Buffalo Grove Real Estate Market Conditions – May 2020

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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.

Buffalo Grove Real Estate Market Conditions - May 2020 market times

Months Supply

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.

Buffalo Grove Real Estate Market Conditions - May 2020 months supply

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.

Buffalo Grove Real Estate Market Conditions - May 2020 homes for sale

New Listings

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!

Buffalo Grove Real Estate Market Conditions - May 2020 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.

Buffalo Grove Real Estate Market Conditions - May 2020 under contract

Closings

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.

Buffalo Grove Real Estate Market Conditions - May 2020 closed sales

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.

Buffalo Grove Real Estate Market Conditions - May 2020 market times

Months Supply

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.

Buffalo Grove Real Estate Market Conditions - May 2020 months supply

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.

Buffalo Grove Real Estate Market Conditions - May 2020 homes for sale

New Listings

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.

Buffalo Grove Real Estate Market Conditions - May 2020 new listings

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.

Buffalo Grove Real Estate Market Conditions - May 2020 under contract

Closings

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.

Buffalo Grove Real Estate Market Conditions - May 2020 closed sales

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Elmhurst Real Estate Market Conditions – May 2020

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Elmhurst Real Estate Market Update

The Elmhurst Real Estate Market continues to see good market conditions despite the pandemic and the extremely low inventory. Single family home inventory had 4.3 months of supply at the end of May. Home sales decreased more than 41% compared to last year.

Elmhurst Market Times

Single family home market times increased in May. Homes were on the market for an average of 88 days compared to 80 days last year at the same time, a 10% increase. The average time a condo/townhome stayed on the market was 120 days compared to last year when it was 48 days, an increase of 150%.

Elmhurst Real Estate Market Conditions - May 2020 market times

Elmhurst Months Supply

Single family home inventories in Elmhurst had a 4.3 month supply at the end of May, more than a 36.8% decrease compared to the 6.8 months last year at the same time. The supply of condos and townhomes increased 17.8% in May with 5.3 months supply this year compared to 4.5 months last year at the same time.

Elmhurst Real Estate Market Conditions - May 2020 momths supply

Elmhurst Homes For Sale

At the end of May there were 202 single family homes for sale in Elmhurst, a decrease of 34.4% from last year when there were 308 homes for sale. The number of condos and townhomes for sale increased 2.3% in May with 45 for sale this year compared to last year when there were 44 for sale.

Elmhurst Real Estate Market Conditions - May 2020 homes for sale

Elmhurst New Listings

May single family home new listings decreased with 109 new listings compared to 175 last year at the same time, a 37.7% decrease. Condo and townhome new listings decreased 44.1% with 19 new listings this year compared to 34 last year at the same time.

Elmhurst Real Estate Market Conditions - May 2020 new listings

Elmhurst Real Estate Closings

The number of single family home closed sales decreased with 42 closings this May compared to 72 last year, more than a 41.7% decrease. Condo and townhome closings decreased with 7 closings this May compared to 17 last year at the same time, a 58.8% decrease.

Elmhurst Real Estate Market Conditions - May 2020 closed sales

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Addison Real Estate Market Conditions – May 2020

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Addison Real Estate Market Update

The Addison Real Estate Market continues to see good market conditions despite the pandemic and the extremely low inventory. Both single family home and condo/townhome inventories decreased more than 18% in May.

Addison Home Sales

Single family home sales in Addison decreased more than 31% in May. 24 single family homes closed this year compared to last year at the same time when there were 35 closings. Condo and townhome sales decreased 62.5% with 6 closings this year compared to 16 closings last year the same time.

Addison Real Estate Market Conditions - May 2020 closed sales

Addison Market Times

Addison market times decreased during May. Single family homes were on the market for an average of 97 days a 2% decrease from last year at the same time when homes were on the market for an average of 99 days. Condo/townhome market times decreased 26.6%. This year the average market time was 47 days compared to 64 days last year at the same time.

Addison Real Estate Market Conditions - May 2020 market times

Addison New Listings

During May 2020, 47 single family homes were listed for sale, a 39.7% decrease compared to last year at the same time when there were 78 new listings. New condos/townhomes had 22 new listings, that’s a 4.3% decrease compared to the 23 new listings last year at the same time.

Addison Real Estate Market Conditions - May 2020 new listings

Months Supply

Addison single family home inventory is still super, super low. May ended with 3.5 months of supply, more than a 18% decrease from last year at the same time when there was a 4.3 month supply. The months supply of condos/townhomes had a 18.4% decrease from last May with 3.1 months supply for sale this year compared to 3.8 months last year. Anything under a 5 month supply is considered favorable conditions for sellers.

Addison Real Estate Market Conditions - May 2020 months supply

Addison Homes For Sale

At the end of May there were 85 single family homes for sale in Addison, a 21.3% decrease from last year when there were 108 homes for sale. The number of condos and townhomes for sale decreased with 28 for sale this year, a 20% decrease from last year when there were 35 for sale.

Addison Real Estate Market Conditions - May 2020 homes for sale

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Buffalo Grove Real Estate Market 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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