We recently updated our Chicago condo (2 and 3 bedroom units) market data through December 2009. Consistent with all the other positive indicators for the Chicago real estate market, we are once again seeing lower inventory numbers and market times.
Months of condo inventory in December was less than half of what it was in 2008, at a 14 month supply.
This is much better than in the summer when inventory levels were actually higher than the previous year. While units on the market are down slightly, the big impact is from sales that are running at about twice last year’s level.
Meanwhile, the days on the market are also dramatically better at just under 250 days. That’s still a lot but it’s also the best level since the reporting was modified in October 2007.
As always, you can find neighborhood specific data at the following locations. A few of these neighborhoods really stick out – e.g. the Near South Side.