The inventory of listed downtown Chicago condos for sale continues to drop.* There were 2,512 condos for sale in downtown Chicago in the third quarter down 9.4% from third quarter 2012 when there were 2,774 condos for sale. The percent of distressed sales (short sales and foreclosures) on the market dropped from 13% of the inventory to 7%.
In September I wrote about downtown Chicago condos for sale being down over 14% in Q2. The inventory of downtown Chicago condos for sale is down over 52% from third quarter 2010.
The downtown Chicago condo median sale price in the third quarter rose 9.2% to $370,000. The average dollar per square foot for sales rose 4.0% to $389/SF.
The average sale price as a percent of original sale price for listings with no price changes was 98.2% up from 95.5%. For listings with one or more price changes the average sale price as a percent of original sale price was 89.4% up from 86.8%.
The number of closed sales was up 24.3%. Pending sales were up 12.6%.
WHAT THIS MEANS FOR DOWNTOWN CHICAGO CONDO BUYERS
Lower inventory, rising sales and rising prices 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 CONDO 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 43% to 74 days. Just because the market is improving doesn’t mean you should 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.
DOWNTOWN CHICAGO CONDOS FOR SALE
Click below to see 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||$450K to $500K||$400K to $450K||$350K to $400K|
|$300K to $350K||$250K to $300K||$200K to $250K||$100K to $200K|
FEATURED DOWNTOWN CHICAGO CONDO BUILDINGS
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).