The inventory of listed downtown Chicago apartments for sale continues to fall.* There were 2,045 apartments for sale in downtown Chicago in the fourth quarter down 8.7% from fourth quarter 2012 when there were 2,241 apartments for sale. The percent of distressed sales (short sales and foreclosures) dropped from 12% of the inventory to 7%.
In November I wrote about how the number of downtown Chicago apartments for sale in the third quarter dropped 9.9%. As shown below, the number of apartments for sale in downtown Chicago has dropped almost 54% from 2010.
Downtown Chicago buildings that still have several apartments for sale include 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 fourth quarter rose 8.7% to $385,900. The average sale price as a percent of original sale price for homes with no price changes was 96.9% up from 95.4%. The average sale price as a percent of original sale price for homes with 1 or more price changes was 88.5% up from 87.5%.
The number of closed sales was down 6.2%. Pending sales were down 11.4%.
WHAT THIS MEANS FOR DOWNTOWN CHICAGO APARTMENT BUYERS
Lower inventory, rising prices and rising average sale price as a percent of original sale confirm that the buyers market is over. 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 DOWNTOWN CHICAGO APARTMENT SELLERS
If your home is priced right when it goes on market, it should sell in less than 3 months. The average days on market was down 45% to 78 days.
Just because the median sale price is up 8.7% from a year ago doesn’t mean that you’ll get 8.7% more for your home than you would have a year ago. Recent comparable sales and the current competition are much better price indicators. If you’re considering selling your home, contact me for a free market analysis.
DOWNTOWN CHICAGO APARTMENTS FOR SALE
Click below to see the downtown Chicago apartments 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, condos and other forms of ownership. Information is based on data from Midwest Real Estate Data (MRED).