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Rather than stop by the inviting Devon Astrology Shop above our nearby Subway sandwiches store (Psychics and Sandwiches.. what a combo!) lets look at a true picture of the market to determine what the future holds.
On January 29th, we took a snapshot of the balance between Supply and Demand for a handful of neighborhoods in Chicago. We looked at the first time home buyer market (priced between $200k and $500k) to determine the supply /demand balance.
Absorption, Condos $200k to $500k, Sold listings from previous 12 months:
Here is an update of those numbers:
Neighborhood Active Sold Listings Current Absorption January 09 Absorption
Lakeview 746 912 9.8 months 5.67 months
Lincoln Park 431 444 11.65 months 6.8 months
Lincoln Square 189 212 10.7 months 6.0 months
Near North Side 1291 1002 15.46 months 9.58 months
Loop 449 408 13.2 months 7.67 months
Near South Side 698 469 17.8 months 9.7 months
The strength of the market has deteriorated significantly in a very short time. We are in a full fledged buyers market.
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