Monthly Market Stats - Mar 08

Based on currently available home inventory and units which closed in the month of March, below you'll see the current amount of housing supply in various Chicago neighborhoods. Note the significant decrease in overall market supply from February. Next to each neighborhood, I am indicating whether the supply has increased or decreased from February. The information I'm including is based on attached housing (condos/town homes). If you'd like another type of information, please contact me and I'd be happy to help.

Loop = 4 month supply on market (decrease)

Lakeview (includes Wrigleyville, Southport Corridor, Boystown) = 7 mo (decrease)

Lincoln Square = 7.5 mo (decrease)

North Center = 8 mo (decrease)

Lincoln Park (includes Depaul area) = 8 mo (decrease)

Uptown = 9 mo (decrease)

Near South (includes South Loop, Printer's Row) = 9.5 mo (decrease)

West Town (includes Wicker Park, Ukrainian Village, Humboldt Park) = 10 mo (increase)

Logan Square (includes Bucktown) = 11.5 mo (decrease)

CHICAGO ENTIRE MARKET = 11.5 mo (decrease)

Near West (includes West Loop, Medical District, Tri-Taylor) = 11.5 month (decrease)

Near North (includes Gold Coast, River North, Streeterville, River West, Old Town) = 12 mo (increase)

As you can see, all but two neighborhoods decreased in amount of supply for March. Before you dust off your high school economics book, I'll just tell you what this means:

1) You won't see price drastic reductions as frequently as you have seen the past year

2) There are less options for buyers

3) There is less competition for sellers

4) If you're a buyer waiting for prices to "hit rock bottom"... you already missed it. Start your search now before the supply shrinks even more.