The inventory of listed Chicago condos for sale continues to fall.* There were 9,490 condos for sale in Chicago in the fourth quarter down 10.0% from fourth quarter 2012 when there were 10,540 condos for sale. The percent of distressed sales (short sales and foreclosures) dropped from 34% of the inventory to 21%.
In October I wrote about the 9.5% drop in Chicago condos for sale in the third quarter. The inventory is down 52% from 2010.
The median sale price rose 22.0% to $262,212. 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%.
The number of condos sold in the 4th quarter rose 6.2%. Pending sales were up 5.3%.
WHAT THIS MEANS FOR CHICAGO CONDO BUYERS
Lower inventory, higher prices and higher prices as a percent of original list prices confirm that it’s no longer a buyers market. 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 CONDO SELLERS
If your home is priced right when it goes on market, it should sell within 3 months. The average days on market was down 32.9% to 91 days. With the drop in inventory slowing you definitely shouldn’t 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 CONDOS FOR SALE
Click below to see the Chicago condos 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|
DOWNTOWN CHICAGO CONDOS FOR SALE
Click below to see only the downtown Chicago condos for sale in your desired price range.
|$3M+||$2M - $3M||$1.5M - $2M||$1M - $1.5M|
|$900K - $1M||$800K - $900K||$700K - $800K||$600K - $700K|
|$500K - $600K||$450K to $500K||$400K to $450K||$350K to $400K|
|$300K to $350K||$250K to $300K||$200K to $250K||$100K to $200K|
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*Statistics include co-ops, lofts, apartments and townhouses. Information is based on data from Midwest Real Estate Data (MRED).