Chicago Neighborhoods > Edgewater Housing Market

After skyrocketing in the late summer of 2008 and continuing through February 2009, Edgewater's condo inventory has settled down dramatically. The chart below shows that Edgewater's inventory of 2 - 3 bedroom condos is still running below last year but it is up from the lows of April, when the tax credit was still in effect. No doubt that the expiration of the tax credit has dramatically reduced the number of contracts being written since April. Only because there are fewer condos on the market now are the months of supply lower than last year.

Consistent with this sales surge we've seen a dramatic decline in the average days on the market, from a peak of 350 days to 250 days. The surge in sales is clearing out the inventory backlog.

Note that the MLS changed their reporting methodology in October, 2007.