We’ve Seen a Sharp Rise in New Listings and Sales
Finally there might be a break in the inventory logjam that has plagued Chicago for many years now. There has been a sharp rise in both sales and new homes added to the market in the month of July 2020 compared to the previous July 2019.
Take Lakeview for example. The number of new condo listings in July 2020 was 521 compared to 367 in July of 2019- a 42% increase. As of yet, this did not solve the inventory issue as buyers gobbled up 232 units compared to 180 units in July 2019. So inventory remains flat from 2019 to 2020, but that can only change as more new listings continue to flood the market and sales fizzle this Fall. A rise in interest rates can only slow down sales also. We see that in Lincoln Park, where new condo listings were up 25% and closed sales 22%, leading to a small but notable rise of inventory of almost 4%. From Lincoln Square to Logan Square, we see the same figures for condos, definitely a trend. Single family home sales and new listings remain relatively flat on the North Side.
In the suburbs, we see a surge of sales 20% or more above 2019 levels, in areas with good schools and closer to the city such as Park Ridge and Glenview. No surprise there as the number of online searches for homes in the suburbs has skyrocketed. It remains to be seen how big of a trend this will be in years to come.