Downtown Chicago apartments for sale down 14.9%, prices up 10.4% in Q2

The inventory of listed downtown Chicago apartments for sale continues to fall.^* There were 2,659 apartments for sale in downtown Chicago in the second quarter down 14.9% from second quarter 2012 when there were 3,123 apartments for sale. The percent of distressed sales (short sales and foreclosures) dropped from 10.9% of the inventory to 6.9%.

In May I wrote about how the number of downtown Chicago apartments for sale in the first quarter dropped 27%. The number of apartments for sale in downtown Chicago has dropped 54% from 2010.

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Quarterly Downtown Chicago Apartment Statistics Q2 2010 - Q2 2013 Chart — Quarterly Downtown Chicago Apartment Statistics Q2 2010 - Q2 2013

Downtown Chicago buildings that still have several apartments for sale include Trump Tower Chicago, The Heritage at Millennium Park and The John Hancock Center. There are at least 10 apartments for sale in each of these buildings.

The downtown Chicago apartment median sale price in the second quarter rose 10.4% to $370,000. The number of closed sales was up 23.3%. Pending sales were up 28.8%.

WHAT THIS MEANS FOR DOWNTOWN CHICAGO APARTMENT BUYERS

Lower inventory, rising sales and rising prices signal that the buyers market is over. 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 APARTMENT 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% to 78 days. Just because the market is improving doesn’t mean you should 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.