Chicago is already in the midst of a seller's market and the spring doesn't necessarily look to be bringing much relief.
Multiple media reports this week note that the city's inventory is down to about 38 percent of its peak in 2007 and dropped in volume since 2014 year over year. Sales prices are up as a result; the March average was 22 percent higher than the previous year.
The suburbs are seeing similar price increases, around 19 percent.
So while all signs are that buyers will be for stiff competition this year, there are also indications that the shortage of inventory won't likely let up much. Substantial numbers of homeowners still aren't in a position to sell: 25 percent are still underwater and 17 percent can't afford to sell due to the transaction costs.
For more, check out Crain's here, Curbed here and the Sun-Times here.