How are we doing this spring in terms of inventory? Here’s what you need to know.
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Toward the end of April, we were still dealing with the lowest amount of inventory in our market that we’ve had in the last five to seven years.
I checked the MLS this morning and we have just over 1,800 condo units in our local downtown Chicago market. The exciting part is that over 485 of those are going to sell every 30 days, which, of course, represents a 3.7 month supply of inventory.
This figure is important because it lets us know exactly where we are in the market and whether it will favor buyers or sellers. If there’s more inventory than demand, then we’re in a buyer’s market. If there’s more demand than there is inventory, then we’re in a seller’s market.
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A typical supply of inventory in a balanced market is six months’ worth. Being that we currently have 3.7 months’ worth, we are definitely in a seller’s market.
We are definitely in a seller’s market.
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If you have been on the fence about selling your home—whether it’s upsizing or downsizing into a townhome, condo, or another property—please feel free to reach out to me. I’d love to discuss your plans with you.
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