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.
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:
- Hyde Park hit a record 50 month supply of condos - more than 4 years worth.
- Condo inventory in Logan Square is close to record levels with more than a 2 year supply
- The Near North Side and the Near West Side have thus far escaped almost unscathed
- Condo inventory in the Loop shot up to almost a 3 year supply of condos
- No surprise that the Near South Side is sitting on almost 3 years worth of condos but that is not much different than past years (it's always bad there)
- Uptown is sitting on almost a 2 year supply of condos
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.