The median sale price of listed houses in Chicago in the second quarter was up 9.8%.* The median sale price was $185,500. The average sale price as a percent of original sale price for homes with no price changes was 97.7% up from 97.0%. The average sale price as a percent of original sale price for homes with 1 or more price changes was 87.2% up from 85.6%. In May I wrote about how the median sale price of Chicago houses sold was up 15.4% in the first quarter.
The number of listed houses for sale in the 2nd quarter was down 3.0% from 2nd quarter 2013. There were 9,225 houses for sale compared with 9,513 a year earlier. The percent of distressed sales (short sales and foreclosures) dropped from 37% of the inventory to 26%.
The number of Chicago houses sold in the 2nd quarter was down 9.4% from a year earlier. Pending sales were up 9.9%.
WHAT THIS MEANS FOR CHICAGO HOUSE BUYERS
Higher prices and higher prices as a percent of original list 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 CHICAGO HOUSE SELLERS
If your home is priced right when it goes on market, it should sell in less than 4 months. The average days on market was down up 4.5% to 100 days. Be careful pricing 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, get our free home valuation.
CHICAGO HOUSES QUICK SEARCH
*based on MRED (Midwest Real Estate Data)
Information is based on data from Midwest Real Estate Data (MRED).