Buffalo Grove Real Estate Market Conditions – January 2020

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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.

Buffalo Grove Real Estate Market Conditions - January 2020 months supply

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.

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

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.

Buffalo Grove Real Estate Market Conditions - January 2020 new listings

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.

Buffalo Grove Real Estate Market Conditions - January 2020 market time

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!

Buffalo Grove Real Estate Market Conditions - January 2020 months supply

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.

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

New Listings

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

Buffalo Grove Real Estate Market Conditions - January 2020 new listings

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.

Buffalo Grove Real Estate Market Conditions - January 2020 under contract

Closings

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

Buffalo Grove Real Estate Market Conditions - January 2020 closed sales

#BuffaloGroveRealEstate

Eddie Nusinow

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