Elmhurst Real Estate Market Conditions – March 2021

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Elmhurst Real Estate Market Update

The Elmhurst Real Estate Market continues to see good market conditions despite the extremely low inventory. Single family home inventory had 1.3 months of supply at the end of March. Home sales increased more than 57.5% compared to last year.

Elmhurst Market Times

Single family home market times decreased in March. Homes were on the market for an average of 99 days compared to 154 days last year at the same time, a 35.7% decrease. The average time a condo/townhome stayed on the market was 101 days compared to last year when it was 106 days, a decrease of 4.7%.

Elmhurst Real Estate Market Conditions - March 2021

 

Elmhurst Months Supply

Single family home inventories in Elmhurst had a 1.3 month supply at the end of March, more than a 72% decrease compared to the 4.7 months last year at the same time. The supply of condos and townhomes decreased 50% in March with 2.2 months supply this year compared to 4.4 months last year at the same time.

Elmhurst Real Estate Market Conditions - March 2021

Elmhurst Homes For Sale

At the end of March there were 80 single family homes for sale in Elmhurst, a decrease of 64.8% from last year when there were 227 homes for sale. The number of condos and townhomes for sale decreased 42.9% in March with 24 for sale this year compared to last year when there were 42 for sale.

Elmhurst Real Estate Market Conditions - March 2021

Elmhurst New Listings

March single family home new listings increased with 105 new listings compared to 101 last year at the same time, a 4% increase. Condo and townhome new listings increased 36.4% with 15 new listings this year compared to 11 last year at the same time.

Elmhurst Real Estate Market Conditions - March 2021

Elmhurst Real Estate Closings

The number of single family home closed sales increased with 63 closings this March compared to 40 last year, more than a 57% increase. Condo and townhome closings increased with 18 closings this March compared to 6 last year at the same time, a 200% increase.

Elmhurst Real Estate Market Conditions - March 2021

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Addison Real Estate Market Conditions – March 2021

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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 58.8% in March and condo and townhome sales increased 14.3% compared to last year.

Addison Home Sales

Single family home sales in Addison increased more than 58% in March. 27 single family homes closed this year compared to last year at the same time when there were 17 closings. Condo and townhome sales increased 14.3% with 8 closings this year compared to 7 closings last year the same time.

Addison Real Estate Market Conditions - March 2021

Addison Market Times

Addison market times increased for single family homes during March. Single family homes were on the market for an average of 123 days, compared to 76 days last year at the same time, more than a 61% increase. Condo/townhome market times increased 320%. This year the average market time was 168 days compared to 40 days last year at the same time.

Addison Real Estate Market Conditions - March 2021

Addison New Listings

During March 2021, 41 single family homes were listed for sale, a 7.9% increase compared to last year at the same time when there were 38 new listings. New condos/townhomes had 21 new listings, that’s a 90.9% increase compared to the 11 new listings last year at the same time.

Addison Real Estate Market Conditions - March 2021

Months Supply

Addison single family home inventory is still super, super low. March ended with 0.8 months of supply, more than a 76% decrease from last year at the same time when there was a 3.4 month supply. The months supply of condos/townhomes had a 39% decrease from last March with 1.4 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 - March 2021

Addison Homes For Sale

At the end of March there were 23 single family homes for sale in Addison, a 74.4% decrease from last year when there were 90 homes for sale. The number of condos and townhomes for sale decreased with 16 for sale this year, a 27.3% decrease from last year when there were 22 for sale.

Addison Real Estate Market Conditions - March 2021

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Buffalo Grove Real Estate Market Conditions – March 2021

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Buffalo Grove Real Estate Market Update

I hope everyone is staying safe and healthy. Three months into 2021 and it’s really starting to feel like Spring outside. The demand for Buffalo Grove Real Estate markets continues to amaze, but we just don’t have enough homes for sale. Despite a significant decline in total homes for sale, closings are solid and homes going under contract are at record levels. 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. With historically low interest rates, buyer demand should stay strong, prices should continue to increase, putting potential sellers in the best situation we have seen since early 2007.

