Despite news of an improving economy, Chicago home sales continue to lag. In May, 40 single family homes closed on the north side*, representing 68.96% of May 2008. Year to date sales (163) are down 29.74% over 2008 Jan-May sales.

Chicago Home Sales

North Side

2005 – 2009

Chicago Home Sales 2005 to 2009 - May

Currently, there are 698 homes on the market.  The level is even higher than reported in April (688) and represents a 21.4 month inventory of homes for sale.

Chicago Median Sales Prices

North Side

2005 – 2009

Chicago Home Prices 2005 to 2009 - May

As for prices, May median sales prices dipped significantly, but this may be just a blip.  For May itself, the median single family home sales price was $691,000.  This is about a 23% decline over May 2008 and 24% decline YTD.  In looking at the last 30 days ( – 6/12/09) , the median price is back up to $853,980, indicating that perhaps the snapshot of May was an anomoly in the numbers.

* These statistics are gleaned from MRED, and include the following neighborhoods:

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