Downtown Chicago apartment market times down nearly 60% since 2011

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!

Quarterly Downtown Chicago Apartment Average Days on Market Q2 2011 - Q2 2014 Chart

Quarterly Downtown Chicago Apartment Average Days on Market Q2 2011 – Q2 2014

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

Gold Coast
Loop
River North
Streeterville
10 E. Delaware225 N. Columbus55 E. Erie600 N. Lake Shore
179 E. Lake Shore130 N. Garland118 E. Erie840 N. Lake Shore
219 E. Lake Shore310 S. Michigan21 E. Huron415 & 445 E. North Water
1040 N. Lake Shore1160 S. Michigan25 E. Superior180 E. Pearson
1448 N. Lake Shore65 E. Monroe500 W. Superior250 E. Pearson
1540 N. Lake Shore340 E. Randolph401 N. Wabash270 E. Pearson
800 N. Michigan159 E. Walton
11 E. Walton232 E. Walton

QUESTIONS?

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).

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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