The inventory of listed downtown Chicago apartments for sale rose for the first time in 5 years.* There were 2,477 apartments for sale in downtown Chicago in the first quarter up 6.1% from first quarter 2013 when there were 2,335 apartments for sale. The percent of distressed sales (short sales and foreclosures) dropped from 10% of the inventory to 6%.
In February I wrote about how the number of downtown Chicago apartments for sale in the fourth quarter dropped 8.7%. As shown below, the number of apartments for sale in downtown Chicago has dropped almost 43% from 2011.
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 first quarter rose 11.7% to $357,500. The average sale price as a percent of original sale price for homes with no price changes was 96.8% up from 95.3%. The average sale price as a percent of original sale price for homes with 1 or more price changes was 88.6% up from 87.4%.
The number of closed sales was down 0.2%. Pending sales were down 1.9%.
WHAT THIS MEANS FOR DOWNTOWN CHICAGO APARTMENT BUYERS
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 23% to 85 days.
Just because the median sale price is up 11.7% from a year ago doesn’t mean that you’ll get 11.7% 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||$400K - $500K||$300K - $400K||$200K - $300K|
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*Statistics include condos, co-ops & other forms of ownership. Information is based on data from Midwest Real Estate Data (MRED).