Addison Real Estate Market Conditions – January 2020

Posted February 7, 2020 by Sari Levy under Addison, Market Insights

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Addison Real Estate Market Update

The Addison Real Estate Market continues to see good market conditions despite the extremely low inventory. Single family home sales increased 50% in January and condo and townhome sales increased 120% compared to last year.

Addison Home Sales

Single family home sales in Addison increased more than 50% in January. 18 single family homes closed this year compared to last year at the same time when there were 12 closings. Condo and townhome sales increased more than 120% with 11 closings this year compared to 5 closings last year the same time.

Addison Real Estate Market Conditions - January 2020 closed sales

Addison Market Times

Addison market times decreased for single family homes during January. Single family homes were on the market for an average of 54 days, compared to 94 days last year at the same time, more than a 42% decrease. Condo/townhome market times increased 144%. This year the average market time was 83 days compared to 34 days last year at the same time.

Addison Real Estate Market Conditions - January 2020 market times

Addison New Listings

During January 2020, 34 single family homes were listed for sale this January the same amount as last year at the same time. New condos/townhomes had 13 new listings, that’s a 30% increase compared to the 10 new listings last year at the same time.

Addison Real Estate Market Conditions - January 2020 new listings

Months Supply

Addison single family home inventory is still super, super low but this month inventory has a slight increase. January ended with 3.1 months of supply, more than a 3.3% increase from last year at the same time when there was a 3 month supply. The months supply of condos/townhomes saw a 28% decrease from last January with 1.8 months supply for sale this year compared to 2.5 months last year. Anything under a 5 month supply is considered favorable conditions for sellers.

Addison Homes For Sale

At the end of January there were 84 single family homes for sale in Addison, an 18.3% increase from last year when there were 71 homes for sale. The number of condos and townhomes for sale decreased with 18 for sale this year, a 25% decrease from last year when there were 24 for sale.

#AddisonRealEstateMarket

Elmhurst Real Estate Market Conditions – January 2020

Posted February 6, 2020 by Sari Levy under Elmhurst, Market Insights

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Elmhurst Real Estate Market Update

The Elmhurst Real Estate Market continues to see good market conditions despite the extremely low inventory. Single family home inventory had 3.9 months of supply at the end of January. Home sales increased more than 68% compared to last year.

Elmhurst Market Times

Single family home market times increased in January. Homes were on the market for an average of 173 days compared to 145 days last year at the same time, a 19.3% increase. The average time a condo/townhome stayed on the market was 42 days compared to last year when it was 103 days, a decrease of 59.2%.

Elmhurst Real Estate Market Conditions - January 2020 market time

Elmhurst Months Supply

Single family home inventories in Elmhurst had a 3.9 month supply at the end of January, more than a 15% decrease compared to the 4.6% last year at the same time. The supply of condos and townhomes decreased 26% in January with 3.7 months supply this year compared to 5 months last year at the same time.

Elmhurst Real Estate Market Conditions - January 2020 months supply

Elmhurst Homes For Sale

At the end of January there were 190 single family homes for sale in Elmhurst, a decrease of 12.4% from last year when there were 217 homes for sale. The number of condos and townhomes for sale decreased 11.6% in January with 38 for sale this year compared to last year when there were 43 for sale.

Elmhurst Real Estate Market Conditions - January 2020 homes for sale

Elmhurst New Listings

January single family home new listings increased with 95 new listings compared to 90 last year at the same time, a 5.6% increase. Condo and townhome new listings increased 155.6% with 23 new listings this year compared to 9 last year at the same time.

Elmhurst Real Estate Market Conditions - January 2020 new listings

Elmhurst Real Estate Closings

The number of single family home closed sales increased with 37 closings this January compared to 22 last year, more than a 68% increase. Condo and townhome closings decreased with 5 closings this January compared to 6 last year at the same time, a 16.7% decrease.

#ElmhurstRealEstate

Buffalo Grove Real Estate Market Conditions – January 2020

Posted February 6, 2020 by Eddie Nusinow under Buffalo Grove, Market Insights

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Buffalo Grove Real Estate Market Update

Buffalo Grove real estate activity got off to a solid start in January 2020 with significant increases in homes going under contract for both Single Family Homes and Condos/Townhomes. However, months of supply is very low, meaning that there are more Buyers than homes for sale. It will be interesting to see if potential Sellers will list earlier this year to take advantage of the demand as we approach Spring.

