The inventory of listed downtown Chicago homes for sale rose for the first time in 6 years. There were 5.8% more such homes for sale compared to 1st quarter 2013.* There were 2,545 downtown Chicago homes for sale vs. 2,405 a year earlier. The percent of distressed sales (short sales and foreclosures) on the market dropped from 10% of the inventory to 5%.
In January I wrote about how the drop in inventory in the fourth quarter fell 8.4% from a year earlier. As shown below, the inventory drop over the past 3 years has been dramatic. The inventory in the first quarter was down over 42% from first quarter 2011.
The median sale price was up 12.3% to $365,000. The average sale price as a percent of original sale price for homes with no price changes was 96.3% up from 94.9%. The average sale price as a percent of original sale price for homes with 1 or more price changes was 88.4% up from 87.3%.
The number of units sold was up 0.2%. Pending sales were up 0.5%
WHAT THIS MEANS FOR DOWNTOWN CHICAGO HOME BUYERS
Rising prices and rising average sale price as a percent of original sale price 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 21.6% to 90 days. 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.
|$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|
Call us at 773-793-4516 or email us.
*Information is based on data from Midwest Real Estate Data (MRED).