Chicago Neighborhoods > 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. This area 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.