Chicago Condo Sales Help Hot Area Real Estate Market in December
Posted by Helaine Cohen on
Although the end of the year and the holidays typically marks a slow real estate season, the Chicagoland area saw its home sales rise at this time, helped by a strong surge in Chicago condo sales.
Helping drive demand was a remarkably low inventory for Chicago condos, townhomes and single-family homes. In fact, the year ended with only a 2.7 month supply of townhomes and condos and only a 3.7 month supply of single-family homes.Â
Although low inventory is a sign of a strong housing market as it shows that buyers are acting swiftly and buying up homes and condos that are for sale, too low of an inventory can shift the market too far into a seller’s market. The good news is that inventory levels of Chicago condos and townhomes are expected to tick…
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