Buffalo Grove Real Estate Market Conditions – April 2021

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Buffalo Grove Real Estate Market Update

I hope everyone is staying safe and healthy and getting ready for Summer. The demand for Buffalo Grove Real Estate market 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 a remarkable 27 days in April 2021, which was down significantly from 105 days in April 2020.

Buffalo Grove Real Estate Market Conditions - April 2021

Months Supply

As of May 1, 2021, there is 0.9 months supply of single-family homes for sale in Buffalo Grove compared to 3.2 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 are going up. Well-priced, nicely updated homes are selling fast and often with multiple offers.

Buffalo Grove Real Estate Market Conditions - April 2021

Homes For Sale

At the end of April 2021, there are only 39 single-family homes for sale in Buffalo Grove, compare that to the 104 available at this time last year – meaning that options for buyers have declined significantly.

Buffalo Grove Real Estate Market Conditions - April 2021

New Listings

89 single-family homes were listed for sale in April of 2021, compared to 32 new listings last year, early in the onset of the quarantine. As a reference, there were 103 new listings in April 2019. Sellers have been carefully watching the trends and we are seeing new listings increase closer to normal levels.

Buffalo Grove Real Estate Market Conditions - April 2021

Homes Under Contract

72 single-family homes went under contract in Buffalo Grove in April 2021, up from the 18 homes going under contract in 2020 and 34 in 2019. This is pretty impressive given that there are 37% of the number of available homes to choose from versus last year!

Buffalo Grove Real Estate Market Conditions - April 2021

Closings

39 Single-family homes closed in April 2021, up from 31 in April 2020. Through the first four months of 2021, we have 131 closings, an increase from 103 last year.

Buffalo Grove Real Estate Market Conditions - April 2021

Condos and Townhomes:

Average Market Time

The time Condos and Townhomes remained on the market in Buffalo Grove was 49 days which is down from 59 days in April 2020.

Buffalo Grove Real Estate Market Conditions - April 2021

Months Supply

As of May 1, 2021, there is 2.0 months supply of Condos and Townhomes for sale in Buffalo Grove, down from last year’s figure of 4.2.

Buffalo Grove Real Estate Market Conditions - April 2021

Homes For Sale

At the end of April 2021, there are 80 Condos and Townhomes for sale in Buffalo Grove, compare that to the 110 available at this time last year.

Buffalo Grove Real Estate Market Conditions - April 2021

New Listings

90 Condos and Townhomes were listed for sale in April of 2021, an increase from 35 last year and 74 in 2019.

Buffalo Grove Real Estate Market Conditions - April 2021

Condos and Townhomes Under Contract

89 Condos and Townhomes went under contract in Buffalo Grove in April, which is a nice increase from 19 in 2020 and 41 in 2019.

Buffalo Grove Real Estate Market Conditions - April 2021

Closings

41 Condos and Townhomes closed in April 2021, an increase from 29 in 2020. Through four months we have recorded 140 closings in 2021 versus 102 last year.

 

Buffalo Grove Real Estate Market Conditions - April 2021

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Eddie Nusinow

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