Chicago Inventory Shortage Signals Seller’s Market
While the DOW takes get another hit and is referred to as the bottomless pit, real estate is UP as people are shifting their money into hard assets and long term investments.
Starting the year with fewer homes for sale than at any point in at least the last nine years, Chicago saw its inventory dip even lower the next week.
As of Jan. 9, 7,297 homes were publicly listed for sale in the city, according to data released yesterday by the Chicago Association of Realtors. By sinking below the previous week’s 7,694, the for-sale inventory hit a new low that stretches back to the start of 2007.
When the Realtors group began reporting the weekly inventory in January 2007, about 21,000 houses, condominiums and townhouses were on the market within the city limits. Inventory peaked later that year at about 28,000 homes.
The size of the inventory changes with both the number of homes added to the for-sale pool and the number that get sold.
While the number of new listings rose during the week, the increase in the number of sales was bigger, resulting in further shrinkage to the inventory on hand at the close of the week.( Crains )
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