Single Family & Attached Real Estate Trends 2009–2011 in Downtown Chicago

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Chicago Loop, Chicago River North, downtown Chicago, Market data, Real estate, Real estate trends, South Loop, West Loop

SINGLE FAMILY & ATTACHED REAL ESTATE TRENDS 2009–2011 IN DOWNTOWN CHICAGO

Below is market data for downtown Chicago from the past three years. In 2011 attached units saw a slower year, with lower sales prices. However, the monthly supply of inventory (M.S.I.) has been very gradually decreasing, adding a glimmer of hope for a more balanced market in the future.

This chart briefly explains what we can learn from M.S.I.

0-5 mo M.S.I.	5-7 mo M.S.I.	7-10 mo M.S.I.	10-20 mo M.S.I.	20+ mo M.S.I.
Seller’s Market 0-3 mos is a HOT seller’s market. 3-5 mos is a good seller’s market. Properties that are priced to sell will move quickly. Buyers are looking for positives.	Balanced Market In a balanced market a seller’s property will move if it is priced accordingly. However, unless it is priced to move market time can add up to 180+ days!	Buyer’s Market Buyers are very picky in this kind of market. Seller’s need to work very hard to make sure the property shows well and is priced right.	Survival of the Fittest Seller’s may need some luck in this market. Even a home that is well-maintained and priced to move may take time.	Vulture’s Market Buyer’s are very picky in this market and negatives can become deal breakers. Properties that move are either in short-sale or are owned by sellers with a strong equity position.

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