The inventory of listed downtown Chicago condos for sale in the first quarter rose for the first time since 2009.* There were 2,483 condos for sale in downtown Chicago in the first quarter up 5.7% from first quarter 2013 when there were 2,348 condos for sale. The percent of distressed sales (short sales and foreclosures) on the market dropped from 10% of the inventory to 5%.
As shown below, quarterly inventory has been dropping significantly over the past few years. The inventory of downtown Chicago condos for sale is down over 42% from first quarter 2011.
The downtown Chicago condo median sale price in the first quarter rose 12.1% to $358,850. The average dollar per square foot for sales rose 10.1% to $416/SF.
The average sale price as a percent of original sale price for listings with no price changes was 96.8% up from 95.3%. For listings with one or more price changes the average sale price as a percent of original sale price was 88.6% up from 87.5%.
The number of closed sales was down 0.8%. Pending sales were up 1.2%.
WHAT THIS MEANS FOR DOWNTOWN CHICAGO CONDO BUYERS
Rising prices and rising average sale price as a percent of original sale price 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 18% to 91 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
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*Statistics include co-ops, lofts, apartments and townhouses. Information is based on data from Midwest Real Estate Data (MRED).