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. The Buffalo Grove real estate market is proving to be very resilient, especially for detached single-family homes. For June, despite a significant decline in new listings and total homes for sale, homes going under contract increased considerably over last year. I believe this is very good news 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 be a good Real Estate year, just delayed more to the 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 68 days in June 2020, which was down from 83 days in June 2019, which is a pretty low number for the Chicagoland area.
As of July 1, 2020, there is 2.9 months supply of single-family homes for sale in Buffalo Grove compared to 5.9 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.
Homes For Sale
At the end of June 2020, there are 97 single family homes for sale in Buffalo Grove, compare that to the 185 available at this time last year and you’ll see that inventory has declined significantly. Based on recent trends, I anticipate that July and even August will be busy listing periods this year.
77 single family homes were listed for sale in June of 2020, compared to 104 new listings last year. These next couple of months will be interesting to see if we can begin to meet the high buyer demand.
Homes Under Contract
59 single family homes went under contract in Buffalo Grove in June 2020, eclipsing the 49 homes going under contract in June 2019. This is really impressive given that there is half the number of available homes to choose from! This is the 2nd highest number of homes going under contract in the past 12+ years!
39 Single-family homes closed in June 2020, a decrease from 43 in June 2019. For the first six months of 2020, 167 homes have closed this year versus 180 in 2019.
Condos and Townhomes:
Average Market Time
The time Condos and Townhomes remains on the market in Buffalo Grove was 90 days which is up from 64 days in June 2019.
As of July 1, 2020, there is 4.5 months supply of Condos and Townhomes for sale in Buffalo Grove up slightly from last year’s figure of 4.4.
Homes For Sale
At the end of June 2020, there are 119 Condos and Townhomes for sale in Buffalo Grove, compare that to the 127 available at this time last year.
75 Condos and Townhomes were listed for sale in June of 2020, down slightly from 76 last year.
Condos and Townhomes Under Contract
40 Condos and Townhomes went under contract in Buffalo Grove in June, which is a significant increase from 28 from 2019.
32 Condos and Townhomes closed in June 2020, down from 37 in 2019. For the first six months, we have had 150 closings in 2020, a decline from 181 in 2019.