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, now into November! For October, 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 53 days in October 2020, which was down significantly from 80 days in October 2019, which is still a pretty low number for the Chicagoland area.
As of November 1, 2020, there is 2.1 months supply of single family homes for sale in Buffalo Grove compared to 4.0 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 October 2020, there are 72 single family homes for sale in Buffalo Grove, compare that to the 137 available at this time last year – a 47% decrease, meaning that inventory has declined significantly. It will be interesting to see if the late Fall will be a busy listing period this year.
51 single family homes were listed for sale in October of 2020, compared to 66 new listings last year, a 23% decline. These next couple of months will be interesting to see if we can begin to meet the high buyer demand.
Homes Under Contract
38 single family homes went under contract in Buffalo Grove in October 2020, up from the 31 homes going under contract in October 2019 . This is pretty impressive given that there are about half the number of available homes to choose from!
44 Single family homes closed in October 2020, a solid increase from 36 in October 2019. For the first ten months of 2020, 342 homes have closed this year versus 358 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 59 days which is down from 64 days in October 2019.
As of November 1, 2020, there is 3.4 months supply of Condos and Townhomes for sale in Buffalo Grove down from last year’s figure of 4.1.
Homes For Sale
At the end of October 2020, there are 104 Condos and Townhomes for sale in Buffalo Grove, compare that to the 115 available at this time last year.
55 Condos and Townhomes were listed for sale in October of 2020, an increase from 39 last year.
Condos and Townhomes Under Contract
32 Condos and Townhomes went under contract in Buffalo Grove in October, which is an increase from 23 from 2019. This demonstrates that there is plenty of buyer demand to satisfy more listings!
30 Condos and Townhomes closed in October 2020, an increase from 24 in 2019. For the first ten months, we have had 307 closings in 2020, an increase from 296 in 2019, not bad for a pandemic!