Chicago Condo Inventory Still Unseasonably High

We recently updated our market statistics for several Chicago neighborhoods (looking specifically at 2 – 3 bedroom condos) and for the 6th month in a row condo inventory remains fairly flat with an 18 – 19 month supply.

Chicago home inventory

As you can see from the chart above that is still high for this time of the year but as we move into the slowest season for real estate at least the seasonal pattern is catching up with the data – i.e. 18 months of inventory is not as bad for October (thought it’s still high) as it is for May. Clearly the inventory situation deteriorated substantially right after that dumb tax credit expired. Big help that was.

As you might expect the inventory picture is dramatically different for the various neighborhoods. Here are a few highlights:

Note: we calculate our inventory numbers differently than the rest of the industry by basing it upon contract volume, not closings, and by not removing cancelled and expired listings from the data. We believe this provides a more accurate and current view of the inventory situation.

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