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Addison Real Estate Market Conditions – July 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 increased 29% in July. Inventory is still super low and still decreasing, making it really difficult for buyers to find a home.

Addison Home Sales

Single family home sales in Addison increased 29% in July. 40 single family homes closed this year compared to last year at the same time when there were 31 closings. Condo and townhome sales increased 50% in July with 12 closing this year compared to 8 closings last year the same time.

Addison Market Times

Addison market times increased for single family homes during July. Single family homes were on the market for an average of 75 days, compared to 35 days in July 2018, a 114.3% increase. Condo/townhome market times also increased, 35.4%. This year the average market time was 65 days compared to 48 days last year at the same time.

Addison New Listings

During July 2019, 60 single family homes were listed for sale in Addison, that’s a decrease of 23.1% compared to the 78 new listings last year. New condos/townhomes had 17 new listings this July compared to the 15 new listings last year.at the same time, an increase of 13.3%.

Months Supply

Addison single family home inventory is still super, super low. July ended with 4.7 months of supply, a 2.1% decrease from last year at the same time when there was a 4.8 month supply. The months supply of condos/townhomes had a 32.4% decrease from last July with 2.3 months supply for sale this year compared to 3.4 months last year. Anything under a 5 month supply is considered favorable conditions for sellers.

Addison Homes For Sale

At the end of July there were 121 single family homes for sale in Addison, a 2.5% increase from last year when there were 118 homes for sale. The number of condos and townhomes for sale decreased with 23 for sale this year, a 32.4% decrease from last year when there were 34 for sale.

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Buffalo Grove Real Estate Market Conditions – July 2019

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Buffalo Grove Real Estate Update

The Buffalo Grove Real Estate market is experiencing a significant shift over the past 3 months with inventory levels, market time and homes for sale up considerably over last year 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 82 days in July 2019, which was up significantly from 41 days in July 2018.

Months Supply

As of August 1, 2019, there is 5.0 months supply of single family homes for sale in Buffalo Grove compared to 4.5 last year. Anything under 5 months is considered a seller’s market, so we are experiencing a market more favorable to buyers for the first time in a while.

Homes For Sale

At the end of July 2019, there are 166 single family homes for sale in Buffalo Grove, compare that to the 156 available at this time last year and you’ll see that inventory has improved with more options for buyers to consider.

New Listings

98 single family homes were listed for sale in July of 2019, compared to 9 new listings last year.

Homes Under Contract

56 single family homes went under contract in Buffalo Grove in July 2019 an increase from 43 in July 2018.

Closings

49 Single family homes closed in July 2019, up from 45 in July 2018. Through the first 7 months of 2019, we have registered 229 closings in 2019 versus 263 in 2018.

Condos and Townhomes:

Average Market Time

The time Condos and Townhomes remains on the market in Buffalo Grove was 54 days, which is up from 38 days in July 2018. Still a relatively low figure when compared to the broader Chicago suburban market.

Months Supply

As of August 1, 2019, there are 4.0 months supply of Condos and Townhomes for sale in Buffalo Grove up from last year’s figure of 2.7. Buyers still have to move quickly when an attractive listing hits the market!

Homes For Sale

At the end of July 2019, there are 115 Condos and Townhomes for sale in Buffalo Grove, compare that to the 90 available at this time last year and you’ll see that inventory has definitiely improved.

New Listings

53 Condos and Townhomes were listed for sale in July of 2019, a decrease of 3 from last year.

Condos and Townhomes Under Contract

36 Condos and Townhomes went under contract in Buffalo Grove in July, the same figure as last year.

Closings

35 Condos and Townhomes closed in July 2019, down from 49 in 2018. For the first 7 months, we have seen 216 closings so far this year, compared to 254 in 2018.

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Elmhurst Real Estate Market Conditions – July 2019

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Elmhurst Real Estate Market Update

The Elmhurst Real Estate Market continues to see strong market conditions while building some much needed inventory. Single family home inventory increased 14% to 6.5 months of supply in July. Home sales increased 7.5%

Elmhurst Market Times

Single family home market times increased in July. Homes were on the market for an average of 93 days compared to 74 days last year at the same time, a 25.7% increase. The average time a condo/townhome stayed on the market was 90 days compared to last year when it was 66 days, an increase of 36.4%.

Elmhurst Months Supply

Single family home inventories in Elmhurst had a 6.5 month supply at the end of July, a 14% increase compared to last year at this time when the months supply was 5.7 months. The supply of condos and townhomes decreased 38.5% in July with 4 months supply this year compared to last year when the months supply was 6.5.

Elmhurst Homes For Sale

At the end of July there were 304 single family homes for sale in Elmhurst, an increase of 10% from last year when there were 276 homes for sale. The number of condos and townhomes for sale decreased 18% in July with 41 for sale this year compared to last year when there were 50 for sale.

