Elmhurst Real Estate Market Conditions – July 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 6% and inventory decreased more than 45% in July.

Elmhurst Market Times

Single family home market times increased slightly in July. Homes were on the market for an average of 94 days compared to 93 days last year at the same time, a 1.1% increase. The average time a condo/townhome stayed on the market was 90 days compared to last year when it was 220 days, an increase of 144.4%.

Elmhurst Months Supply

Single family home inventories in Elmhurst had a 3.7 month supply at the end of July, a 45.6% decrease compared to last year at this time when the months supply was 6.8 months. The supply of condos and townhomes increased 12.8% in July with 5.2 months supply this year compared to last year when the months supply was 4.7.

Elmhurst Homes For Sale

At the end of July there were 193 single family homes for sale in Elmhurst, a decrease of 38.1% from last year when there were 312 homes for sale. The number of condos and townhomes for sale decreased 2.2% in July with 45 for sale this year compared to last year when there were 46 for sale.

Elmhurst New Listings

July single family home new listings increased with 124 new listings compared to 111 last year at the same time, an 11.7% increase. Condo and townhome new listings increased with 31 new listings compared to 17 last year at the same time, an 82.4% increase.

Elmhurst Real Estate Closings

The number of single family home sales increased with 77 closings this July compared to 72 last year, a 6.9% increase. Condo and townhome closings decreased 8.3% with 11 closings this July, compared to the same time last year when there were 12 closings.

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Addison Real Estate Market Conditions – July 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 inventory decreased 49% in July and home sales decreased more than 17%.

Addison Home Sales

Addison single family home sales decreased 17.1% in July with 34 home sales compared to last year at the same time when there were 41. Condo and townhome sales increased more than 16% with 14 closing this year compared to 12 closings last year the same time.

Addison Real Estate Market Conditions - July 2020

Addison Market Times

Addison single family home market times decreased during July. Single family homes were on the market for an average of 70 days, compared to 75 days last year at the same time, a 6.7% decrease. Condo/townhome market times increased 7.7%. This year the average market time was 70 days compared to 65 days last year.

Addison Real Estate Market Conditions - July 2020

Addison New Listings

During July, 55 single family homes were listed for sale in Addison, that’s a decrease of 8.3% compared to the 60 new listings last year. New condos/townhomes had 19 new listings this July compared to the 17 new listings last year.at the same time, an increase of 11.8%.

Addison Real Estate Market Conditions - July 2020

Months Supply

Addison single family home inventory is still super, super low and this month it decreased again. July ended with 2.5 months of supply, a 49% decrease from last year at the same time when there was a 4.9 month supply. The months supply of condos/townhomes was 4 months for sale this July, a 42.9% increase 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 - July 2020

Addison Homes For Sale

At the end of July there were 66 single family homes for sale in Addison, a 46.8% decrease from last year when there 124 homes for sale. The number of condos and townhomes for sale increased with 35 for sale this year, a 29.6% increase from last year when there were 27 for sale.

Addison Real Estate Market Conditions - July 2020

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Buffalo Grove Real Estate Market Conditions – July 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 is proving to be very resilient, especially for detached single-family homes. For July, despite a significant decline in new listings and total homes for sale, homes going under contract decreased only slightly over last year. The overall results are disappointing due to a lack of inventory, but, I believe there is some good news here as there was still very solid activity for the month, despite a time of great uncertainty. It is quite evident that this is not a housing crisis like we experienced in 2008 through 2012. Based on the demand we are seeing from Buyers, it is my expectation that 2020 will still be a good Real Estate year, just delayed more to the late Summer and Fall. The next couple of months will sure be interesting to see if homeowners decide to put their homes on the market and meet the strong demand by Buyers. Stay safe everyone!

Single Family Homes:

Average Market Time

The average time a single-family home remains on the market in Buffalo Grove was 70 days in July 2020, which was down from 81 days in July 2019, which is a pretty low number for the Chicagoland area.

Months Supply

As of August 1, 2020, there is 3.0 months supply of single-family homes for sale in Buffalo Grove compared to 5.4 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 multiple offers.

Homes For Sale

At the end of July 2020, there are 96 single family homes for sale in Buffalo Grove, compare that to the 175 available at this time last year meaning that inventory has declined significantly. It will be interesting to see if August and September will be busy listing periods this year.

New Listings

68 single family homes were listed for sale in July of 2020, compared to 98 new listings last year. These next couple of months will be interesting to see if we can begin to meet the high buyer demand.

