According to the National Association of Realtors, the Chicago housing market currently has low demand with a high supply of homes on the market. There is currently a nine to ten month supply of homes. So those homes in good neighborhoods, school districts, near jobs and families are getting sold faster than their competitors. With the huge supply of homes on the market and less buyers there is less buyer competition which means not a lot of bids and offers for seller to chose from.
There is a large supply of bank owned properties. To make matters worse these bank owned properties sell for about 35% less per square foot compared to non foreclosed homes. So there are more short sale transaction going on.