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.

Read Me, I'm Irish

Well... it's that time of year again. In Chicago things start to get a little crazy in March. It's that time of year when we're almost over that last bump in the rollercoaster ride we call winter... spring break is just around the corner and once in a while we get a glimpse of the sun again. We are teased by a day here or there above 50 degrees, to be followed by snowfall the day after. Basketball season takes a very serious turn as March Madness begins, and most importantly we begin a 2 week celebration for a one day holiday... St. Patrick's Day.

One thing you cannot miss if you live in, around, near, or even far from Chicago is the annual South Side Irish Parade. Unfortunately - and I hate to say it - I am missing it this year. Since my job requires me to usually be working on Sundays, I unfortunately can't partake in this year's green-clad, bagpipe-playing, luck-'o-the-irish vibed, all day drink-a-thon. But I have been before so I can assure you it's well worth your while, even if you're not Irish.

You'll find the parade in Chicago's historic Beverly neighborhood. If you're going for a family outing and will be attending with the little ones, stick to the east side of the street. Head west and you're in for a rowdy ride.

The Beverly area is a unique icon in the City's landscape due to its large lot sizes, numerous single family homes, neighborhood feel, rolling hills, and of course its abundance of Irish pubs. The strong Irish-American population and heritage in the area is what has drawn the country's largest neighborhood parade.

Well, I hope you made it to the parade today, and if so, I imagine you won't be reading this post anytime today. If you're like me and were unable to go, I suggest you polish up your blarney stone and get ready to make up for all you missed next weekend when you celebrate St. Paddy's with a night (and day) on the town.

[The first photo is of my Uncle Ed Kane of the Emerald Society in the 2007 South Side Irish Parade, of course taken from the west side of the street :-) ]

MONTHLY MARKET STATS - FEB 08

Based on currently available home inventory and units which closed in the month of February, below you'll see the current amount of housing supply in various Chicago neighborhoods. I'll continue to update this each month so you can see the market dynamics. The information I'm including is based on attached housing (condos/townhomes) . If you'd like another type of information, please contact me and I'd be happy to help.

Loop = 9 month supply on market

West Town (includes Wicker Park, Ukranian Village, Humboldt Park) = 9 mo

Near North (includes Gold Coast, River North, Streeterville, River West, Old Town) = 10 mo

Lakeview (includes Wrigleyville, Southport Corridor, Boystown) = 10.5 mo

Uptown = 12 mo

Near West (includes West Loop, Medical District, Tri-Taylor) = 12 month

Logan Square (includes Bucktown) = 13 mo

Lincoln Square = 13 mo

CHICAGO ENTIRE MARKET = 13 mo

Near South (includes South Loop, Printer's Row) = 14 mo

North Center = 15 mo

Lincoln Park (includes Depaul area) = 16 mo

What the market supply means: at the current rate at which homes are closing sale, it will take X months for all of the homes currently on the market to be sold & closed. This is an indicator of the current DEMAND for attached housing in these neighborhoods. You can compare these statistics to future months to help you understand how demand is changing over time.

For information on the boundarylines of each of these neighborhoods, good old Wikipedia should help: http://en.wikipedia.org/wiki/Chicago_neighborhoods