Homes Under Contract

41 single family homes went under contract in Buffalo Grove in July 2020, down from the 49 homes going under contract in July 2019. This is still pretty solid given that there is half the number of available homes to choose from!

Closings

54 Single-family homes closed in July 2020, an increase from 50 in July 2019. For the first seven months of 2020, 221 homes have closed this year versus 230 in 2019.

Condos and Townhomes:

Average Market Time

The time Condos and Townhomes remains on the market in Buffalo Grove was 74 days which is up from 53 days in July 2019.

Months Supply

As of August 1, 2020, there is 4.5 months supply of Condos and Townhomes for sale in Buffalo Grove up slightly from last year’s figure of 4.4.

Homes For Sale

At the end of July 2020, there are 126 Condos and Townhomes for sale in Buffalo Grove, compare that to the 124 available at this time last year.

New Listings

84 Condos and Townhomes were listed for sale in July of 2020, a sizable increase from 53 last year.

Condos and Townhomes Under Contract

47 Condos and Townhomes went under contract in Buffalo Grove in July, which is a significant increase from 29 from 2019. This demonstrates that there is plenty of buyer demand to satisfy more listings!

Closings

30 Condos and Townhomes closed in July 2020, down from 36 in 2019. For the first seven months, we have had 181 closings in 2020, a decline from 217 in 2019.

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Addison Real Estate Market Conditions – June 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 inventory decreased 43.8% in June and home sales decreased only 3.2%.

Addison Home Sales

Addison single family home sales decreased 3.2% in June with 30 home sales compared to last year at the same time when there were 31. Condo and townhome sales decreased more than 35% with 9 closing this year compared to 14 closings last year the same time.

Addison real estate closed sales Jun 2020

Addison Market Times

Addison market times increased during June. Single family homes were on the market for an average of 93 days, compared to 50 days last year at the same time, a 86% increase. Condo/townhome market times increased 51.9%. This year the average market time was 41 days compared to 27 days last year.

Addison real estate market times Jun 2020

Addison New Listings

During June, 44 single family homes were listed for sale in Addison, that’s a decrease of 45.7% compared to the 81 new listings last year. New condos/townhomes had 10 new listings this June compared to the 12 new listings last year.at the same time, a decrease of 16.7%.

Addison real estate new listings Jun 2020

Months Supply

Addison single family home inventory is still super, super low and this month it decreased again. June ended with 2.7 months of supply, a 43.8% decrease from last year at the same time when there was a 4.8 month supply. The months supply of condos/townhomes was 2.7 months for sale this June, flat to last year when the supply was the same. Anything under a 5 month supply is considered favorable conditions for sellers.

Addison real estate months supply Jun 2020

Addison Homes For Sale

At the end of June there were 68 single family homes for sale in Addison, a 44.3% decrease from last year when there 122 homes for sale. The number of condos and townhomes for sale decreased with 24 for sale this year, a 7.7% decrease from last year when there were 26 for sale.

Addison real estate homes for sale Jun 2020

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Elmhurst Real Estate Market Conditions – June 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 35% and inventory decreased more than 40% in June.

Elmhurst Market Times

Single family home market times increased in June. Homes were on the market for an average of 126 days compared to 113 days last year at the same time, a 11.5% increase. The average time a condo/townhome stayed on the market was 86 days compared to last year when it was 45 days, an increase of 91.1%.

Elmhurst real estate market time jun 2020

Elmhurst Months Supply

Single family home inventories in Elmhurst had a 4.2 month supply at the end of June, a 40.8% decrease compared to last year at this time when the months supply was 7.1 months. The supply of condos and townhomes increased 12.8% in June with 4.4 months supply this year compared to last year when the months supply was 3.9.

Elmhurst real estate months supply Jun 2020

Elmhurst Homes For Sale

At the end of June there were 208 single family homes for sale in Elmhurst, a decrease of 34.6% from last year when there were 318 homes for sale. The number of condos and townhomes for sale decreased 7.5% in June with 37 for sale this year compared to last year when there were 40 for sale.

Elmhurst real estate homes for sale June 2020

Elmhurst New Listings

June single family home new listings decreased with 141 new listings compared to 147 last year at the same time, a 4.1% decrease. Condo and townhome new listings were exactly the same as last year at the same time, 18 new listings.

Elmhurst real estate new listings June 2020

Elmhurst Real Estate Closings

The number of single family home sales increased with 73 closings this June compared to 54 last year, a 35.2% increase. Condo and townhome closings decreased 23.1% with 10 closings this June, compared to the same time last year when there were 13 closings.

Elmhurst real estate closed sales June 2020

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