Addison Real Estate Market Conditions – October 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 44% in October and market times decreased more than 52%.

Addison Home Sales

Addison single family home sales increased 44% in October with 36 home sales compared to last year at the same time when there were 25. Condo and townhome sales increased 100% with 16 closing this year compared to 8 closings last year the same time.

Addison Real Estate Market Conditions - October 2020

Addison Market Times

Addison single family home market times decreased during October. Single family homes were on the market for an average of 35 days, compared to 74 days last year at the same time, a 52.7% decrease. Condo/townhome market times decreased 29.4%. This year the average market time was 24 days compared to 34 days last year.

Addison Real Estate Market Conditions - October 2020

Addison New Listings

During October, 36 single family homes were listed for sale in Addison, that’s a decrease of 25% compared to the 48 new listings last year. New condos/townhomes had 13 new listings this October compared to the 18 new listings last year.at the same time, a decrease of 27.8%.

Addison Real Estate Market Conditions - October 2020

Months Supply

Addison single family home inventory is still super, super low and this month it decreased again. October ended with 2.2 months of supply, a 51.1% decrease from last year at the same time when there was a 4.5 month supply. The months supply of condos/townhomes was 2.9 months of supply this October, a 29.3% decrease from last year at the same time when there was a 4.1 month supply. Anything under a 5 month supply is considered favorable conditions for sellers.

Addison Real Estate Market Conditions - October 2020

Addison Homes For Sale

At the end of October there were 59 single family homes for sale in Addison, more than a 48% decrease from last year when there 114 homes for sale. The number of condos and townhomes for sale decreased with 31 for sale this year, an 16.2% decrease from last year when there were 37 for sale.

Addison Real Estate Market Conditions - October 2020

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Elmhurst Real Estate Market Conditions – October 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 32% and inventory decreased more than 53% in October.

Elmhurst Market Times

Single family home market times increased in October. Homes were on the market for an average of 127 days compared to 108 days last year at the same time, a 17..6% increase. The average time a condo/townhome stayed on the market was 62 days compared to last year when it was 119 days, a decrease of 47.9%.

Elmhurst Real Estate Market Conditions - October 2020 market time

Elmhurst Months Supply

Single family home inventories in Elmhurst had a 2.8 month supply at the end of October, a 53.3% decrease compared to last year at this time when the months supply was 6 months. The supply of condos and townhomes increased 10.9% in October with 5.1 months supply this year compared to last year when the months supply was 4.6.

Elmhurst Real Estate Market Conditions - October 2020 months supply

Elmhurst Homes For Sale

At the end of October there were 161 single family homes for sale in Elmhurst, a decrease of 42.7% from last year when there were 281 homes for sale. The number of condos and townhomes for sale increased 2.2% in October with 46 for sale this year compared to last year when there were 45 for sale.

Elmhurst Real Estate Market Conditions - October 2020

Elmhurst New Listings

October single family home new listings decreased with 105 new listings compared to 110 last year at the same time, a 4.5% decrease. Condo and townhome new listings decreased with 15 new listings compared to 23 last year at the same time, a 34.8% decrease.

Elmhurst Real Estate Market Conditions - October 2020

Elmhurst Real Estate Closings

The number of single family home sales increased with 65 closings this October compared to 49 last year, a 32.7% increase. Condo and townhome closings increased more than 71% with 12 closings this October, compared to the same time last year when there were 7 closings.

Elmhurst Real Estate Market Conditions - October 2020

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Buffalo Grove Real Estate Market Conditions – October 2020

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Buffalo Grove Real Estate 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 impress, now into November! For October, despite a significant decline in new listings and total homes for sale, homes going under contract increased significantly over last year. The overall results are remarkable due to a lack of inventory – Buyers are out in force and well priced, nicely updated homes are selling in days. 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 53 days in October 2020, which was down significantly from 80 days in October 2019, which is still a pretty low number for the Chicagoland area.

Buffalo Grove Real Estate Market Conditions - October 2020 market time

Months Supply

As of November 1, 2020, there is 2.1 months supply of single family homes for sale in Buffalo Grove compared to 4.0 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 mulitple offers.

Buffalo Grove Real Estate Market Conditions - October 2020 months supply

Homes For Sale

At the end of October 2020, there are 72 single family homes for sale in Buffalo Grove, compare that to the 137 available at this time last year – a 47% decrease, meaning that inventory has declined significantly. It will be interesting to see if the late Fall will be a busy listing period this year.

Buffalo Grove Real Estate Market Conditions - October 2020 homes for sale

New Listings

51 single family homes were listed for sale in October of 2020, compared to 66 new listings last year, a 23% decline. 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 - October 2020 new listings

Homes Under Contract

38 single family homes went under contract in Buffalo Grove in October 2020, up from the 31 homes going under contract in October 2019 . This is pretty impressive given that there are about half the number of available homes to choose from!

