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Brendan Ross' Blawg [Blog]

Chicago Real Estate Law

By Brendan Ross | Broker in Chicago, IL

Low Home Inventory in Chicago

Realtors have a new problem as the residential market approaches the key spring selling season: not enough sellers.

The number of existing homes for sale in the Chicago area fell more than 36 percent last year to just under 39,000, or just 4.7 months of supply based on current sales trends, according to multiple listing service Midwest Real Estate Data LLC (MRED). That's the lowest inventory since 2006, when the market was cresting.

Buyers, who all but disappeared as the market drifted down, are back, fueling a 37 percent jump in local home sales in January. As a result, the supply of homes for sale has plunged in Chicago neighborhoods such as Douglas, McKinley Park and Avondale, and suburbs like Rosemont, Romeoville and Skokie.

Brendan Ross is a licensed real estate broker and attorney in Chicago.

Comments

By Le Ann Tyson,  Tue Mar 5 2013, 10:45
This seems to be much of the problem across the country. I think homeowners are staying put and perhaps investing in their current home. Our home and builders show was this past week-end. It was well attended, which is different from recent past years. A shortage of inventory is just another adaptation we have to make in our way of doing business!
By Cindy Finnerman - SFR,  Wed Mar 6 2013, 07:41
I have potential home sellers who can't find a property to buy in exchange, whether it's a move up or down, plus I am seeing some buyers who were distressed sellers in the past and now on the financial recovery wanting to buy.

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