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.|
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.
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!
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.
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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(Area 8033: Includes Dearborn Park, Museum Park and the South Loop)
Near West Side
(Area 8028: Includes Medical Center, Pilsen, and University Village)
(Area 8032: Including Printer’s Row)
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(Area 8008: Includes Gold Coast, Goose Island, Magnificent Mile, Old Town, and Streeterville)