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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 impress, now after Thanksgiving! For November, despite a significant decline in total homes for sale, closings and 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. 2020 has turned into a very good Real Estate year with strong momentum taking us into 2021. 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 in early 2021. I wish you all a safe, healthy and happy holiday season!
Single Family Homes:
Average Market Time
The average time a single family home remains on the market in Buffalo Grove was 55 days in November 2020, which was down significantly from 87 days in November 2019, which is still a pretty low number for the Chicagoland area.
As of December 1, 2020, there is 1.8 months supply of single family homes for sale in Buffalo Grove compared to 3.1 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.
Homes For Sale
At the end of November 2020, there are 63 single family homes for sale in Buffalo Grove, compare that to the 107 available at this time last year – meaning that inventory has declined significantly. Many Realtors are busier than we can remember for this time of the year.
43 single family homes were listed for sale in November of 2020, compared to 30 new listings last year. Some Sellers are carefully watching the trends and see that listing their home now is a good idea.
Homes Under Contract
32 single family homes went under contract in Buffalo Grove in November 2020, up from the 22 homes going under contract in November 2019 . This is pretty impressive given that there are about half the number of available homes to choose from!
33 Single family homes closed in November 2020, a solid increase from 26 in November 2019. For the first eleven months of 2020, 375 homes have closed this year versus 384 in 2019. With the significant increase in homes under contract, December is poised to be very good.
Condos and Townhomes:
Average Market Time
The time Condos and Townhomes remains on the market in Buffalo Grove was 69 days which is down from 83 days in November 2019.
As of December 1, 2020, there is 4.1 months supply of Condos and Townhomes for sale in Buffalo Grove up slightly from last year’s figure of 3.8.
Homes For Sale
At the end of November 2020, there are 124 Condos and Townhomes for sale in Buffalo Grove, compare that to the 108 available at this time last year.
62 Condos and Townhomes were listed for sale in November of 2020, an increase from 33 last year.
Condos and Townhomes Under Contract
18 Condos and Townhomes went under contract in Buffalo Grove in November, which is a decrease from 22 from 2019.
31 Condos and Townhomes closed in November 2020, an increase from 18 in 2019. For the first eleven months, we have had 339 closings in 2020, an increase from 314 in 2019, not bad for a pandemic!