National media gushing about pending home sales, but the outlook isn’t quite as rosy in Chicago

After reading story (Bloomberg) after story (The Atlantic) about the positive national figures for pending home sales, I thought I better double check my stats since my post from Monday was a bit of a downer.

Chicago – citywide – pending home sales for the past 6 months were UP 2.1%. Even more interesting from the chart below, steady increases in pending sales for the weeks October 11 to November 15.  But then a huge drop of nearly 200 units.

Chicago Pending

Lakeview: statistically up 1.7%, but each month is all over the place, with a trend downward in the past 3 weeks.

Lakeview Pending

Lincoln Park: Statistically down 8.5%, but that only represents one home or condo less when comparing the most recent 3 months to the previous 3 months. 

Lincoln Park Pending

Bucktown:  Down 9.3% but like Lincoln Park, that only represents one unit less when comparing the most recent 3 months to the previous 3 months.  Still the trend is downward.

Bucktown Pending