Chicago apartments for sale down 8.5%, prices up 17.6% in Q3

The inventory of listed Chicago apartments for sale continues to drop.* There were 11,981 apartments for sale in Chicago in the third quarter down 8.5% from third quarter 2012 when there were 13,098 apartments for sale. The percent of distressed sales (short sales and foreclosures) dropped from 31% of the inventory to 20%.

In August I wrote about how the inventory of Chicago apartments for sale was down over 17% in the 2nd quarter. The inventory of Chicago apartments for sale is down nearly 50% from third quarter 2010.

Chicago Apartments For Sale 3rd Qtr. 2010 - 3rd Qtr. 2013 Chart

Chicago Apartments For Sale 3rd Qtr. 2010 - 3rd Qtr. 2013

The median sale price rose 17.6% to $280,000. The average sale price as a percent of original sale price for homes with no price changes was 98.5% up from 96.4%. The average sale price as a percent of original sale price for homes with 1 or more price changes was 89.6% up from 85.8%.

The number of closed sales was up 29.8%. Pending sales were up 18.4%.

WHAT THIS MEANS FOR CHICAGO APARTMENT BUYERS

Lower inventory, rising sales and rising prices 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 36.4% to 77 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

SCHEDULE SHOWINGS or GET A FREE MARKET ANALYSIS

Contact me to
schedule showings for any listings
get a free market analysis for your home
or
request additional information

* includes condos, co-ops & other forms of ownership

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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

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