Near South Side Housing Market
I guess the supply
of 2 - 3 bedroom condos in the Near South Side could only improve from
the obscene levels reached in the winter of 2009. The Near South Side
of Chicago, which includes
the infamous South Loop, has been a flipper's/investor's purgatory.
has had a very large home inventory over the past 2 years, rarely
dipping below a 20 month supply and recently spiking to a 6 year
supply as a result of falling condo sales! Like many Chicago
neighborhoods the months of supply of inventory has decreased lately,
with a lot fewer condos on the market in absolute terms. Contract
volume has also picked up slightly. While 15 months of supply in
December is a lot it's still the lowest level of condo inventory
for December that we have on record.
The market times below look pretty scary but they are largely driven
by a few new buildings where the market times of all the units are
currently around 2000 days (that's not a typo). Gives you some idea how long they've been
trying to fill these buildings. Unfortunately, this skews the data to
the point of making it useless. But it does demonstrate that it's taking forever to sell homes there.
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