Single Family Homes:

Average Market Time

The average time a single family home remains on the market in Buffalo Grove was 72 days in March 2021, which was down slightly from 75 days in March 2020.

Buffalo Grove Real Estate Market Conditions - March 2021

Months Supply

As of April 1, 2021, there is 0.8 months supply of single family homes for sale in Buffalo Grove compared to 3.2 last year. 0.8 months of supply is the lowest figure we have seen since 2007! 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 go up. Well priced, nicely updated homes are selling fast and often with mulitple offers.

Buffalo Grove Real Estate Market Conditions - March 2021

Homes For Sale

At the end March 2021, there are only 30 single family homes for sale in Buffalo Grove, compare that to the 111 available at this time last year – meaning that options fof buyers have declined significantly.

Buffalo Grove Real Estate Market Conditions - March 2021

New Listings

59 single family homes were listed for sale in March of 2021, compared to 62 new listings last year, right at the onset of the quarantine. As reference, there were 94 new listing in March 2019. Sellers are carefully watching the trends and we hope to see new listings increase significantly in the next several weeks. If you are considering a sale this year, now is the time!

Buffalo Grove Real Estate Market Conditions - March 2021

Homes Under Contract

53 single family homes went under contract in Buffalo Grove in March 2021, up from the 27 homes going under contract in 2020 and 37 in 2019. This is pretty impressive given that there have 27% of the number of available homes to choose from versus last year!

Buffalo Grove Real Estate Market Conditions - March 2021

Closings

43 Single family homes closed in March 2021, up from 27 in March 2020, and 24 in 2019. Through the first quarter of 2021, we have 91 closings, an increase from 72 last year and 57 in 2019.

Buffalo Grove Real Estate Market Conditions - March 2021

Condos and Townhomes:

Average Market Time

The time Condos and Townhomes remains on the market in Buffalo Grove was 84 days which is down from 92 days in march 2020.

Buffalo Grove Real Estate Market Conditions - March 2021

Months Supply

As of April 1, 2021, there is 1.8 months supply of Condos and Townhomes for sale in Buffalo Grove, down from last year’s figure of 3.7 and 2.5 in 2019..

Buffalo Grove Real Estate Market Conditions - March 2021

Homes For Sale

At the end of March 2021, there are 64 Condos and Townhomes for sale in Buffalo Grove, compare that to the 104 available at this time last year.

Buffalo Grove Real Estate Market Conditions - March 2021

New Listings

71 Condos and Townhomes were listed for sale in March of 2021, an increase from 62 last year and 55 in 2019.

Buffalo Grove Real Estate Market Conditions - March 2021

Condos and Townhomes Under Contract

64 Condos and Townhomes went under contract in Buffalo Grove in March, which is a nice increase from 27 in 2020 and 47 in 2019.

Buffalo Grove Real Estate Market Conditions - March 2021

Closings

40 Condos and Townhomes closed in March 2021, an increase from 22 in 2020. Through three months we have recorded 99 closings in 2021 versus 73 last year and 57 in 2019.

Buffalo Grove Real Estate Market Conditions - March 2021

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Buffalo Grove Real Estate Market Conditions – February 2021

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Buffalo Grove Real Estate Market Update

I hope everyone is staying safe and healthy. Two months into 2021 and it starting to feel like Spring outside. The Buffalo Grove Real Estate market continues to move briskly, but we just don’t have enough homes for sale. Buyer demand for Buffalo Grove real estate continues to amaze, and despite a significant decline in total homes for sale, closings are solid and homes going under contract continue to increase significantly. 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. With historically low-interest rates, buyer demand should stay strong, prices should continue to increase, but potential sellers will want to get in front of the typical influx of new inventory that we should see soon.

