Declining Markets Begin Year Number 3

In was late in 2007 when the Chicago markets started to rapidly change. Marketing times throughout the summer were extending and the number of sales quarter over quarter was dropping.

For those numerous markets in the Chicago Metro area, which have not recovered over the summer months (no guaranteeing that those that have will continue to do so), are beginning their 3rd straight year of declines. With supply exceeding demand and very slow absorption rates in some areas, the recovery will be slow.

Predicting future price moves is folly, but in some instances I cannot see them getting much lower. There are recorded sales of as little as $500 in one South side Chicago neighborhood. An irrelevant statistic but fun to know.