Buffalo Grove Real Estate Market Conditions – December 2019

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Buffalo Grove Real Estate Market Update

The Buffalo Grove Real Estate market finished 2019 with a solid December.  Inventory levels and market times are low and detached home closings rallied in the back half of the year to exceed the full year 2018’s figure. Townhome and Condo sales fell off in 2019 by 11%. Demand remains relatively strong, as we watch for the 2020 season to kick off.

Single Family Homes:

Average Market Time

The average time a single family home remains on the market in Buffalo Grove was 78 days in December 2019, which was down from 105 days in December 2018. 78 days is a relatively short period of time compared with much of the Chicagoland area, particularly this time of year.

Buffalo Grove Real Estate Market Conditions - December 2019

Months Supply

As of January 1, 2020, there is 2.6 months supply of single family homes for sale in Buffalo Grove, up slightly from 2.5 last year. Anything under 5 months is considered a seller’s market.

Buffalo Grove Real Estate Market Conditions - December 2019

Homes For Sale

At the end of December 2019, there are 88 single family homes for sale in Buffalo Grove, compare that to the 85 available at this time last year and you’ll see that inventory is stable with fewer options for buyers to consider.

Buffalo Grove Real Estate Market Conditions - December 2019

New Listings

22 single family homes were listed for sale in December of 2019, compared to 24 new listings last year.

Buffalo Grove Real Estate Market Conditions - December 2019

Homes Under Contract

16 single family homes went under contract in Buffalo Grove in December 2019 a decrease from 22 in December 2018.

Buffalo Grove Real Estate Market Conditions - December 2019

Closings

26 Single family homes closed in December 2019, up from 25 in December 2018, the 6th straight month that closings increased over 2018. For 2019, we have registered 410 closings, 2 more than 2018.

Buffalo Grove Real Estate Market Conditions - December 2019

Condos and Townhomes:

Average Market Time

The time Condos and Townhomes remains on the market in Buffalo Grove was 77 days, which is up from 62 days in December 2018.

Buffalo Grove Real Estate Market Conditions - December 2019

Months Supply

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

Buffalo Grove Real Estate Market Conditions - December 2019

Homes For Sale

At the end of December 2019, there are 81 Condos and Townhomes for sale in Buffalo Grove, compare that to the 79 available at this time last year and you’ll see that inventory has remained stable.

Buffalo Grove Real Estate Market Conditions - December 2019

New Listings

25 Condos and Townhomes were listed for sale in December of 2019, an increase from 20 from last year.

Buffalo Grove Real Estate Market Conditions - December 2019

Condos and Townhomes Under Contract

24 Condos and Townhomes went under contract in Buffalo Grove in December, a nice improvement from 16 last year.

Buffalo Grove Real Estate Market Conditions - December 2019

Closings

23 Condos and Townhomes closed in December 2019, up from 21 in 2018. For the full year of 2019, we have seen 337 closings, compared to 377 in 2018, a decrease of 11%.

Buffalo Grove Real Estate Market Conditions - December 2019

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Eddie Nusinow

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