Elmhurst Real Estate Market Conditions – April 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 1.7 months of supply at the end of April. Home sales increased more than 57% compared to last year.

Elmhurst Market Times

Single family home market times decreased in April. Homes were on the market for an average of 85 days compared to 94 days last year at the same time, a 9.6% decrease. The average time a condo/townhome stayed on the market was 69 days compared to last year when it was 75 days, a decrease of 8%.

Elmhurst Real Estate Market Conditions - April 2021

Elmhurst Months Supply

Single family home inventories in Elmhurst had a 1.7 month supply at the end of April, more than a 65% decrease compared to the 4.9 months last year at the same time. The supply of condos and townhomes decreased 52.7% in April with 2.6 months supply this year compared to 5.5 months last year at the same time.

Elmhurst Real Estate Market Conditions - April 2021

Elmhurst Homes For Sale

At the end of April there were 114 single family homes for sale in Elmhurst, a decrease of 48.9% from last year when there were 223 homes for sale. The number of condos and townhomes for sale decreased 37.5% in April with 30 for sale this year compared to last year when there were 48 for sale.

Elmhurst Real Estate Market Conditions - April 2021

Elmhurst New Listings

April single family home new listings increased with 144 new listings compared to 64 last year at the same time, a 125% increase. Condo and townhome new listings increased 68.8% with 27 new listings this year compared to 16 last year at the same time.

Elmhurst Real Estate Market Conditions - April 2021

Elmhurst Real Estate Closings

The number of single family home closed sales increased with 74 closings this April compared to 47 last year, more than a 57% increase. Condo and townhome closings increased with 14 closings this April compared to 7 last year at the same time, a 100% increase.

Elmhurst Real Estate Market Conditions - April 2021

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Addison Real Estate Market Conditions – April 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 19% in April, condo and townhome sales decreased 16.7% compared to last year.

Addison Home Sales

Single family home sales in Addison increased 19% in April. 25 single family homes closed this year compared to last year at the same time when there were 21 closings. Condo and townhome sales decreased 16.7% with 10 closings this year compared to 12 closings last year the same time.

Addison Real Estate Market Conditions - April 2021

Addison Market Times

Addison market times decreased during April. Single family homes were on the market for an average of 55 days, compared to 95 days last year at the same time, a 42.1% decrease. Condo/townhome market times decreased 19.7%. This year the average market time was 53 days compared to 66 days last year at the same time.

Addison Real Estate Market Conditions - April 2021

Addison New Listings

During April 2021, 47 single family homes were listed for sale, a 27% increase compared to last year at the same time when there were 37 new listings. New condos/townhomes had 21 new listings, that’s a 110% increase compared to the 10 new listings last year at the same time.

Addison Real Estate Market Conditions - April 2021

Months Supply

Addison single family home inventory is still super, super low. April ended with 0.9 months of supply, more than a 74% decrease from last year at the same time when there was a 3.5 month supply. The months supply of condos/townhomes had a 56% decrease from last April with 1.1 months supply for sale this year compared to 2.5 months last year. Anything under a 5 month supply is considered favorable conditions for sellers.

Addison Real Estate Market Conditions - April 2021

Addison Homes For Sale

At the end of April there were 29 single family homes for sale in Addison, a 66.7% decrease from last year when there were 87 homes for sale. The number of condos and townhomes for sale decreased with 14 for sale this year, a 41.7% decrease from last year when there were 24 for sale.

Addison Real Estate Market Conditions - April 2021

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Buffalo Grove Real Estate Market Conditions – April 2021

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Buffalo Grove Real Estate Market Update

I hope everyone is staying safe and healthy and getting ready for Summer. The demand for Buffalo Grove Real Estate market 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 a remarkable 27 days in April 2021, which was down significantly from 105 days in April 2020.

Buffalo Grove Real Estate Market Conditions - April 2021

Months Supply

As of May 1, 2021, there is 0.9 months supply of single-family homes for sale in Buffalo Grove compared to 3.2 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 are going up. Well-priced, nicely updated homes are selling fast and often with multiple offers.

Buffalo Grove Real Estate Market Conditions - April 2021

Homes For Sale

At the end of April 2021, there are only 39 single-family homes for sale in Buffalo Grove, compare that to the 104 available at this time last year – meaning that options for buyers have declined significantly.

Buffalo Grove Real Estate Market Conditions - April 2021

New Listings

89 single-family homes were listed for sale in April of 2021, compared to 32 new listings last year, early in the onset of the quarantine. As a reference, there were 103 new listings in April 2019. Sellers have been carefully watching the trends and we are seeing new listings increase closer to normal levels.

Buffalo Grove Real Estate Market Conditions - April 2021

Homes Under Contract

72 single-family homes went under contract in Buffalo Grove in April 2021, up from the 18 homes going under contract in 2020 and 34 in 2019. This is pretty impressive given that there are 37% of the number of available homes to choose from versus last year!

Buffalo Grove Real Estate Market Conditions - April 2021

Closings

39 Single-family homes closed in April 2021, up from 31 in April 2020. Through the first four months of 2021, we have 131 closings, an increase from 103 last year.

Buffalo Grove Real Estate Market Conditions - April 2021

Condos and Townhomes:

Average Market Time

The time Condos and Townhomes remained on the market in Buffalo Grove was 49 days which is down from 59 days in April 2020.

Buffalo Grove Real Estate Market Conditions - April 2021

Months Supply

As of May 1, 2021, there is 2.0 months supply of Condos and Townhomes for sale in Buffalo Grove, down from last year’s figure of 4.2.

Buffalo Grove Real Estate Market Conditions - April 2021

Homes For Sale

At the end of April 2021, there are 80 Condos and Townhomes for sale in Buffalo Grove, compare that to the 110 available at this time last year.

Buffalo Grove Real Estate Market Conditions - April 2021

New Listings

90 Condos and Townhomes were listed for sale in April of 2021, an increase from 35 last year and 74 in 2019.

Buffalo Grove Real Estate Market Conditions - April 2021

Condos and Townhomes Under Contract

89 Condos and Townhomes went under contract in Buffalo Grove in April, which is a nice increase from 19 in 2020 and 41 in 2019.

Buffalo Grove Real Estate Market Conditions - April 2021

Closings

41 Condos and Townhomes closed in April 2021, an increase from 29 in 2020. Through four months we have recorded 140 closings in 2021 versus 102 last year.

 

Buffalo Grove Real Estate Market Conditions - April 2021

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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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