Good News for Buyers as the Market Corrects
The real estate market data for all 77 Chicago neighborhoods shows the continued slowing of the market as predicted. The data varies from neighborhood to neighborhood, and even block to block, but in general we are seeing a more balanced market at the end of a 10-year real estate cycle.
The total deals closed are down 10%-20% from this same time last year. Inventory is increasing a little bit but mostly for higher end condos. There is a still a significant lack of inventory of single family homes in nicer North Side areas. Market times are way up and final sales prices are beginning to slag. The uncertainty of mayoral elections and the Illinois economy persists.
This is good news for buyers who have faced multi-bid situations for years now. Buyers can afford to be more picky and negotiate more aggressively, while still taking advantage of super low mortgage interest rates.