After the Illinois Association of Realtors released its latest report detailing a 5.2 percent drop in January market activity in the Chicago area, Chicago Agent Magazine drilled into the data and identified three factors that continue to affect the market.
First, distressed inventory is declining. That's good news and a sign of a healthy market but it's also exacerbating a shortage on local inventory generally.
Second, inventory remains limited. Last year alone inventory dropped 21 percent - it's a factor that contributes to big price increases but has also created an imbalance in favor of sellers.
And third, they point to the time of year. Given the lack of inventory, combined with pent-up demand in recent years, the traditional quiet months in winter have stayed busy - they argue the seasonal slow-down is returning.
For the full report head over to Chicago Agent Magazine and for the IAR report head over here.