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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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Buffalo Grove Real Estate Market Conditions – May 2019 – The Market Is Shifting In Favor Of Buyers

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Buffalo Grove Real Estate Update

The Buffalo Grove Real Estate market experienced a pretty significant shift in May 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 65 days in May 2019, which was up from 43 days in May 2018.

Months Supply

As of June 1, 2019, there is 5.5 months supply of single family homes for sale in Buffalo Grove (the highest figure since July 2012) compared to 4.0 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 May 2019, there are 174 single family homes for sale in Buffalo Grove (the highest figure since June 2011), compare that to the 138 available at this time last year and you’ll see that inventory has improved with many more options for buyers to consider.

New Listings

129 single family homes were listed for sale in May of 2019 (the most in more than 11 years), compared to 104 new listings last year. More inventory provides more options which should convert into more sales, especially with interest rates so low.

Homes Under Contract

40 single family homes went under contract in Buffalo Grove in May 2019 a decrease from 47 in May 2018. We will have to watch and see if there is demand for all of our new inventory.

Closings

36 Single family homes closed in May 2019, down from 51 in May 2018. Through the first five months of 2019, we have registered 137 closings in 2019 versus 148 in 2018.

Condos and Townhomes:

Average Market Time

The time Condos and Townhomes remains on the market in Buffalo Grove was 65 days, which is up from 28 days in May 2018. Still a relatively low figure when compared to the broader Chicago suburban market.

Months Supply

As of May 1, 2019, there are 3.7 months supply of Condos and Townhomes for sale in Buffalo Grove up from last year’s figure of 2.4. Buyers still have to move quickly when an attractive listing hits the market!

Homes For Sale

At the end of May 2019, there are 110 Condos and Townhomes for sale in Buffalo Grove (most since February 2013), compare that to the 78 available at this time last year and you’ll see that inventory has definitiely improved.

New Listings

89 Condos and Townhomes were listed for sale in May of 2019 (most in 11+ years), an increase of 17 from last year.

Condos and Townhomes Under Contract

40 Condos and Townhomes went under contract in Buffalo Grove in May, an decrease from 43 from 2018.

Closings

38 Condos and Townhomes closed in May 2019, down from 43 in 2018. For the first five months, we have seen 144 closings so far this year, compared to 154 in 2018.

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Aurora Real Estate Market Conditions – April 2019

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Aurora Real Estate Market Update

The Aurora Real Estate begins to show signs of life in April. The number of closed single family and condo/town homes increased. Months supply continue to be low indicating a market favorable to sellers. Single family sales price as well as new listings increased this April.

Aurora Home Sales

143 single family homes and 75 condo/town homes closed in April. Compare that to the 143 single family home closings at the same time last year and you’ll find a slight increase of 2% in the number of single family homes sold. Condo and townhome sales in April increased from last year with 75 closings this year, or about a jump of 23%, compared to the 61 that sold at the same time last year.

Aurora Sales Price

During April 2019, there was an increase in median sales price for single family homes of 8% with a median sales price of $237,500 this year compared to $22,000 last year. Condo/townhomes saw their median sales price decrease to $178,500 this year compared to $185,000 this time last year, or about a 4% decrease.

Aurora Market Times

Market times for single family homes and condos/townhomes in Aurora increased this year. Single family homes were on the market for 70 days at the end of April 2019, compared to 44 days on the market in April 2018 or a595% increase. Condo/townhome market times increased this April with 60 days on the market, compared to the 38 days we saw at this time last year or about a 58% jump.

Aurora New Listings

During April 2019, 269 single family homes were listed for sale in Aurora, compared to the 260 new listings last year, an increase of 3%. New condo/town home listings have had a decrease of 20% with 102 new listings this April compared to the 128 last year at this time.

Aurora Months Supply

Aurora single family home inventory increased by 5% this April, rising to 2.2 months supply of homes for sale. The months supply of Aurora single family homes for sale at the same time last year was 2.1 months. The months supply of condos/townhomes in Aurora is jumped to 1.9 months supply for sale, up 27% from last April when there were 1.5 months of supply. Anything under a 5 months supply is considered favorable conditions for sellers.

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Addison Real Estate Market Conditions – April 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 market times decreased in April. 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 decreased almost 23% in April. 27 single family homes closed this year compared to last year at the same time when there were 35 closings. Condo and townhome sales increased 11% in April with 10 closing this year compared to 9 closings last year the same time.

Addison Real Estate Market Conditions - April 2019 closed sales

Addison Market Times

Addison market times saw a decrease during April. Single family homes were on the market for an average of 94 days, compared to 106 days in April 2018, an 11.3% decrease. Condo/townhome market times also had a decrease, 13.6%. This year the average market time was 70 days compared to 81 days last year at the same time.

Addison Real Estate Market Conditions - April 2019 market time

Addison New Listings

During April 2019, 80 single family homes were listed for sale in Addison, that’s an increase of 37.9% compared to the 58 new listings last year. New condo/townhome listings had 27 new listings this April compared to the 16 new listings last year.at the same time, an increase of 68.8%.

Addison Real Estate Market Conditions - April 2019 new listings

Months Supply

Addison single family home inventory is still super, super low. April ended with 3.9 months of supply, the exact same as last year at the same time. The months supply of condos/townhomes had a 56.5% increase from last April with 3.6 months supply for sale this year compared to 2.3 months last year. Anything under a 5 month supply is considered favorable conditions for sellers.

Addison Real Estate Market Conditions - April 2019 months supply

Addison Homes For Sale

At the end of April there were 97 single family homes for sale in Addison, a 6.6% increase from last year when there were 91 homes for sale. The number of condos and townhomes for sale also increased with 33 for sale this year, a 32% increase from last year when there were 25 for sale.

Addison Real Estate Market Conditions - April 2019 homes for sale

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