Chicago Neighborhoods > Lakeview Housing Market

Whoa! The Lakeview real estate market isn't looking so good lately. Through July 2008 Lakeview appeared to be one of the few Chicago communities whose real estate market had been immune to price erosion and housing inventory buildup. However, by August 2008 the situation had started to deteriorate as shown in the inventory chart below (condos/townhomes with 2 - 3 bedrooms). The inventory levels were extremely high by historic standards during the fall and winter, continuing on throughout 2009 and early 2010. However, March and April showed some improvement, with higher sales volumes driven by the tax credit. Now, at just over 15 months, inventory levels are once again worse than they were a year ago at this time. There are actually more condos on the market and substantially fewer contracts being written.

Meanwhile,the number of days on market has been fluctuating with a seasonal pattern between 200 and 275 days. This January has been lower than the last two so that is somewhat encouraging.

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