Elmhurst New Listings

July single family home new listings decreased with 110 new listings compared to 131 last year at the same time, a 16% decrease. Condo and townhome new listings had 17 new listings this year the same amount as last year at the same time.

Elmhurst Real Estate Closings

The number of single family home closed sales increased with 72 closings this July compared to 67 last year, a 7.5% increase. Condo and townhome closings increased with 12 closings this July compared to 11 last year, more than a 9% increase.

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Buffalo Grove Real Estate Market Conditions – June 2019 – More Inventory Options For Buyers

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Buffalo Grove Real Estate Market Update

The Buffalo Grove Real Estate market experienced a pretty significant shift in May and June with inventory levels, market time, homes for sale and new listings up considerably over last year for both Single Family homes and Townhomes and Condos. Many Buffalo Grove home owners 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 83 days in June 2019, which was up from 50 days in June 2018.

Months Supply

As of July 1, 2019, there is 5.7 months supply of single family homes for sale in Buffalo Grove (the highest figure since July 2012) compared to 4.9 last year. Anything under 5 months is considered a seller’s market, so we are experiencing a market more favorable to buyers for the first time in a while. As perspective, here are some Months of Supply figures for neighboring towns; Long Grove (12.3), Hawthorn Woods (9.0), Vernon Hills (8.1), Arlington Heights (5.4), Deerfield (7.2) and Northbrook (7.9).

Homes For Sale

At the end of June 2019, there are 182 single family homes for sale in Buffalo Grove (the highest figure since June 2011), compare that to the 166 available at this time last year and you’ll see that inventory has improved with many more options for buyers to consider.

New Listings

104 single family homes were listed for sale in June of 2019, compared to 114 new listings last year. More inventory provides more options which should convert into more sales, especially with interest rates so low.

Homes Under Contract

50 single family homes went under contract in Buffalo Grove in June 2019 an increase from 43 in June 2018. We will have to watch and see if there is demand for all of our inventory.

Closings

43 Single family homes closed in June 2019, down from 70 in June 2018. Through the first half of 2019, we have registered 180 closings in 2019 versus 218 in 2018.

Condos and Townhomes:

Average Market Time

The time Condos and Townhomes remains on the market in Buffalo Grove was 64 days, which is up from 42 days in June 2018. Still a relatively low figure when compared to the broader Chicago suburban market.

Months Supply

As of June 1, 2019, there are 4.4 months supply of Condos and Townhomes for sale in Buffalo Grove up from last year’s figure of 2.8. Buyers still have to move quickly when an attractive listing hits the market!

Homes For Sale

At the end of June 2019, there are 127 Condos and Townhomes for sale in Buffalo Grove (most since February 2013), compare that to the 90 available at this time last year and you’ll see that inventory has definitiely improved.

New Listings

76 Condos and Townhomes were listed for sale in June of 2019, an increase of 3 from last year.

Condos and Townhomes Under Contract

29 Condos and Townhomes went under contract in Buffalo Grove in June, a decrease from 35 from 2018.

Closings

37 Condos and Townhomes closed in June 2019, down from 51 in 2018. For the first six months, we have seen 181 closings so far this year, compared to 205 in 2018.

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Addison Real Estate Market Conditions – June 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 increased in June. Inventory is still super low and it’s making it really difficult for buyers to find a home, benefiting home sellers.

Addison Home Sales

Single family home sales in Addison increased almost 37% in June. 30 single family homes closed this year compared to last year at the same time when there were 22 closings. Condo and townhome sales increased 18% in June with 13 closing this year compared to 11 closings last year the same time.

Addison Market Times

Addison market times increased for single family homes during June. Single family homes were on the market for an average of 49 days, compared to 47 days in June 2018, a 4.3% increase. Condo/townhome market times decreased, 38.5%. This year the average market time was 24 days compared to 39 days last year at the same time.

Addison New Listings

During June 2019, 81 single family homes were listed for sale in Addison, that’s an increase of 24.6% compared to the 65 new listings last year. New condos/townhomes had 12 new listings this June compared to the 18 new listings last year.at the same time, a decrease of 33.3%.

Months Supply

Addison single family home inventory is still super, super low. June ended with 4.6 months of supply, a 9.8% decrease from last year at the same time when there was a 5.1 month supply. The months supply of condos/townhomes had a 36.7% decrease from last June with 1.9 months supply for sale this year compared to 3 months last year. Anything under a 5 month supply is considered favorable conditions for sellers.

Addison Homes For Sale

At the end of June there were 118 single family homes for sale in Addison, a 2.6% increase from last year when there were 115 homes for sale. The number of condos and townhomes for sale decreased with 19 for sale this year, a 36.7% decrease from last year when there were 30 for sale.

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