The inventory of listed Chicago condos for sale continues to fall.* There were 10,833 condos for sale in Chicago in the first quarter down 3.5% from first quarter 2013 when there were 11,229 condos for sale. The percent of distressed sales (short sales and foreclosures) dropped from 29% of the inventory to 18%.
In February I wrote about the 10% drop in Chicago condos for sale in the fourth quarter. The inventory is down over 45% from 2011.
The median sale price rose 22.7% to $257,750. The average sale price as a percent of original sale price for homes with no price changes was 97.8% up from 96.7%. The average sale price as a percent of original sale price for homes with 1 or more price changes was 89.0% up from 86.4%.
The number of condos sold in the 1st quarter fell 2.6%. Pending sales were up 2.4%.
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 11.5% to 88 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.
CONDOS FOR SALE IN CHICAGO
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||$400K - $500K||$300K - $400K||$200K - $300K|
Call us at 773-793-4516 or email us.
*Statistics include co-ops, lofts, apartments and townhouses. Information is based on data from Midwest Real Estate Data (MRED).