Lake View

Through July 2008 Lake View 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 September 2008 the situation had started to deteriorate. Lake View condo inventory never got as bad as in most Chicago communities but they did peak as high as almost a 14 month supply in April 2011 before heading back down. On the other hand, detached home inventory hit almost a 2 year supply at its peak in the summer of 2009.

But then the clouds parted and the sun came out. By June 2011 both housing types crossed under a 12 month supply but they have recently diverged. Detached home inventory temporarily crossed above a 5 month supply (still not that bad but technically a buyer’s market) in May 2015 and has stayed above that level since, though it has recently tightened. Condo inventory remains at or near record low levels.