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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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Elmhurst Real Estate Market Conditions – June 2019

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Elmhurst Real Estate Market Update

The Elmhurst Real Estate Market continues to see strong market conditions while starting to build some much needed inventory. Single family home inventory increased more than 32% to 6.9 months of supply in June.

Elmhurst Market Times

Single family home market times increased in June. Homes were on the market for an average of 113 days compared to 84 days last year at the same time, a 34.5% increase. The average time a condo/townhome stayed on the market was 45 days compared to last year when it was 118 days, a decrease of 61.9%.

Elmhurst Months Supply

Single family home inventories in Elmhurst had a 6.9 month supply at the end of June, a 32.7% increase compared to last year at this time when the months supply was 5.2 months. The supply of condos and townhomes decreased 48% in June with 3.7. months supply this year compared to last year when the months supply was 7.2.

Elmhurst Homes For Sale

At the end of June there were 311 single family homes for sale in Elmhurst, an increase of almost 20% from last year when there were 261 homes for sale. The number of condos and townhomes for sale decreased more than 29% in June with 38 for sale this year compared to last year when there were 54 for sale.

Elmhurst New Listings

June single family home new listings decreased with 146 new listings compared to 147 last year at the same time, a 0.7% decrease. Condo and townhome new listings decreased more than 51% with 18 new listings this year compared to the same time last year when there were 37 new listings.

Elmhurst Real Estate Closings

The number of single family home closed sales decreased with 54 closings this June compared to 87 last year, a 37.9% decrease. Condo and townhome closings decreased with 13 closings this June compared to 19 last year, more than a 31% decrease.

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Elmhurst Real Estate Market Conditions – May 2019

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Elmhurst Real Estate Market Update

The Elmhurst Real Estate Market had another solid month in May. Condo and townhome sales increased more than 45% from the previous year. Single family homes inventory increased more than 4%. Market times decreased significantly.

Elmhurst Market Times

Single family home and condo/townhome market times decreased in May. Homes were on the market for an average of 77 days compared to 89 days last year at the same time, a 13.5% decrease. The average time a condo/townhome stayed on the market was 48 days compared to last year when it was 86 days, a decrease of 44.2%.

Elmhurst Months Supply

Single family home inventories in Elmhurst had a 6.6 month supply at the end of May, a 37.5% increase compared to last year at this time when the months supply was 4.8 months. The supply of condos and townhomes increased 34% in May with 4.7. months supply this year compared to last year when the months supply was 3.5.

Elmhurst Homes For Sale

At the end of May there were 302 single family homes for sale in Elmhurst, an increase of almost 24% from last year when there were 244 homes for sale. The number of condos and townhomes for sale increased more than 66% in May with 45 for sale this year compared to last year when there were 27 for sale.

Elmhurst New Listings

May single family home new listings increased with 175 new listings compared to 154 last year at the same time, a 13.6% increase. Condo and townhome new listings increased more than 78% with 34 new listings this year compared to the same time last year when there were 19 new listings.

Elmhurst Real Estate Closings

The number of single family home closed sales increased with 71 closings this May compared to 68 last year, a 4.4% increase. Condo and townhome closings increased with 16 closings this May compared to 11 last year, more than a 45% increase.

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Addison Real Estate Market Conditions – May 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 May. 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 42% in May. 34 single family homes closed this year compared to last year at the same time when there were 24 closings. Condo and townhome sales increased 23% in May with 16 closing this year compared to 13 closings last year the same time.

Addison Market Times

Addison market times increased during May. Single family homes were on the market for an average of 100 days, compared to 50 days in May 2018, a 100% increase. Condo/townhome market times decreased, 7.2%. This year the average market time was 64 days compared to 69 days last year at the same time.

Addison New Listings

During May 2019, 78 single family homes were listed for sale in Addison, that’s an increase of 25.8% compared to the 62 new listings last year. New condo/townhome listings had 23 new listings this May compared to the 17 new listings last year.at the same time, an increase of 35.3%.

Months Supply

Addison single family home inventory is still super, super low. May ended with 4.3 months of supply, a 6.5% decrease from last year at the same time when there was a 4.6 month supply. The months supply of condos/townhomes had a 3.4% decrease from last May with 2.8 months supply for sale this year compared to 2.9 months last year. Anything under a 5 month supply is considered favorable conditions for sellers.

Addison Homes For Sale

At the end of May there were 108 single family homes for sale in Addison, a 2.9% increase from last year when there were 105 homes for sale. The number of condos and townhomes for sale decreased with 28 for sale this year, a slight 3.4% decrease from last year when there were 29 for sale.

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