MONTHLY MARKET STATS - APR 08

In the month of April, we saw an almost across-the-board increase in market supply, in what I believe to be a correction to the sudden supply drop of the previous month. A number of buyers were hit hard in April as mortgage restrictions tightened again, decreasing demand for homes. My prediction is that May will yield an overall stabilization in market supply, with the exception of the Near South where supply will significantly drop from this month. I attribute much of the Near South Side's increase in market supply to several developments that listed a number of units for sale in April, including 1555 S Wabash and 1211 S Prairie.

Based on currently available home inventory and units which sold & closed in the month of April, below you'll see the current amount of housing supply in various Chicago neighborhoods. Next to each neighborhood, I am indicating whether the supply has increased or decreased from MArch. 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.

North Center = 7 months (decrease)

Loop = 7 months (increase)

Lakeview = 8.5 months (increase)

Logan Square = 8.5 months (decrease)

West Town = 10 months (no change)

Uptown = 10 months (increase)

Lincoln Park = 11 months (increase)

Lincoln Square = 14 months (increase)

CHICAGO ENTIRE MARKET = 14.5 months (increase)

Near West = 15 months (increase)

Near North = 15 months (increase)

Near South = 23.5 months (increase)