The inventory of listed Chicago apartments for sale continues to drop.* There were 10,261 apartments for sale in Chicago in the fourth quarter down 31.7% from fourth quarter 2011 when there were 15,021 apartments for sale. The inventory of Chicago apartments for sale is down over 53% from fourth quarter 2009.
The median sale price rose 16% to $215,000. The number of closed sales was up 38%. The average days on market for pending sales was down 23%. Pending sales were up 33%.
WHAT THIS MEANS FOR CHICAGO APARTMENT BUYERS
The buyers market is over. If you will be financing your purchase, get your mortgage pre-approval before you start touring apartments. If you’re paying cash, get a proof of funds letter ready to go.
WHAT THIS MEANS FOR CHICAGO APARTMENT SELLERS
Don’t expect that you’ll get more for your apartment now. It’s not a sellers market yet. As always, if your apartment is priced right when it goes on market, it will sell in a reasonable amount of time.
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|
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*Statistics include condos, co-ops & other forms of ownership. Information is based on data from Midwest Real Estate Data (MRED).