The inventory of listed Chicago apartments for sale continues to drop.* There were 11,023 apartments for sale in Chicago in the first quarter down 27.4% from first quarter 2012 when there were 15,176 apartments for sale.
In March I wrote about how the inventory of Chicago apartments for sale was down over 31% in the 4th quarter of 2012. The inventory of Chicago apartments for sale is down over 54% from first quarter 2010.
The median sale price rose 8% to $210,000. The number of closed sales was up 21%. Pending sales were up 29%.
WHAT THIS MEANS FOR CHICAGO APARTMENT BUYERS
The buyers market is over. You need to be ready to buy when you find an apartment you want. If you will be financing your purchase, get your mortgage pre-approval before you start touring apartments. Email me for recommended mortgage consultants! If you’re paying cash, get a proof of funds letter from your accountant or banker ready to go. If you aren’t familiar with the differences between apartments owned as condos and co-op apartments see my article, Chicago co-op apartments vs. condos. Email me to get started!
WHAT THIS MEANS FOR CHICAGO APARTMENT SELLERS
The average days on market for apartments in the 1st quarter was down a whopping 40%! It took an average of 105 days to sell compared to 176 days a year ago. The overwhelming majority of those sales were for apartments owned as condos. Co-op apartments took almost 3 times as long to sell on average as condos! Apartments still have to be priced competitively. If your apartment is priced right when it goes on market, it will sell in a reasonable amount of time. If you’re considering selling your apartment, email me for a free market analysis.
CHICAGO APARTMENTS FOR SALE
Click below to see the Chicago apartments 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 |
QUESTIONS?
Call Fran at 773-793-4516, text or email
*Statistics include condos, co-ops & other forms of ownership. Information is based on data from Midwest Real Estate Data (MRED).
Fran Bailey specializes in downtown Chicago, Lincoln Park and Lake View condos, co-op apartments and houses. She has shared home buying and selling advice since 2006 and written about over 130 Chicago high rises. To schedule showings for any listings, get a 
