An overlooked housing statistic

A rush of articles stemmed from yesterday’s Appraisal Research Counselors luncheon, including one from the Sun-Times suggesting we prepare for the “glut” of condos set for delivery this year. ARC noted that 5,900 new units will hit the market in 2008.

There’s another statistic from Gail Lissner‘s presentation that got less attention. More than half of this year’s pending deliveries are already sold – 4,200, according to ARC, leaving 1,700 left to be absorbed. Predictions for 2009 (which exclude proposals that haven’t broken ground yet) show 2,300 units already sold out of 4,200 under construction.

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