For December there was a 9.6 month supply of attached homes (condos and townhomes) in Chicago which was down slightly from November's 9.9 month supply. This means that at the current rate it would take 9.6 months for the current inventory of homes to be absorbed. The months of supply of attached homes has risen steadily from a 5.0 month supply in March of 2006. The number of homes on the market has outpaced the number of buyers by an increasing margin throughout 2006 and has resulted in high residual inventories.
In December the average days on market was 79 days which is up from November's number of 76. The number of days on market has been in the high 60s to high 70s throughout 2006.
Sellers seemed to hold the line on prices with the median sale price of $287,750 and average sale price of $352,000. In general the median sale price for attached homes has been relatively flat throughout 2006.