If you thought the news Miami was developing condos again was unbelievable, here’s another tale from the surging housing recovery front.
Gary Lucido, a Chicago-based broker who writes the blog “Getting Real” about the city’s real estate scene, has a new chart showing inventories of 2-3 bedroom condos in the Windy City are at lows not seen in at least six years.
Photo: Gary Lucido/MSI
“Everyone who is looking to buy a home right now – or even an investment property – in the Chicago area is totally frustrated these days by the lack of inventory,” he writes.
Usually this time of year, contract activity falls by more than the available inventory so the result is an increase in months of supply, he writes, making the drop-off all the more remarkable. Contract activity is up about 40% from a year ago.
He concludes: “It’s the best time to sell a home in ages.”
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