Buffalo Grove Real Estate Market Update
I hope everyone is staying safe and healthy. A month into 2021, the weather is cold, but we find ourselves in a hot Real Estate market, the likes 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. 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.
Single Family Homes:
Average Market Time
The average time a single family home remains on the market in Buffalo Grove was 63 days in January 2021, which was less than half of the 137 days in January 2020.
Months Supply
As of February 1, 2021, there is 1.0 months supply of single family homes for sale in Buffalo Grove compared to 2.4 last year. 1.0 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 go up. Well priced, nicely updated homes are selling fast and often with mulitple offers.
Homes For Sale
At the end January 2021, there are only 36 single family homes for sale in Buffalo Grove, compare that to the 82 available at this time last year – meaning that inventory has declined significantly. 36 homes for sale is the lowest figure we have seen since 2007!
New Listings
46 single family homes were listed for sale in January of 2021, compared to 57 new listings last year. Sellers are carefully watching the trends and we should see new listings increasing significantly in the next several weeks. Even if you are considering a sale this year, now is the time!
Homes Under Contract
40 single family homes went under contract in Buffalo Grove in January 2021, up from the 34 homes going under contract in January 2020 . This is pretty impressive given that there are less than half the number of available homes to choose from!
Closings
28 Single family homes closed in January 2021, a solid increase from 18 in January 2020.
Condos and Townhomes:
Average Market Time
The time Condos and Townhomes remains on the market in Buffalo Grove was 82 days which is down from 86 days in January 2020.
Months Supply
As of February 1, 2021, there is 2.6 months supply of Condos and Townhomes for sale in Buffalo Grove, equal to last year’s figure.
Homes For Sale
At the end of January 2021, there are 81 Condos and Townhomes for sale in Buffalo Grove, compare that to the 79 available at this time last year.
New Listings
55 Condos and Townhomes were listed for sale in January of 2021, an increase from 48 last year.
Condos and Townhomes Under Contract
43 Condos and Townhomes went under contract in Buffalo Grove in January, which is a nice increase from 32 from 2020.
Closings
22 Condos and Townhomes closed in January 2021, an increase from 20 in 2020.