The inventory of listed downtown Chicago homes for sale continued to drop in the 3rd quarter. There were 9.5% less such homes for sale compared to 3rd quarter 2012.* There were 2,564 downtown Chicago homes for sale vs. 2,834 a year earlier. The percent of distressed sales (short sales and foreclosures) on the market dropped from 12% of the inventory to 6%.
The drop in inventory was not as large as in the second quarter when the inventory fell over 14% from a year earlier. The drop can be at least partially attributed to rising sales. The number of units sold was up significantly year over year for the past 4 quarters. The increase for the 3rd quarter was 23.8%.
As shown below, the inventory drop over the past 3 years has been dramatic. The inventory in the third quarter was down 51.9% from third quarter 2010.
The median sale price was up 8.8%. The average sale price as a percent of original sale price for homes with no price changes was 98.1% up from 95.5%. The average sale price as a percent of original sale price for homes with 1 or more price changes was 89.4% up from 86.2%.
WHAT THIS MEANS FOR DOWNTOWN CHICAGO HOME BUYERS
Lower inventory, rising sales and rising prices confirm that it’s no longer a buyers market. 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 HOME 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 43.4% to 74 days, the lowest quarterly average days on market in the past 3 years. With the drop in inventory slowing you definitely shouldn’t 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 HOMES FOR SALE
Click below to see the downtown Chicago homes for sale in your desired price range. You can narrow the results by internal and external features.
|$3M & Above||$2M to $3M||$1.5M to $2M||$1M to $1.5M|
|$900K to $1M||$800K to $900K||$700K to $800K||$600K to $700K|
|$500K to $600K||$400K to $500K||$300K to $400K||$200K to $300K|
SCHEDULE SHOWINGS or GET A FREE MARKET ANALYSIS
Contact me to
schedule showings for any listings
get a free market analysis for your home
request additional information
* based on Midwest Real Estate Data