Single Family Homes:

Average Market Time

The average time a single family home remains on the market in Buffalo Grove was 137 days in January 2020, which was up from 114 days in January 2019.

Buffalo Grove Real Estate Market Conditions - January 2020 market time

Months Supply

As of February 1, 2020, there is 2.2 months supply of single family homes for sale in Buffalo Grove compared to 2.7 last year. Anything under 5 months is considered a seller’s market. Now is definitely a good time to consider selling.

Homes For Sale

At the end of January 2020, there are 76 single family homes for sale in Buffalo Grove, compare that to the 93 available at this time last year and you’ll see that inventory has declined.

New Listings

57 single family homes were listed for sale in January of 2020, compared to 49 new listings last year. We should see a significant influx of new homes listed over the next couple of months.

Homes Under Contract

39 single family homes went under contract in Buffalo Grove in January 2020 a nice improvement from 24 in January 2019, which demonstates that Buyers are active.

Buffalo Grove Real Estate Market Conditions - January 2020 under contract

Closings

18 Single family homes closed in January 2020, down nominally from 19 in January 2019.

Buffalo Grove Real Estate Market Conditions - January 2020 closed sales

Condos and Townhomes:

Average Market Time

The time Condos and Townhomes remains on the market in Buffalo Grove was 86 days which is up slightly from 81 days in January 2019.

Months Supply

As of February 1, 2020, there is 2.5 months supply of Condos and Townhomes for sale in Buffalo Grove down from last year’s figure of 2.8. Buyers still have to move quickly when an attractive listing hits the market!

Homes For Sale

At the end of January 2020, there are 76 Condos and Townhomes for sale in Buffalo Grove, compare that to the 84 available at this time last year and you’ll see that inventory levels have weakened.

New Listings

47 Condos and Townhomes were listed for sale in January of 2019, up from 38 last year.

Condos and Townhomes Under Contract

34 Condos and Townhomes went under contract in Buffalo Grove in January, which is a significant increase from 18 from 2019, reflecting a lot of activity in the area.

Closings

20 Condos and Townhomes closed in January 2020, up from 17 in 2019.

#BuffaloGroveRealEstate

Elmhurst Real Estate Market Conditions – December 2019

Posted January 7, 2020 by Sari Levy under Elmhurst, Market Insights

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Elmhurst Real Estate Market Update

The Elmhurst Real Estate Market continues to see good market conditions despite the extremely low inventory. Single family home inventory had 3.6 months of supply at the end of December. Home sales increased more than 90% compared to last year.

Elmhurst Market Times

Single family home market times decreased in December. Homes were on the market for an average of 117 days compared to 163 days last year at the same time, a 28.2% decrease. The average time a condo/townhome stayed on the market was 65 days compared to last year when it was 62 days, an increase of 4.8%.

Elmhurst Months Supply

Single family home inventories in Elmhurst had a 3.6 month supply at the end of December, more than a 14% decrease compared to the 4.2% last year at the same time. The supply of condos and townhomes decreased more than 45% in December with 3 months supply this year compared to the 5.5% last year at the same time.

Elmhurst Homes For Sale

At the end of December there were 176 single family homes for sale in Elmhurst, a decrease of 14.1% from last year when there were 205 homes for sale. The number of condos and townhomes for sale decreased 34.8% in December with 30 for sale this year compared to last year when there were 46 for sale.

Elmhurst New Listings

December single family home new listings decreased with 34 new listings compared to 43 last year at the same time, a 20.9% decrease. Condo and townhome new listings decreased 16.7% with 5 new listings this year compared to 6 last year at the same time.

Elmhurst Real Estate Closings

The number of single family home closed sales increased with 40 closings this December compared to 21 last year, more than a 90% increase. Condo and townhome closings remained the same with 7 closings, the same amount of closings last year at the same time.

#ElmhurstRealEstate

Addison Real Estate Market Conditions – December 2019

Posted January 6, 2020 by Sari Levy under Addison, Market Insights

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Addison Real Estate Market Update

The Addison Real Estate Market continues to see good market conditions despite the extremely low inventory. Single family home sales increased more than 92% in December while condo and townhome sales decreased more than 42%.