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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Buffalo Grove Real Estate Market Conditions – June 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. The Buffalo Grove real estate market is proving to be very resilient, especially for detached single-family homes. For June, despite a significant decline in new listings and total homes for sale, homes going under contract increased considerably over last year. I believe this is very good news 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 be a good Real Estate year, just delayed more to the 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 68 days in June 2020, which was down from 83 days in June 2019, which is a pretty low number for the Chicagoland area.

Months Supply

As of July 1, 2020, there is 2.9 months supply of single-family homes for sale in Buffalo Grove compared to 5.9 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 June 2020, there are 97 single family homes for sale in Buffalo Grove, compare that to the 185 available at this time last year and you’ll see that inventory has declined significantly. Based on recent trends, I anticipate that July and even August will be busy listing periods this year.

New Listings

77 single family homes were listed for sale in June of 2020, compared to 104 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

59 single family homes went under contract in Buffalo Grove in June 2020, eclipsing the 49 homes going under contract in June 2019. This is really impressive given that there is half the number of available homes to choose from! This is the 2nd highest number of homes going under contract in the past 12+ years!

Closings

39 Single-family homes closed in June 2020, a decrease from 43 in June 2019. For the first six months of 2020, 167 homes have closed this year versus 180 in 2019.

Condos and Townhomes:

Average Market Time

The time Condos and Townhomes remains on the market in Buffalo Grove was 90 days which is up from 64 days in June 2019.

Months Supply

As of July 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 June 2020, there are 119 Condos and Townhomes for sale in Buffalo Grove, compare that to the 127 available at this time last year.

New Listings

75 Condos and Townhomes were listed for sale in June of 2020, down slightly from 76 last year.

Condos and Townhomes Under Contract

40 Condos and Townhomes went under contract in Buffalo Grove in June, which is a significant increase from 28 from 2019.

Closings

32 Condos and Townhomes closed in June 2020, down from 37 in 2019. For the first six months, we have had 150 closings in 2020, a decline from 181 in 2019.

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Buffalo Grove Real Estate Conditions – October 2019

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Buffalo Grove Real Estate Market Update

The Buffalo Grove Real Estate market had another good month in October with solid 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 79 days in October 2019, which was down slightly from 80 days in October 2018. 79 days is a relatively short period of time compared with much of the Chicagoland area.

Months Supply

As of November 1, 2019, there is 3.7 months supply of single family homes for sale in Buffalo Grove, down from 4.1 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 October 2019, there are 130 single family homes for sale in Buffalo Grove, compare that to the 137 available at this time last year and you’ll see that inventory has stabilized with plenty of options for buyers to consider.

New Listings

64 single family homes were listed for sale in October of 2019, compared to 57 new listings last year. That’s a very solid number for October.

Homes Under Contract

35 single family homes went under contract in Buffalo Grove in October 2019 a significant increase from 22 in October 2018.

Closings

35 Single family homes closed in October 2019, up from 31 in October 2018, the 4th straight month that closings increased over 2018. Through the first 10 months of 2019, we have registered 357 closings in 2019 versus 368 in 2018.

Condos and Townhomes:

Average Market Time

The time Condos and Townhomes remains on the market in Buffalo Grove was 68 days, which is up significantly from 38 days in October 2018. Still a very low figure when compared to the broader Chicago suburban market.

Months Supply

As of November 1, 2019, there are 4.0 months supply of Condos and Townhomes for sale in Buffalo Grove up from last year’s figure of 3.3. Buyers still have to move quickly when an attractive listing hits the market!

Homes For Sale

At the end of October 2019, there are 112 Condos and Townhomes for sale in Buffalo Grove, compare that to the 104 available at this time last year and you’ll see that inventory has improved.

New Listings

38 Condos and Townhomes were listed for sale in October of 2019, a decrease of 25 from last year.

Condos and Townhomes Under Contract

28 Condos and Townhomes went under contract in Buffalo Grove in October, up from 24 last year.

Closings

22 Condos and Townhomes closed in October 2019, down from 32 in 2018. For the first 10 months, we have seen 294 closings so far this year, compared to 337 in 2018.

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Addison Real Estate Market Conditions – October 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. Single family home inventory decreased 4.4% in October and condo and townhome inventory increased 50%.

Addison Home Sales

Addison single family home sales in October were the same as last year with 25 closed sales both years. Condo and townhome sales decreased more than 46% with 8 closing this year compared to 15 closings last year the same time.

Addison Real Estate Market Conditions - October 2019 closed sales

Addison Market Times

Addison market times increased for single family homes during October. Single family homes were on the market for an average of 74 days, compared to 20 days last year at the same time, a 270% increase. Condo/townhome market times decreased 24.4%. This year the average market time was 34 days compared to 45 days last year.

Addison Real Estate Market Conditions - October 2019 market time

Addison New Listings

During October 2019, 48 single family homes were listed for sale in Addison, that’s a decrease of 4% compared to the 50 new listings last year. New condos/townhomes had 18 new listings this October compared to the 14 new listings last year.at the same time, an increase of 28%.

Addison Real Estate Market Conditions - October 2019 new listings

Months Supply

Addison single family home inventory is still super, super low and this month it decreased again. October ended with 4.3 months of supply, a 4.4% decrease from last year at the same time when there was a 4.5 month supply. The months supply of condos/townhomes saw a 50% increase from last October with 3.6 months supply for sale this year compared to 2.4 months last year. Anything under a 5 month supply is considered favorable conditions for sellers.

Addison Real Estate Market Conditions - October 2019 months supply

Addison Homes For Sale

At the end of October there were 111 single family homes for sale in Addison, the exact same amount as last year at the same time. The number of condos and townhomes for sale increased with 33 for sale this year, a 37.5% increase from last year when there were 24 for sale.

Addison Real Estate Market Conditions - October 2019 homes for sale

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