Here are some interesting real estate stats that, in an odd way, are encouraging.  Not great, but encouraging.  The one thing I have learned over my 27 years in this business is that no one can predict the market, as no one can predict human behavior....no one.  The stock market tanked last week, oil prices hit an all time high, yet we saw a noticeable spike in physical and internet traffic for the last 10 days.   Perhaps a fluke, but the one thing that I know is that people will make changes in behavior when you do not think they will.  So we will see.....

 City wide new listings have decreased for the 4^th week in a row (by14%).  Though overall listings are substantially higher than last year, this is a good sign.  Normally we would be seeing new listing increases through July in a normal market, and even more in a decreasing market.  Part of the decrease is due to new homebuilders putting a freeze on starts; but, even with that, having 4 consecutive weeks of decreases in new listings is a positive trend.  So is the market getting better?  No.  Is it getting worse? No.  That is something nice to hear.

 In our River North "RN" area we are seeing somewhat similar stats, but varying considerably from neighborhood to neighborhood.  Oddly, River Place remains at its lowest inventory levels in 14 years.  This is most likely due to upcoming middle and high schools.  Steiner Ranch inventory is at an all time high, but it appears that it may have peaked (I hope).  All of the other surrounding areas are a bit high in inventory with lower than normal sales.  The big kicker is that there are 64 homes in our RN area that are "priced" over $1 million.  That is SIXTY FOUR.  With one closing over 1 million last month.......well you can do the math....and so can the builders and owners.  If you know of anyone wanting to get into the $1mm+ market, this is the time.  The trade off is a small hit on a lower valued home for a big hit on a higher valued home.

 The sales will remain low until we see an improvement in consumer confidence.  The big obvious item that will change consumer confidence is oil prices.  We have probably all heard that the Saudi's are now seriously scared about a long term decrease in oil demand.  Unfortunately, they were unable to convince the rest of OPEC or oil speculators.  Being in an election year, I am very optimistic that we will see an event that may cause a shift in this oil price panic.  This will depend on what comes out of the mouths of the presidential nominees and most importantly Congress and the Senate; as, once the world hears the probability of an increased oil supply combined with a decreased demand, we will see a positive reaction.