The average market time for listed downtown Chicago apartments sold in the second quarter was down 59.5% from 3 years ago at 75 days.* The days on market was down 2.2% from a year ago. As shown below, it’s been a much shorter experience for selling this year than last year and the year before that!
The inventory of downtown Chicago apartments for sale rose again as it did last quarter. There were 3,104 apartments for sale in downtown Chicago in the second quarter up 16.1% from second quarter 2013 when there were 2,674 apartments for sale. The percent of distressed sales (short sales and foreclosures) dropped from 8% of the inventory to 3%.
Downtown Chicago buildings that still have several apartments for sale include the Grand Ohio, Marina Towers, 400 E Randolph, Trump Tower Chicago, Lake Point Tower and The Ritz-Carlton Residences. There are at least a dozen apartments for sale in each of these buildings.
The downtown Chicago apartment median sale price in the second quarter was the same as a year ago at $370,000. The average sale price as a percent of original sale price for homes with no price changes was 97.5% down from 97.7%. The average sale price as a percent of original sale price for homes with 1 or more price changes was 90.0% up from 89.2%.
The number of closed sales was down 6.8%. Pending sales were down 6.1%.
WHAT THIS MEANS FOR DOWNTOWN CHICAGO APARTMENT BUYERS
Rising inventory gives you more choices than a year ago. However, you still 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 DOWNTOWN CHICAGO APARTMENT SELLERS
Falling market times are good news, but with rising inventory (competition), falling sales and flat prices you definitely shouldn’t price your home above the market. If you’re considering selling your home, contact me for a free market analysis.
DOWNTOWN CHICAGO APARTMENTS FOR SALE
|$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|
FEATURED DOWNTOWN CHICAGO APARTMENT BUILDINGS
Call us at 773-793-4516 or email us.
* includes condos, co-ops & other forms of ownership
Information is based on data from Midwest Real Estate Data (MRED).