In a trend that falls in line with what much of the nation has been experiencing in 2013, Chicago condos and homes for sale are seeing low inventory, high prices, bidding wars, and quick turnaround between when a property or space is listed and when it is sold.
A recent report from the Sun-Times used the example of Jason and Megan Komenda, a couple expecting a child who were looking to move out of their Chicago condo in Lincoln Square to find a larger home. It took the Komenda's three attempts to close on a home, due to higher-priced offers ousting their initial bids—and when they did secure a property, it was only because another buyer fell through due to complications.
While this scenario might sound difficult, it's actually pretty indicative of the way today's market for Chicago condos and homes is trending. As President of the Chicago Association of Realtors Zeke Morris says, "People should understand the marketplace. If you’re interested in the hotter neighborhoods, understand that your ability to negotiate is going to be limited. If you’re in a neighborhood that’s not experiencing multiple offers (on a home), then you can afford to be picky.”
As for overall inventory numbers, they still remain low in this in-demand market, according to CAR. Chicago condos saw a minor increase year-over-year in listings for the first five months of 2013, with that increase at three percent from the first five months of 2012. But that pales in comparison to the 28 percent jump in sales the market experienced year-over-year during that time, marking a major demand increase for Chicago condos for sale. Chicago condos are also staying on the market for much shorter than they used to, with days on market down 36 percent.
Chicago homes were also in demand, with CAR reporting home inventory listings down 1 percent for the aforementioned time period, while home sales went up 22 percent during that same period.