Below you will find the 3rd Quarter 2008 Sales statistics for the West side suburbs. Please note that this is Year over Year information. I believe that assessing performance on a quarterly basis gives a more accurate picture of what is actually going on. Monthly sales statistics for a specific area does not provide enough sampling to get an accurate statistic.
The field "months supply" refers to how many months we have of inventory assuming that no new homes come onto the market for sale. Months supply is based on the most recent quarter sales performance for a given area. Months supply is a good statistic to use in order to gauge where a market is trending. For example, a high months supply usually does not look good for a specific market's home prices. This data does not take account for markets within markets.
For example, it does not account for different price tiers. The $50-$100k market within Hilton may have a two month supply, but the $300-400k market may have a 20 months supply since there is quite a lot of high end construction going on in Hilton at this time. So please be careful when analyzing these numbers so that you do not come to false conclusions.
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