Chicago apartments for sale down over 31% in 4th quarter

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%.

Chicago Apartments For Sale 4th Qtr. 2009 - 4th Qtr. 2012

Chicago Apartments For Sale 4th Qtr. 2009 - 4th Qtr. 2012

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

SCHEDULE SHOWINGS or GET A FREE MARKET ANALYSIS

Email 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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