Buffalo Grove Real Estate Conditions – April 2020

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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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Addison Real Estate Market Conditions – April 2020

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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 decreased 29.6% in April, condo and townhome sales increased 20% compared to last year.

Addison Home Sales

Single family home sales in Addison decreased more than 29% in April. 19 single family homes closed this year compared to last year at the same time when there were 27 closings. Condo and townhome sales increased 20% with 12 closings this year compared to 10 closings last year the same time.

Addison Real Estate Market Conditions - April 2020 closed sales

Addison Market Times

Addison market times decreased for condos and townhomes during April. Single family homes were on the market for an average of 94 days, the same amount as last year at the same time. Condo/townhome market times decreased 5.7%. This year the average market time was 66 days compared to 70 days last year at the same time.

Addison Real Estate Market Conditions - April 2020 market time

Addison New Listings

During April 2020, 38 single family homes were listed for sale, a 52.5% decrease compared to last year at the same time when there were 80 new listings. New condos/townhomes had 10 new listings, that’s a 63% decrease compared to the 27 new listings last year at the same time.

Addison Real Estate Market Conditions - April 2020 new listings

Months Supply

Addison single family home inventory is still super, super low. April ended with 3.3 months of supply, more than a 17% decrease from last year at the same time when there was a 4 month supply. The months supply of condos/townhomes had a 50% decrease from last April with 2.4 months supply for sale this year compared to 4.8 months last year. Anything under a 5 month supply is considered favorable conditions for sellers.

Addison Real Estate Market Conditions - April 2020 months supply

Addison Homes For Sale

At the end of April there were 83 single family homes for sale in Addison, a 15.3% decrease from last year when there were 98 homes for sale. The number of condos and townhomes for sale decreased with 23 for sale this year, a 43.9% decrease from last year when there were 41 for sale.

Addison Real Estate Market Conditions - April 2020 homes for sale

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Elmhurst Real Estate Market Conditions – April 2020

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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 4.6 months of supply at the end of April. Home sales decreased more than 16% compared to last year.

Elmhurst Market Times

Single family home market times decreased in April. Homes were on the market for an average of 95 days compared to 103 days last year at the same time, a 7.8% decrease. The average time a condo/townhome stayed on the market was 75 days compared to last year when it was 136 days, a decrease of 44.9%.

Elmhurst Real Estate Market Conditions - April 2020 market time

Elmhurst Months Supply

Single family home inventories in Elmhurst had a 4.6 month supply at the end of April, more than a 24% decrease compared to the 6.1 months last year at the same time. The supply of condos and townhomes increased 17.5% in April with 4.7 months supply this year compared to 4 months last year at the same time.

Elmhurst Real Estate Market Conditions - April 2020 months supply

Elmhurst Homes For Sale

At the end of April there were 211 single family homes for sale in Elmhurst, a decrease of 27% from last year when there were 289 homes for sale. The number of condos and townhomes for sale increased 10.3% in April with 43 for sale this year compared to last year when there were 39 for sale.

Elmhurst Real Estate Market Conditions - April 2020 homes for sale

Elmhurst New Listings

April single family home new listings decreased with 64 new listings compared to 156 last year at the same time, a 59% decrease. Condo and townhome new listings decreased 51.6% with 15 new listings this year compared to 31 last year at the same time.

Elmhurst Real Estate Market Conditions - April 2020 new listings

Elmhurst Real Estate Closings

The number of single family home closed sales decreased with 46 closings this April compared to 55 last year, more than a 16% decrease. Condo and townhome closings increased with 7 closings this April compared to 6 last year at the same time, a 16.7% increase.

Elmhurst Real Estate Market Conditions - April 2020 closed sales

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Elmhurst Real Estate Market Conditions – March 2020

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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 4.3 months of supply at the end of March. Home sales decreased more than 18% compared to last year.

Elmhurst Market Times

Single family home market times increased in March. Homes were on the market for an average of 154 days compared to 137 days last year at the same time, a 12.4% increase. The average time a condo/townhome stayed on the market was 106 days compared to last year when it was 142 days, a decrease of 25.4%.

Elmhurst Real Estate Market Conditions - January 2020 market time

Elmhurst Months Supply

Single family home inventories in Elmhurst had a 4.3 month supply at the end of March, more than a 18% decrease compared to the 5.3 months last year at the same time. The supply of condos and townhomes decreased 35.6% in March with 3.8 months supply this year compared to 5.9 months last year at the same time.

Elmhurst Real Estate Market Conditions - January 2020 months supply

Elmhurst Homes For Sale

At the end of March there were 211 single family homes for sale in Elmhurst, a decrease of 17.3% from last year when there were 255 homes for sale. The number of condos and townhomes for sale decreased 29.6% in March with 38 for sale this year compared to last year when there were 54 for sale.

Elmhurst Real Estate Market Conditions - January 2020 homes for sale

Elmhurst New Listings

March single family home new listings decreased with 100 new listings compared to 151 last year at the same time, a 33.8% decrease. Condo and townhome new listings decreased 31.3% with 11 new listings this year compared to 16 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 decreased with 40 closings this March compared to 49 last year, more than a 18% decrease. Condo and townhome closings decreased with 6 closings this March compared to 9 last year at the same time, a 33.3% decrease.

Elmhurst Real Estate Market Conditions - January 2020 closed sales

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Addison Real Estate Market Conditions – March 2020

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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 decreased 29.2% in March and condo and townhome sales decreased 30% compared to last year.

Addison Home Sales

Single family home sales in Addison decreased more than 29% in March. 17 single family homes closed this year compared to last year at the same time when there were 24 closings. Condo and townhome sales decreased 30% with 7 closings this year compared to 10 closings last year the same time.Addison Real Estate Market Conditions - February 2020 closed

Addison Market Times

Addison market times decreased for single family homes during March. Single family homes were on the market for an average of 76 days, compared to 119 days last year at the same time, more than a 36% decrease. Condo/townhome market times decreased 61.9%. This year the average market time was 40 days compared to 105 days last year at the same time.Addison Real Estate Market Conditions - February 2020 market times

Addison New Listings

During March 2020, 38 single family homes were listed for sale, an 26.9% decrease compared to last year at the same time when there were 52 new listings. New condos/townhomes had 11 new listings, that’s a 26.7% decrease compared to the 15 new listings last year at the same time.Addison Real Estate Market Conditions - February 2020 new listings

Months Supply

Addison single family home inventory is still super, super low. March ended with 3.1 months of supply, more than a 13% decrease from last year at the same time when there was a 3.6 month supply. The months supply of condos/townhomes had a 26.7% decrease from last March with 2.2 months supply for sale this year compared to 3 months last year. Anything under a 5 month supply is considered favorable conditions for sellers.Addison Real Estate Market Conditions - February 2020 months supply

Addison Homes For Sale

At the end of March there were 84 single family homes for sale in Addison, a 1.2% increase from last year when there were 83 homes for sale. The number of condos and townhomes for sale decreased with 21 for sale this year, a 22.2% decrease from last year when there were 27 for sale.Addison Real Estate Market Conditions - February 2020 homes for sale

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