Single Family Homes:

Average Market Time

The average time a single-family home remains on the market in Buffalo Grove was 67 days in February 2021, which was down significantly from 89 days in February 2020.

Months Supply

As of March 1, 2021, there is 1.1 months supply of single-family homes for sale in Buffalo Grove compared to 2.7 last year. 1.1 months of supply is one of the lowest figures we have seen since 2007! 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 go up. Well-priced, nicely updated homes are selling fast and often with multiple offers.

Homes For Sale

At the end of February 2021, there are only 38 single-family homes for sale in Buffalo Grove, compare that to the 97 available at this time last year – meaning that options for buyers have declined significantly.

New Listings

43 single-family homes were listed for sale in February of 2021, compared to 69 new listings last year. Sellers are carefully watching the trends and we should see new listings increasing significantly in the next several weeks. If you are considering a sale this year, now is the time!

Homes Under Contract

38 single-family homes went under contract in Buffalo Grove in February 2021, down from the 41 homes going under contract last year. This is pretty impressive given that there is less than half the number of available homes to choose from!

Closings

20 Single-family homes closed in February 2021, down from 27 in February 2020. Through February 2021, we have 48 closings, an increase from 45 last year.

Condos and Townhomes:

Average Market Time

The time Condos and Townhomes remained on the market in Buffalo Grove was 102 days which is up from 84 days in February 2020.

Months Supply

As of March 1, 2021, there is 1.9 months supply of Condos and Townhomes for sale in Buffalo Grove, down from last year’s figure of 3.0.

Homes For Sale

At the end of February 2021, there are 63 Condos and Townhomes for sale in Buffalo Grove, compare that to the 89 available at this time last year.

New Listings

37 Condos and Townhomes were listed for sale in February of 2021, a decrease from 57 last year.

Condos and Townhomes Under Contract

38 Condos and Townhomes went under contract in Buffalo Grove in February, which is a nice increase from 25 from 2020.

Closings

36 Condos and Townhomes closed in February 2021, an increase from 31 in 2020. Through two months we have recorded 59 closings in 2021 versus 51 last year.

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Elmhurst Real Estate Market Conditions – February 2021

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Elmhurst Real Estate Market Update

The Elmhurst Real Estate Market continues to see good market conditions despite the extremely low inventory. Single family home inventory had 1.5 months of supply at the end of February a 67.4% decrease compared to last year.

Elmhurst Market Times

Single family home market times decreased in February. Homes were on the market for an average of 93 days compared to 107 days last year at the same time, a 25.6% decrease. The average time a condo/townhome stayed on the market was 137 days compared to last year when it was 125 days, an increase of 28%.

Elmhurst Real Estate Market Conditions - February 2021

Elmhurst Months Supply

Single family home inventories in Elmhurst had a 1.5 month supply at the end of February, more than a 67% decrease compared to the 4.6% last year at the same time. The supply of condos and townhomes decreased more than 42% in February with 2.6 months supply this year compared to 4.5 months last year at the same time.

Elmhurst Real Estate Market Conditions - February 2021

Elmhurst Homes For Sale

At the end of February there were 89 single family homes for sale in Elmhurst, a decrease of 61% from last year when there were 228 homes for sale. The number of condos and townhomes for sale decreased 40% in February with 27 for sale this year compared to last year when there were 45 for sale.

Elmhurst Real Estate Market Conditions - February 2021

Elmhurst New Listings

February single family home new listings decreased with 59 new listings compared to 131 last year at the same time, a 55% decrease. Condo and townhome new listings decreased 7.7% with 12 new listings this year compared to 13 last year at the same time.

Elmhurst Real Estate Market Conditions - February 2021

Elmhurst Real Estate Closings

The number of single family home closed sales increased with 28 closings this February compared to 27 last year, more than a 3% increase. Condo and townhome closings increased with 15 closings this February compared to 3 last year at the same time, a 400% increase.

Elmhurst Real Estate Market Conditions - February 2021

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