Buffalo Grove Real Estate Market Update
I hope everyone is staying safe and healthy. Two months into 2021 and it starting to feel like Spring outside. The Buffalo Grove Real Estate market continues to move briskly, but we just don’t have enough homes for sale. Buyer demand for Buffalo Grove real estate continues to amaze, and despite a significant decline in total homes for sale, closings are solid and homes going under contract continue to increase significantly. 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, but potential sellers will want to get in front of the typical influx of new inventory that we should see soon.
Single Family Homes:
Average Market Time
The average time a single-family home remains on the market in Buffalo Grove was 67 days in February 2021, which was down significantly from 89 days in February 2020.
As of March 1, 2021, there is 1.1 months supply of single-family homes for sale in Buffalo Grove compared to 2.7 last year. 1.1 months of supply is one of the lowest figures we have seen since 2007! 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 go up. Well-priced, nicely updated homes are selling fast and often with multiple offers.
Homes For Sale
At the end of February 2021, there are only 38 single-family homes for sale in Buffalo Grove, compare that to the 97 available at this time last year – meaning that options for buyers have declined significantly.
43 single-family homes were listed for sale in February of 2021, compared to 69 new listings last year. Sellers are carefully watching the trends and we should see new listings increasing significantly in the next several weeks. If you are considering a sale this year, now is the time!
Homes Under Contract
38 single-family homes went under contract in Buffalo Grove in February 2021, down from the 41 homes going under contract last year. This is pretty impressive given that there is less than half the number of available homes to choose from!
20 Single-family homes closed in February 2021, down from 27 in February 2020. Through February 2021, we have 48 closings, an increase from 45 last year.
Condos and Townhomes:
Average Market Time
The time Condos and Townhomes remained on the market in Buffalo Grove was 102 days which is up from 84 days in February 2020.
As of March 1, 2021, there is 1.9 months supply of Condos and Townhomes for sale in Buffalo Grove, down from last year’s figure of 3.0.
Homes For Sale
At the end of February 2021, there are 63 Condos and Townhomes for sale in Buffalo Grove, compare that to the 89 available at this time last year.
37 Condos and Townhomes were listed for sale in February of 2021, a decrease from 57 last year.
Condos and Townhomes Under Contract
38 Condos and Townhomes went under contract in Buffalo Grove in February, which is a nice increase from 25 from 2020.
36 Condos and Townhomes closed in February 2021, an increase from 31 in 2020. Through two months we have recorded 59 closings in 2021 versus 51 last year.