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 be very resilient. For August, despite a significant decline in new listings and total homes for sale, homes going under contract increased over last year. The overall results are disappointing due to a lack of inventory, but, I believe there is some good news here 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 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 74 days in August 2020, which was up from 64 days in August 2019, which is still a pretty low number for the Chicagoland area.
As of September 1, 2020, there is 2.7 months supply of single-family homes for sale in Buffalo Grove compared to 4.9 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 August 2020, there are 88 single family homes for sale in Buffalo Grove, compare that to the 161 available at this time last year meaning that inventory has declined significantly. It will be interesting to see if the Fall will be a busy listing period this year.
55 single family homes were listed for sale in August of 2020, compared to 86 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
45 single family homes went under contract in Buffalo Grove in August 2020, up from the 34 homes going under contract in August 2019. This is pretty impressive given that there are half the number of available homes to choose from!
39 Single-family homes closed in August 2020, a decrease from 58 in August 2019. For the first eight months of 2020, 260 homes have closed this year versus 288 in 2019.
Condos and Townhomes:
Average Market Time
The time Condos and Townhomes remains on the market in Buffalo Grove was 81 days which is up from 37 days in August 2019.
As of September 1, 2020, there is 3.5 months supply of Condos and Townhomes for sale in Buffalo Grove down from last year’s figure of 4.4.
Homes For Sale
At the end of August 2020, there are 105 Condos and Townhomes for sale in Buffalo Grove, compare that to the 126 available at this time last year.
66 Condos and Townhomes were listed for sale in August of 2020, a slight decrease from 69 last year.
Condos and Townhomes Under Contract
50 Condos and Townhomes went under contract in Buffalo Grove in August, which is a significant increase from 24 from 2019. This demonstrates that there is plenty of buyer demand to satisfy more listings!
44 Condos and Townhomes closed in August 2020, a large increase from25 in 2019. For the first eight months, we have had 227 closings in 2020, a decline from 242 in 2019.