107 available at this time last year – meaning that inventory has declined significantly. Many Realtors are busier than we can remember for this time of the year.

Buffalo Grove Real Estate Market Conditions - November 2020

New Listings

43 single family homes were listed for sale in November of 2020, compared to 30 new listings last year. Some Sellers are carefully watching the trends and see that listing their home now is a good idea.

Buffalo Grove Real Estate Market Conditions - November 2020

Homes Under Contract

32 single family homes went under contract in Buffalo Grove in November 2020, up from the 22 homes going under contract in November 2019 . This is pretty impressive given that there are about half the number of available homes to choose from!

Buffalo Grove Real Estate Market Conditions - November 2020

Closings

33 Single family homes closed in November 2020, a solid increase from 26 in November 2019. For the first eleven months of 2020, 375 homes have closed this year versus 384 in 2019. With the significant increase in homes under contract, December is poised to be very good.

Buffalo Grove Real Estate Market Conditions - November 2020

Condos and Townhomes:

Average Market Time

The time Condos and Townhomes remains on the market in Buffalo Grove was 69 days which is down from 83 days in November 2019.

Buffalo Grove Real Estate Market Conditions - November 2020

Months Supply

As of December 1, 2020, there is 4.1 months supply of Condos and Townhomes for sale in Buffalo Grove up slightly from last year’s figure of 3.8.

Buffalo Grove Real Estate Market Conditions - November 2020

Homes For Sale

At the end of November 2020, there are 124 Condos and Townhomes for sale in Buffalo Grove, compare that to the 108 available at this time last year.

Buffalo Grove Real Estate Market Conditions - November 2020

New Listings

62 Condos and Townhomes were listed for sale in November of 2020, an increase from 33 last year.

Buffalo Grove Real Estate Market Conditions - November 2020

Condos and Townhomes Under Contract

18 Condos and Townhomes went under contract in Buffalo Grove in November, which is a decrease from 22 from 2019.

Buffalo Grove Real Estate Market Conditions - November 2020

Closings

31 Condos and Townhomes closed in November 2020, an increase from 18 in 2019. For the first eleven months, we have had 339 closings in 2020, an increase from 314 in 2019, not bad for a pandemic!

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Addison Real Estate Market Conditions – November 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 market times decreased more than 66% in November.

Addison Home Sales

Addison single family home sales increased 4.8% in November with 22 home sales compared to last year at the same time when there were 21. Condo and townhome sales increased 9.1% with 12 closing this year compared to 11 closings last year the same time.

Addison Real Estate Market Conditions - November 2020

Addison Market Times

Addison single family home market times decreased during November. Single family homes were on the market for an average of 42 days, compared to 125 days last year at the same time, a 66.4% decrease. Condo/townhome market times decreased 13.2%. This year the average market time was 33 days compared to 38 days last year.

Addison Real Estate Market Conditions - November 2020

Addison New Listings

During November, 31 single family homes were listed for sale in Addison, that’s an increase of 29.2% compared to the 24 new listings last year. New condos/townhomes had 11 new listings this November compared to the 8 new listings last year.at the same time, an increase of 37.5%.

Addison Real Estate Market Conditions - November 2020

Months Supply

Addison single family home inventory is still super, super low and this month it decreased again. November ended with 2 months of supply, a 48.7% decrease from last year at the same time when there was a 3.9 month supply. The months supply of condos/townhomes was 2.1 months of supply this November, a 36.4% decrease from last year at the same time when there was a 3.3 month supply. Anything under a 5 month supply is considered favorable conditions for sellers.

Addison Real Estate Market Conditions - November 2020

Addison Homes For Sale

At the end of November there were 55 single family homes for sale in Addison, more than a 44% decrease from last year when there 99 homes for sale. The number of condos and townhomes for sale decreased with 24 for sale this year, an 17.2% decrease from last year when there were 29 for sale.

Addison Real Estate Market Conditions - November 2020

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