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Addison Real Estate Market Conditions – August 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. Inventory is still super low and still decreasing, making it really difficult for buyers to find a home. Condo and townhome market times plummeted, a 63% decrease.

Addison Home Sales

Single family home sales in Addison decreased 20% in August. 27 single family homes closed this year compared to last year at the same time when there were 34 closings. Condo and townhome sales decreased 10% in August with 9 closing this year compared to 10 closings last year the same time.

Addison Real Estate Market Conditions - August 2019

Addison Market Times

Addison market times increased for single family homes during August, although still remain really low. Single family homes were on the market for an average of 56 days, compared to 52 days in August 2018, a 7.7% increase. Condo/townhome market times decreased, 63.8%. This year the average market time was 17 days compared to 47 days last year at the same time.

Addison Real Estate Market Conditions - August 2019

Addison New Listings

During August 2019, 57 single family homes were listed for sale in Addison, that’s a decrease of 8.1% compared to the 62 new listings last year. New condos/townhomes had 20 new listings this August compared to the 12 new listings last year.at the same time, an increase of 66.7%.

Addison Real Estate Market Conditions - August 2019

Months Supply

Addison single family home inventory is still super, super low. August ended with 4.9 months of supply, a 2.1% increase from last year at the same time when there was a 4.8 month supply. The months supply of condos/townhomes had a 3.3% decrease from last August with 2.9 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 Real Estate Market Conditions - August 2019

Addison Homes For Sale

At the end of August there were 121 single family homes for sale in Addison, a 0.8% increase from last year when there were 120 homes for sale. The number of condos and townhomes for sale decreased with 28 for sale this year, a 6.7% decrease from last year when there were 30 for sale.

Addison Real Estate Market Conditions - August 2019

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Buffalo Grove Real Estate Market Conditions – August 2019

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Buffalo Grove Real Estate Market Update

The Buffalo Grove Real Estate market stabilized in August after experiencing a significant shift over the previous 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 64 days in August 2019, which was up from 44 days in August 2018. 64 days is a relatively short period of time compared with much of the Chicagoland area.

Months Supply

As of September 1, 2019, there is 4.7 months supply of single family homes for sale in Buffalo Grove compared to 4.4 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 August 2019, there are 156 single family homes for sale in Buffalo Grove, compare that to the 149 available at this time last year and you’ll see that inventory has stabilized with more options for buyers to consider.

New Listings

86 single family homes were listed for sale in August of 2019, compared to 92 new listings last year.

Homes Under Contract

36 single family homes went under contract in Buffalo Grove in August 2019 an increase from 31 in August 2018.

Closings

58 Single family homes closed in August 2019, up from 50 in August 2018. 58 closings represents the largest figure recorded in 2019. Through the first 8 months of 2019, we have registered 288 closings in 2019 versus 313 in 2018.

Condos and Townhomes:

Average Market Time

The time Condos and Townhomes remains on the market in Buffalo Grove was 37 days, which is down from 68 days in August 2018. Still a very low figure when compared to the broader Chicago suburban market.

Months Supply

As of September 1, 2019, there are 4.2 months supply of Condos and Townhomes for sale in Buffalo Grove up from last year’s figure of 3.1. Buyers still have to move quickly when an attractive listing hits the market!

Homes For Sale

At the end of August 2019, there are 120 Condos and Townhomes for sale in Buffalo Grove, compare that to the 101 available at this time last year and you’ll see that inventory has definitiely improved.

New Listings

68 Condos and Townhomes were listed for sale in Auguat of 2019, an increase of 15 from last year.

Condos and Townhomes Under Contract

26 Condos and Townhomes went under contract in Buffalo Grove in August, up from 23 last year.

Closings

24 Condos and Townhomes closed in August 2019, down from 29 in 2018. For the first 8 months, we have seen 241 closings so far this year, compared to 283 in 2018.

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Elmhurst Real Estate Market Conditions – August 2019

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Elmhurst Real Estate Market Update

The Elmhurst Real Estate Market continues to see good market conditions while building some much needed inventory. Single family home inventory increased more than 12% to 6.5 months of supply in August.

Elmhurst Market Times

Single family home market times increased in August. Homes were on the market for an average of 121 days compared to 66 days last year at the same time, an 83.3% increase. The average time a condo/townhome stayed on the market was 52 days compared to last year when it was 32 days, an increase of 62.5%.

Elmhurst Real Estate Market Conditions - August 2019

Elmhurst Months Supply

Single family home inventories in Elmhurst had a 6.4 month supply at the end of August, a 12.3% increase compared to last year at this time when the months supply was 5.7 months. The supply of condos and townhomes decreased 48.5% in August with 3.5 months supply this year compared to last year when the months supply was 6.8.

Elmhurst Real Estate Market Conditions - August 2019

Elmhurst Homes For Sale

At the end of August there were 296 single family homes for sale in Elmhurst, an increase of 5.3% from last year when there were 281 homes for sale. The number of condos and townhomes for sale decreased 26% in August with 37 for sale this year compared to last year when there were 50 for sale.

Elmhurst Real Estate Market Conditions - August 2019

Elmhurst New Listings

August single family home new listings increased with 120 new listings compared to 109 last year at the same time, a 10.1% increase. Condo and townhome new listings increased 21.4% with 17 new listings this year compared to 14 last year at the same time.

Elmhurst Real Estate Market Conditions - August 2019

Elmhurst Real Estate Closings

The number of single family home closed sales decreased with 51 closings this August compared to 53 last year, a small 3.8% decrease. Condo and townhome closings remained the same as last year with 11 closings this August, the same amount as last year.

Elmhurst Real Estate Market Conditions - August 2019

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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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