Buffalo Grove Real Estate Market Conditions – August 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. Buyer demand for Buffalo Grove real estate continues to be very resilient. For August, despite a significant decline in new listings and total homes for sale, homes going under contract increased over last year. The overall results are disappointing due to a lack of inventory, but, I believe there is some good news here 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 still be a good Real Estate year, just delayed more to the late 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 74 days in August 2020, which was up from 64 days in August 2019, which is still a pretty low number for the Chicagoland area.

Buffalo Grove Real Estate Market Conditions - August 2020

Months Supply

As of September 1, 2020, there is 2.7 months supply of single-family homes for sale in Buffalo Grove compared to 4.9 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.

Buffalo Grove Real Estate Market Conditions - August 2020

Homes For Sale

At the end of August 2020, there are 88 single family homes for sale in Buffalo Grove, compare that to the 161 available at this time last year meaning that inventory has declined significantly. It will be interesting to see if the Fall will be a busy listing period this year.

Buffalo Grove Real Estate Market Conditions - August 2020

New Listings

55 single family homes were listed for sale in August of 2020, compared to 86 new listings last year. These next couple of months will be interesting to see if we can begin to meet the high buyer demand.

Buffalo Grove Real Estate Market Conditions - August 2020

Homes Under Contract

45 single family homes went under contract in Buffalo Grove in August 2020, up from the 34 homes going under contract in August 2019. This is pretty impressive given that there are half the number of available homes to choose from!

Buffalo Grove Real Estate Market Conditions - August 2020

Closings

39 Single-family homes closed in August 2020, a decrease from 58 in August 2019. For the first eight months of 2020, 260 homes have closed this year versus 288 in 2019.

Buffalo Grove Real Estate Market Conditions - August 2020

Condos and Townhomes:

Average Market Time

The time Condos and Townhomes remains on the market in Buffalo Grove was 81 days which is up from 37 days in August 2019.

Buffalo Grove Real Estate Market Conditions - August 2020

Months Supply

As of September 1, 2020, there is 3.5 months supply of Condos and Townhomes for sale in Buffalo Grove down from last year’s figure of 4.4.

Buffalo Grove Real Estate Market Conditions - August 2020

Homes For Sale

At the end of August 2020, there are 105 Condos and Townhomes for sale in Buffalo Grove, compare that to the 126 available at this time last year.

Buffalo Grove Real Estate Market Conditions - August 2020

New Listings

66 Condos and Townhomes were listed for sale in August of 2020, a slight decrease from 69 last year.

Buffalo Grove Real Estate Market Conditions - August 2020

Condos and Townhomes Under Contract

50 Condos and Townhomes went under contract in Buffalo Grove in August, which is a significant increase from 24 from 2019. This demonstrates that there is plenty of buyer demand to satisfy more listings!

Buffalo Grove Real Estate Market Conditions - August 2020

Closings

44 Condos and Townhomes closed in August 2020, a large increase from25 in 2019. For the first eight months, we have had 227 closings in 2020, a decline from 242 in 2019.

Buffalo Grove Real Estate Market Conditions - August 2020

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Addison Real Estate Market Conditions – August 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 sales increased more than 15% in August and market times decreased more than 27%.

Addison Home Sales

Addison single family home sales increased 15.4% in August with 30 home sales compared to last year at the same time when there were 26. Condo and townhome sales decrease 30% with 7 closing this year compared to 10 closings last year the same time.

Addison Real Estate Market Conditions - August 2020 closed sales

Addison Market Times

Addison single family home market times decreased during August. Single family homes were on the market for an average of 58 days, compared to 42 days last year at the same time, a 27.6% decrease. Condo/townhome market times increased 66.8%. This year the average market time was 27 days compared to 16 days last year.

Addison Real Estate Market Conditions - August 2020 market time

Addison New Listings

During August, 45 single family homes were listed for sale in Addison, that’s a decrease of 19.6% compared to the 56 new listings last year. New condos/townhomes had 32 new listings this August compared to the 20 new listings last year.at the same time, an increase of 60%.

Addison Real Estate Market Conditions - August 2020 new listings

Months Supply

Addison single family home inventory is still super, super low and this month it decreased again. August ended with 2.3 months of supply, a 56.6% decrease from last year at the same time when there was a 5.3 month supply. The months supply of condos/townhomes was 3.8 months for sale this August, an 8.6% increase from last year at the same time when there was a 3.5 month supply. Anything under a 5 month supply is considered favorable conditions for sellers.

Addison Real Estate Market Conditions - August 2020 months supply

Addison Homes For Sale

At the end of August there were 64 single family homes for sale in Addison, a 50% decrease from last year when there 128 homes for sale. The number of condos and townhomes for sale increased with 38 for sale this year, an 18.8% increase from last year when there were 32 for sale.

Addison Real Estate Market Conditions - August 2020 homes for sale

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Elmhurst Real Estate Market Conditions – August 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 72% and inventory decreased more than 48% in August.

