Chicago Neighborhoods > Uptown Housing Market

Uptown Housing Market

Whew! The condo inventory situation in Uptown has finally improved but it's still not great. It had been abysmal - one of the worst in the city. Throughout 2008 and 2009 condo inventory levels often peaked at almost a 3 year's supply of 2 - 3 bedroom condos in the December time frame. Then the situation started to improve while the homebuyer tax credit was in force. But as soon as that ended all hell broke loose, with contract activity falling off a cliff. Starting in May 2010 Uptown condo inventory set a 4 year record, mostly at close to a 3 year supply. However, 2011 has shown some improvement over the previous year, with more contracts being written and/or fewer condos on the market. While October had much lower inventory levels than in 2010, it's still worse than 2009. And you certainly don't want to try to sell a condo in Uptown in November or December.

Meanwhile, the number of days that properties have been on the market pretty much fluctuates between 110 and 150 days with a fall peak that corresponds to the high inventory levels at that time of year. You do see a slight upward drift in Uptown condo market times in the graph below.