Buffalo Grove Real Estate Market 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. The Buffalo Grove real estate market is proving to be very resilient, especially for detached single-family homes. For May, despite a significant decline in new listings and total homes for sale, homes going under contract was flat to last year. I believe this is very good news as there was still some solid activity for the month, despite the shelter in place order and 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 be a good Real Estate year, just delayed more to the Summer and Fall. The next couple of months will sure be interesting to see how we come out of this situation. Stay safe everyone!
Single Family Homes:
Average Market Time
The average time a single-family home remains on the market in Buffalo Grove was 79 days in May 2020, which was up from 65 days in May 2019, which is a pretty low number for the Chicagoland area.
As of June 1, 2020, there is 3.2 months supply of single-family homes for sale in Buffalo Grove compared to 5.8 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.
Homes For Sale
At the end of May 2020, there are 107 single family homes for sale in Buffalo Grove, compare that to the 180 available at this time last year and you’ll see that inventory has declined significantly, which was predictable. Based on recent trends, I anticipate that June and even July will be busy listing periods this year.
66 single family homes were listed for sale in May of 2020, compared to 129 new listings last year. March, April, and May are typically the biggest months for new listings!
Homes Under Contract
37 single family homes went under contract in Buffalo Grove in May 2020, equaling the amount for May 2019. I believe this is the really exciting news and I am pleasantly surprised by the amount of activity despite the shelter in place order.
25 Single-family homes closed in May 2020, decrease from 36 in May 2019. For the first five months of 2020, 128 homes have closed this year versus 137 in 2019.
Condos and Townhomes:
Average Market Time
The time Condos and Townhomes remains on the market in Buffalo Grove was 60 days which is down from 65 days in May 2019.
As of June 1, 2020, there is 4.7 months supply of Condos and Townhomes for sale in Buffalo Grove up from last year’s figure of 3.8.
Homes For Sale
At the end of May 2020, there are 118 Condos and Townhomes for sale in Buffalo Grove, compare that to the 112 available at this time last year, and you will see that there is an increase in inventory.
63 Condos and Townhomes were listed for sale in May of 2020, down from 89 last year. Overall, the townhome and Condo activity has slowed more than single-family homes this year.
Condos and Townhomes Under Contract
26 Condos and Townhomes went under contract in Buffalo Grove in May, which is a significant decrease from 40 from 2019.
15 Condos and Townhomes closed in May 2020, down from 38 in 2019. For the first five months, we have had 117 closings in 2020, a decline from 144 in 2019.