Buffalo Grove Real Estate Market Conditions - October 2020 under contract

Closings

44 Single family homes closed in October 2020, a solid increase from 36 in October 2019. For the first ten months of 2020, 342 homes have closed this year versus 358 in 2019. With the significant increase in homes under contract, the 4th quarter is poised to be very good.

Buffalo Grove Real Estate Market Conditions - October 2020 closings

Condos and Townhomes:

Average Market Time

The time Condos and Townhomes remains on the market in Buffalo Grove was 59 days which is down from 64 days in October 2019.

Buffalo Grove Real Estate Market Conditions - October 2020 market time

Months Supply

As of November 1, 2020, there is 3.4 months supply of Condos and Townhomes for sale in Buffalo Grove down from last year’s figure of 4.1.

Buffalo Grove Real Estate Market Conditions - October 2020 months supply

Homes For Sale

At the end of October 2020, there are 104 Condos and Townhomes for sale in Buffalo Grove, compare that to the 115 available at this time last year.

Buffalo Grove Real Estate Market Conditions - October 2020 homes for sale

New Listings

55 Condos and Townhomes were listed for sale in October of 2020, an increase from 39 last year.

Buffalo Grove Real Estate Market Conditions - October 2020 new listings

Condos and Townhomes Under Contract

32 Condos and Townhomes went under contract in Buffalo Grove in October, which is an increase from 23 from 2019. This demonstrates that there is plenty of buyer demand to satisfy more listings!

Buffalo Grove Real Estate Market Conditions - October 2020 under contract

Closings

30 Condos and Townhomes closed in October 2020, an increase from 24 in 2019. For the first ten months, we have had 307 closings in 2020, an increase from 296 in 2019, not bad for a pandemic!

Buffalo Grove Real Estate Market Conditions - October 2020 closings

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Addison Real Estate Market Conditions – September 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 27% in September and market times decreased more than 6%.

Addison Home Sales

Addison single family home sales increased 27.6% in September with 37 home sales compared to last year at the same time when there were 29. Condo and townhome sales increased 133.3% with 14 closing this year compared to 6 closings last year the same time.

Addison Real Estate Market Conditions - September 2020 closed sales

Addison Market Times

Addison single family home market times decreased during September. Single family homes were on the market for an average of 60 days, compared to 64 days last year at the same time, a 6.3% decrease. Condo/townhome market times decreased 45.9%. This year the average market time was 59 days compared to 109 days last year.

Addison Real Estate Market Conditions - September 2020 market times

Addison New Listings

During September, 45 single family homes were listed for sale in Addison, that’s a decrease of 34.8% compared to the 69 new listings last year. New condos/townhomes had 28 new listings this September compared to the 14 new listings last year.at the same time, an increase of 100%.

Addison Real Estate Market Conditions - September 2020 new listings

Months Supply

Addison single family home inventory is still super, super low and this month it decreased again. September ended with 2.1 months of supply, a 60.4% decrease from last year at the same time when there was a 5.3 month supply. The months supply of condos/townhomes was 3.6 months of supply this September, the same amount as last year at the same time. Anything under a 5 month supply is considered favorable conditions for sellers.

Addison Real Estate Market Conditions - September 2020 months supply

Addison Homes For Sale

At the end of September there were 59 single family homes for sale in Addison, a 55% decrease from last year when there 131 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 - September 2020 homes for sale

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Elmhurst Real Estate Market Conditions – September 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 22% and inventory decreased more than 45% in September.

Elmhurst Market Times

Single family home market times decreased in September. Homes were on the market for an average of 63 days compared to 70 days last year at the same time, a 10% decrease. The average time a condo/townhome stayed on the market was 48 days compared to last year when it was 110 days, a decrease of 56.4%.

Elmhurst Real Estate Market Conditions - September 2020

Elmhurst Months Supply

Single family home inventories in Elmhurst had a 3.4 month supply at the end of September, a 45.2% decrease compared to last year at this time when the months supply was 6.2 months. The supply of condos and townhomes increased 10.4% in September with 5.3 months supply this year compared to last year when the months supply was 4.6.

Elmhurst Real Estate Market Conditions - September 2020

Elmhurst Homes For Sale

At the end of September there were 185 single family homes for sale in Elmhurst, a decrease of 36.2% from last year when there were 290 homes for sale. The number of condos and townhomes for sale increased 6.5% in September with 49 for sale this year compared to last year when there were 46 for sale.

Elmhurst New Listings

September single family home new listings decreased with 118 new listings compared to 126 last year at the same time, a 6.3% 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 Closings

The number of single family home sales increased with 55 closings this September compared to 45 last year, a 22.2% increase. Condo and townhome closings increased 60% with 8 closings this September, compared to the same time last year when there were 5 closings.

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