Buffalo Grove Real Estate Market Update
I hope everyone is staying safe and healthy. Three months into 2021 and it’s really starting to feel like Spring outside. The demand for Buffalo Grove Real Estate markets continues to amaze, but we just don’t have enough homes for sale. Despite a significant decline in total homes for sale, closings are solid and homes going under contract are at record levels. 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, putting potential sellers in the best situation we have seen since early 2007.
Single Family Homes:
Average Market Time
The average time a single family home remains on the market in Buffalo Grove was 72 days in March 2021, which was down slightly from 75 days in March 2020.
As of April 1, 2021, there is 0.8 months supply of single family homes for sale in Buffalo Grove compared to 3.2 last year. 0.8 months of supply is the lowest figure 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 mulitple offers.
Homes For Sale
At the end March 2021, there are only 30 single family homes for sale in Buffalo Grove, compare that to the 111 available at this time last year – meaning that options fof buyers have declined significantly.
59 single family homes were listed for sale in March of 2021, compared to 62 new listings last year, right at the onset of the quarantine. As reference, there were 94 new listing in March 2019. Sellers are carefully watching the trends and we hope to see new listings increase significantly in the next several weeks. If you are considering a sale this year, now is the time!
Homes Under Contract
53 single family homes went under contract in Buffalo Grove in March 2021, up from the 27 homes going under contract in 2020 and 37 in 2019. This is pretty impressive given that there have 27% of the number of available homes to choose from versus last year!
43 Single family homes closed in March 2021, up from 27 in March 2020, and 24 in 2019. Through the first quarter of 2021, we have 91 closings, an increase from 72 last year and 57 in 2019.
Condos and Townhomes:
Average Market Time
The time Condos and Townhomes remains on the market in Buffalo Grove was 84 days which is down from 92 days in march 2020.
As of April 1, 2021, there is 1.8 months supply of Condos and Townhomes for sale in Buffalo Grove, down from last year’s figure of 3.7 and 2.5 in 2019..
Homes For Sale
At the end of March 2021, there are 64 Condos and Townhomes for sale in Buffalo Grove, compare that to the 104 available at this time last year.
71 Condos and Townhomes were listed for sale in March of 2021, an increase from 62 last year and 55 in 2019.
Condos and Townhomes Under Contract
64 Condos and Townhomes went under contract in Buffalo Grove in March, which is a nice increase from 27 in 2020 and 47 in 2019.
40 Condos and Townhomes closed in March 2021, an increase from 22 in 2020. Through three months we have recorded 99 closings in 2021 versus 73 last year and 57 in 2019.