Buffalo Grove Real Estate 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. For September, despite a significant decline in new listings and total homes for sale, 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. 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 76 days in September 2020, which was down slightly from 78 days in September 2019, which is still a pretty low number for the Chicagoland area.
As of October 1, 2020, there is 2.3 months supply of single-family homes for sale in Buffalo Grove compared to 4.3 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 September 2020, there are 80 single family homes for sale in Buffalo Grove, compare that to the 146 available at this time last year – a 45% decrease, meaning that inventory has declined significantly. It will be interesting to see if the Fall will be a busy listing period this year.
67 single family homes were listed for sale in September of 2020, compared to 91 new listings last year, a 26% decline. These next couple of months will be interesting to see if we can begin to meet the high buyer demand.
Homes Under Contract
50 single-family homes went under contract in Buffalo Grove in September 2020, up from the 37 homes going under contract in September 2019 – a 35% increase!. This is pretty impressive given that there is about half the number of available homes to choose from!
35 Single-family homes closed in September 2020, a small increase from 34 in September 2019. For the first nine months of 2020, 296 homes have closed this year versus 322 in 2019. With the significant increase in homes under contract, the 4th quarter 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 67 days which is down from 71 days in September 2019.
As of October 1, 2020, there is 3.4 months supply of Condos and Townhomes for sale in Buffalo Grove down from last year’s figure of 4.3.
Homes For Sale
At the end of September 2020, there are 104 Condos and Townhomes for sale in Buffalo Grove, compare that to the 121 available at this time last year.
50 Condos and Townhomes were listed for sale in September of 2020, a decrease from 59 last year.
Condos and Townhomes Under Contract
28 Condos and Townhomes went under contract in Buffalo Grove in September, which is an increase from 22 from 2019. This demonstrates that there is plenty of buyer demand to satisfy more listings!
45 Condos and Townhomes closed in September 2020, a large increase from 30 in 2019. For the first nine months, we have had 274 closings in 2020, an increase from 272 in 2019.