The inventory of listed Chicago condos for sale rose for the first time in a few years.* There were 13,540 condos for sale in Chicago in the second quarter up 6.6% from second quarter 2013 when there were 12,707 condos for sale. The percent of distressed sales (short sales and foreclosures) dropped from 24% of the inventory to 12%.
In May I wrote about the 3.5% drop in Chicago condos for sale in the first quarter. The inventory is down over 32% from 2011.
The median sale price rose 10.2% to $305,000. The average sale price as a percent of original sale price for homes with no price changes was 98.3% up from 98.2%. The average sale price as a percent of original sale price for homes with 1 or more price changes was 90.3% up from 89.0%.
The number of condos sold in the 2nd quarter fell 3.5%. Pending sales were up 0.1%.
WHAT THIS MEANS FOR CHICAGO CONDO BUYERS
Higher prices and higher prices as a percent of original list prices confirm that it’s no longer a buyers market. The higher inventory gives buyers more choices and a little more negotiating power. 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 CONDO SELLERS
If your home is priced right when it goes on market, it should sell within 3 months. The average days on market was down 1.9% to 75 days. With the rise in inventory 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, get our free home valuation.
CONDOS FOR SALE IN CHICAGO
|$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|
DOWNTOWN CHICAGO CONDOS FOR SALE
* includes co-ops, lofts, apartments and townhomes
Information is based on data from Midwest Real Estate Data (MRED).