Downtown Chicago condos for sale down 9.4%, prices up 9.2% in Q3

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.

Quarterly Downtown Chicago Condo Statistics Q3 2010 - Q3 2013 Chart

Quarterly Downtown Chicago Condo Statistics Q3 2010 - Q3 2013

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$400K - $500K$300K - $400K$200K - $300K

FEATURED DOWNTOWN CHICAGO CONDO BUILDINGS

Gold Coast
Loop
River North
Streeterville
111 E. Chestnut225 N. Columbus55 E. Erie161 E. Chicago
1035 N. Dearborn130 N. Garland333 W. Hubbard175 E. Delaware
10 E. Delaware155 N. Harbor21 E. Huron600 N. Fairbanks
57 E. Delaware 310 S. Michigan100 E. Huron600 N. Lake Shore
1040 N. Lake Shore1160 S. Michigan33 W. Huron900/910 N. Lake Shore
1440 N. Lake Shore340 E. Randolph70 W. Huron400 E. Ohio
800 N. Michigan400 E. Randolph25 E. Superior250 E. Pearson
1325 N. State450 E. Waterside401 N. Wabash159 E. Walton

QUESTIONS?

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).

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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