Buffalo Grove Real Estate Market Update
My 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 wanted to provide my monthly update. The Buffalo Grove real estate market activity had some predictable outcomes in April with significant declines in showings, new listings, homes for sale, homes under contract, and closings. I do believe the very good news is that 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 108 days in April 2020, which was down from 115 days in April 2019.
Months Supply
As of May 1, 2020, there is 3.0 months supply of single family homes for sale in Buffalo Grove compared to 4.8 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 be stable.
Homes For Sale
At the end of April 2020, there are 98 single family homes for sale in Buffalo Grove, compare that to the 151 available at this time last year and you’ll see that inventory has declined, which was predictable. Based on recent trends, I anticipate May and June will be busy listing periods this year.
New Listings
32 single family homes were listed for sale in April of 2020, compared to 103 new listings last year. March, April, and May are typically the biggest months for new listings!
Homes Under Contract
21 single family homes went under contract in Buffalo Grove in April 2020, a decrease from 44 in April 2019. I think it is easy to dwell on the decline from last year, but I am pleasantly surprised by the amount of activity despite the shelter in place order.
Closings
30 Single family homes closed in April 2020, decrease from 44 in April 2019. For the first four of 2020, 102 homes have closed this year versus 101 in 2019.
Condos and Townhomes:
Average Market Time
The time Condos and Townhomes remains on the market in Buffalo Grove was 59 days which is down from 75 days in April 2019.
Months Supply
As of May 1, 2020, there is 4.0 months supply of Condos and Townhomes for sale in Buffalo Grove up from last year’s figure of 3.1.
Homes For Sale
At the end of April 2020, there are 105 Condos and Townhomes for sale in Buffalo Grove, compare that to the 92 available at this time last year.
New Listings
34 Condos and Townhomes were listed for sale in April of 2020, down from 74 last year, which was expected.
Condos and Townhomes Under Contract
19 Condos and Townhomes went under contract in Buffalo Grove in April, which is a significant decrease from 41 from 2019.
Closings
29 Condos and Townhomes closed in April 2020, down from 49 in 2019. For the first four months, we have had 102 closings in 2020, a small decline from 106 in 2019.
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