Buffalo Grove Real Estate Market Update
Happy New Year to everyone and I hope you are staying safe and healthy. As we enter 2021, we find ourselves in a Real Estate market that we have not experienced in many years. Buyer demand for Buffalo Grove real estate continues to amaze, and despite a significant decline in total homes for sale, closings and homes going under contract continue to increase significantly. The overall results are remarkable due to a lack of inventory – Buyers are out in force and well priced, nicely updated homes are selling in days. 2020 turned into a very good Real Estate year with strong momentum taking us into 2021. With historically low interest rates, buyer demand should stay strong, prices should continue to increase, but potential sellers will want to get in front of the typical influx of new inventory that we should see in early 2021. I wish you all a safe, healthy and New Year!
Single Family Homes:
Average Market Time
The average time a single family home remains on the market in Buffalo Grove was 47 days in December 2020, which was down significantly from 78 days in December 2019, which is still a pretty low number for the Chicagoland area.
As of January 1, 2021, there is 1.2 months supply of single family homes for sale in Buffalo Grove compared to 2.6 last year. 1.2 months of supply is the lowest figure we have seen since 2007! 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. Well priced, nicely updated homes are selling fast and often with mulitple offers.
Homes For Sale
At the end December 2020, there are 43 single family homes for sale in Buffalo Grove, compare that to the 90 available at this time last year – meaning that inventory has declined significantly. 43 homes for sale is the lowest figure we have seen since 2007!
18 single family homes were listed for sale in December of 2020, compared to 22 new listings last year. Sellers are carefully watching the trends and we should see new listings increasing significantly in the next several weeks.
Homes Under Contract
25 single family homes went under contract in Buffalo Grove in December 2020, up from the 13 homes going under contract in December 2019 . This is pretty impressive given that there are less than half the number of available homes to choose from!
34 Single family homes closed in December 2020, a solid increase from 26 in December 2019. 409 homes closed in 2020 versus 408 in 2019.
Condos and Townhomes:
Average Market Time
The time Condos and Townhomes remains on the market in Buffalo Grove was 44 days which is down from 82 days in December 2019.
As of January 1, 2021, there is 3.1 months supply of Condos and Townhomes for sale in Buffalo Grove up slightly from last year’s figure of 2.9.
Homes For Sale
At the end of December 2020, there are 97 Condos and Townhomes for sale in Buffalo Grove, compare that to the 83 available at this time last year.
32 Condos and Townhomes were listed for sale in December of 2020, an increase from 25 last year.
Condos and Townhomes Under Contract
35 Condos and Townhomes went under contract in Buffalo Grove in December, which is a nice increase from 24 from 2019.
17 Condos and Townhomes closed in December 2020, a decrease from 25 in 2019. We had 356 closings in 2020, an increase from 339 in 2019, not bad for a pandemic!