New Chicago Housing Statistics Show Condo Inventory Growing

The Wall Street Journal had some interesting Chicago condo statistics in its Wednesday edition.  According to Marcus & Millichap Real Estate Investment Services, Inc. the Chicago area is going to add 26,000 condominiums this year and next to the already existing supply of 220,000 units.

According to the Chicago Association of Realtors:

  • August saw a 10.5% decline in the number of condos sold compared to August 2006.
  • The number of condos sold in August was 1707 units.
  • The average market time was 109 days versus 90 days in 2005.
  • Median sales prices were up 6.6% in August to $325,000.

It’s possible that condo prices continued to go up because more units on the higher end of the market were sold.  That is what is happening in several other cities right now.

It’s all about the inventory however.  The builders continue to build.  New buildings continue to be announced. 

Who are they selling to?  I wonder.  There are already thousands of unsold units in just the downtown.

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