CHICAGO HOMES-FOR-SALE INVENTORY DECLINES Less Than Expected in December!
CHICAGO INVENTORY DOWN 7.3% FROM NOVEMBER! NATIONALLY, HOMES FOR SALE DOWN 6.4%, DECEMBER VS. NOVEMBER.
Across the U.S., and in Chicago, the inventory of homes on the market for sale typically dip between the November Thanksgiving Holiday and the end of the year. The year 2008 was no different, as inventory dipped 6.4% versus November, and 9.5% from December, 2007. Over the last 25 years, the November-to-December falloff averaged a significantly-higher 11%, according to research firm Zelman & Associates.
Estimates come from CA-Based Real Estate Firm Zip Realty, as summarized in James Haggerty's article in yesterday's Wall Street Journal. New homes, those in foreclosure, and those in New York City, are not included in their survey.
The Chicago Metro Area had 70,440 homes listed for sale at the end of December, roughly the same as a year prior. The figure dropped 7.3% from November.
According to the National Association of Realtors, roughly 4.2 Million resales were on the market across the country at the end of November. That's an 11 month supply at the current rate of sales. A "balanced market" offers a six month supply.
Currently, in the City of Chicago, covering the North and Northwest Side Neighborhoods we serve frequently, the available inventory would last a theoretical 14.5 months. Our post via BlogChicagoHomes.com from Monday, January 12th provides our latest-available Chicago Market Data Summary.
DEAN MOSS & DEAN'S TEAM CHICAGO