Elmhurst Market Times

Single family home market times decreased in August. Homes were on the market for an average of 87 days compared to 121 days last year at the same time, a 28.1% decrease. The average time a condo/townhome stayed on the market was 82 days compared to last year when it was 52 days, an increase of 57.7%.

Elmhurst Real Estate Market Conditions - August 2020 market times

Elmhurst Months Supply

Single family home inventories in Elmhurst had a 3.4 month supply at the end of August, a 48.5% decrease compared to last year at this time when the months supply was 6.6 months. The supply of condos and townhomes increased 27.3% in August with 5.6 months supply this year compared to last year when the months supply was 4.4.

Elmhurst Real Estate Market Conditions - August 2020 months supply

Elmhurst Homes For Sale

At the end of August there were 184 single family homes for sale in Elmhurst, a decrease of 39.7% from last year when there were 305 homes for sale. The number of condos and townhomes for sale increased 6.8% in August with 47 for sale this year compared to last year when there were 44 for sale.

Elmhurst Real Estate Market Conditions - August 2020 homes for sale

Elmhurst New Listings

August single family home new listings decreased slightly with 120 new listings compared to 121 last year at the same time, a 0.8% decrease. Condo and townhome new listings increased with 26 new listings compared to 17 last year at the same time, a 52.9% increase.

Elmhurst Real Estate Market Conditions - August 2020 new listings

Elmhurst Real Estate Closings

The number of single family home sales increased with 58 closings this August compared to 51 last year, a 72.5% increase. Condo and townhome closings increased 63.6% with 18 closings this August, compared to the same time last year when there were 11 closings.

Elmhurst Real Estate Market Conditions - August 2020 closed sales

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Elmhurst Real Estate Market Conditions – July 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 6% and inventory decreased more than 45% in July.

Elmhurst Market Times

Single family home market times increased slightly in July. Homes were on the market for an average of 94 days compared to 93 days last year at the same time, a 1.1% increase. The average time a condo/townhome stayed on the market was 90 days compared to last year when it was 220 days, an increase of 144.4%.

Elmhurst Months Supply

Single family home inventories in Elmhurst had a 3.7 month supply at the end of July, a 45.6% decrease compared to last year at this time when the months supply was 6.8 months. The supply of condos and townhomes increased 12.8% in July with 5.2 months supply this year compared to last year when the months supply was 4.7.

Elmhurst Homes For Sale

At the end of July there were 193 single family homes for sale in Elmhurst, a decrease of 38.1% from last year when there were 312 homes for sale. The number of condos and townhomes for sale decreased 2.2% in July with 45 for sale this year compared to last year when there were 46 for sale.

Elmhurst New Listings

July single family home new listings increased with 124 new listings compared to 111 last year at the same time, an 11.7% increase. Condo and townhome new listings increased with 31 new listings compared to 17 last year at the same time, an 82.4% increase.

Elmhurst Real Estate Closings

The number of single family home sales increased with 77 closings this July compared to 72 last year, a 6.9% increase. Condo and townhome closings decreased 8.3% with 11 closings this July, compared to the same time last year when there were 12 closings.

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Addison Real Estate Market Conditions – July 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 49% in July and home sales decreased more than 17%.

Addison Home Sales

Addison single family home sales decreased 17.1% in July with 34 home sales compared to last year at the same time when there were 41. Condo and townhome sales increased more than 16% with 14 closing this year compared to 12 closings last year the same time.

Addison Real Estate Market Conditions - July 2020

Addison Market Times

Addison single family home market times decreased during July. Single family homes were on the market for an average of 70 days, compared to 75 days last year at the same time, a 6.7% decrease. Condo/townhome market times increased 7.7%. This year the average market time was 70 days compared to 65 days last year.

Addison Real Estate Market Conditions - July 2020

Addison New Listings

During July, 55 single family homes were listed for sale in Addison, that’s a decrease of 8.3% compared to the 60 new listings last year. New condos/townhomes had 19 new listings this July compared to the 17 new listings last year.at the same time, an increase of 11.8%.

Addison Real Estate Market Conditions - July 2020

Months Supply

Addison single family home inventory is still super, super low and this month it decreased again. July ended with 2.5 months of supply, a 49% decrease from last year at the same time when there was a 4.9 month supply. The months supply of condos/townhomes was 4 months for sale this July, a 42.9% increase from last year at the same time when there was a 2.8 month supply. Anything under a 5 month supply is considered favorable conditions for sellers.

Addison Real Estate Market Conditions - July 2020

Addison Homes For Sale

At the end of July there were 66 single family homes for sale in Addison, a 46.8% decrease from last year when there 124 homes for sale. The number of condos and townhomes for sale increased with 35 for sale this year, a 29.6% increase from last year when there were 27 for sale.

Addison Real Estate Market Conditions - July 2020

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