Chicago apartment prices up 22.1% in Q4

Here are the 2013 4th quarter statistics for apartments in Chicago along with apartments for sale by price range. Schedule a showing online!

The median sale price rose 22.1% to $262,500 from a year earlier.* The average sale price as a percent of original sale price for homes with no price changes was 97.6% up from 96.2%. The average sale price as a percent of original sale price for homes with 1 or more price changes was 89.7% up from 85.2%. In December I wrote about how the prices of Chicago apartments for sale was up over 17% in the 3rd quarter.

Chicago Apartment Median Sale Price 4th Qtr. 2010 - 4th Qtr. 2013 Chart

Chicago Apartment Median Sale Price 4th Qtr. 2010 - 4th Qtr. 2013

The inventory of listed Chicago apartments for sale continues to drop. There were 9,567 apartments for sale in Chicago in the fourth quarter down 9.3% from fourth quarter 2012 when there were 10,544 apartments for sale. The percent of distressed sales (short sales and foreclosures) dropped from 37% of the inventory to 22%.The inventory of Chicago apartments for sale is down nearly 52% from fourth quarter 2010.

The number of closed sales was up 6.3%. Pending sales were up 3.5%.

WHAT THIS MEANS FOR CHICAGO APARTMENT BUYERS

Lower inventory, rising prices and rising average sale price as a percent of original sale price confirm that the buyers market is over. You need to be ready to buy when you find a home you want. If you will be financing your purchase, get your mortgage pre-approval before you start touring homes. Contact me for recommended mortgage consultants. If you’re paying cash, get a proof of funds letter from your accountant or banker ready to go. Contact me to get started.

WHAT THIS MEANS FOR CHICAGO APARTMENT SELLERS

If your home is priced right when it goes on market, it should sell in less than 3 months. The average days on market was down 32.5% to 91 days. Just because the market is improving doesn’t mean you should price your home above market. Most buyers finance their purchase. Your home will need to appraise for at least sale price for financing to be approved. The appraised value is primarily determined by recent comparable sales. If you’re considering selling your home, contact me for a free market analysis.

CHICAGO APARTMENTS FOR SALE

Click below to see the Chicago apartments for sale in your desired price range.

$3M & Above$2M to $3M$1.5M to $2M$1M to $1.5M
$900K to $1M$800K to $900K$700K to $800K$600K to $700K
$500K to $600K$400K to $500K$300K to $400K$200K to $300K

QUESTIONS?

Call us at 773-793-4516 or email us.

*Statistics include condos, co-ops & other forms of ownership. Information is based on data from Midwest Real Estate Data (MRED).

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ABOUT THE AUTHOR

Fran Bailey Fran Bailey is a Realtor who has been quoted in numerous Chicago and national publications. To schedule showings for any listings, get a free market analysis for your home or to contact Fran email her at fran.bailey@bairdwarner.com or call 773-793-4516. Learn More