Hey, I get asked lots of questions, and people are always wondering where I pulled the answers from. Well, I pulled them from actual market data, and today we’re going to get into that data.

One question, I get asked a lot is based on what the media keeps saying. They keep talking about inventory being really really low. But the media talks about it on a macro level. When you focus on the micro-level it’s a different story.

Being that I work along the Blue Line, going from the West Loop into West Town, Logan Square, Avondale, and Irving Park, we’re going to look at my part of Chicago specifically.

So in the video this week I take a look at charts for three neighborhoods, West Town, Logan Square, and Avondale. When you look at new listings, going back from 2016 to 2021, the inventory seems to be climbing, especially when you look at 2021 in Logan Square and West Town. The closed sales across these times also look about the same, maybe a little higher.

The other graph we look at is for listing to contract. I want to look at the median, which is the midpoint for the number of days that most properties are going under contract from the time they’re listed. And overall things are going under contract in a shorter period of time. In 2021, the average time that things went under contract was within 10 days. 10 days is a really short period of time.

So what we can draw from that is that inventories have been consistent over the last six years, but things are selling quicker. If things are selling quicker, that means demand is high and sellers are getting top dollar for the properties. This is making it feel like inventory is actually lower since things are selling so quickly.

So if you’re thinking of selling right now, and you want to get top dollar for your property, there’s never been a better time to sell.

And if you’re looking to buy, know the inventory’s not lower, it’s just more competitive than it used to be.

So give me a call, we’ll get you into a new home, and if you need to sell, we’ll get top dollar for your home.

I love this job, and I’m ready when you are.