Downtown Chicago apartments for sale down 27% in Q1

The inventory of listed downtown Chicago apartments for sale continues to fall.^* There were 2,324 apartments for sale in downtown Chicago in the first quarter down 27.2% from first quarter 2012 when there were 3,194 apartments for sale. The inventory of downtown Chicago apartments for sale is down over 57% from first quarter 2010.

The largest quarterly year over year percentage drop in the inventory of downtown Chicago apartments for sale was the previous quarter, 4th quarter 2012. The inventory dropped 29.2%.

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Quarterly Downtown Chicago Apartment Statistics Q1 2010 - Q1 2013 Chart — Quarterly Downtown Chicago Apartment Statistics Q1 2010 - Q1 2013

Downtown Chicago buildings that still have several apartments for sale include Trump Tower Chicago, The Regatta and 600 N Lake Shore Drive. There are at least a dozen apartments for sale in each of these buildings.

The downtown Chicago apartment median sale price in the first quarter rose 10.3% to $320,000. The number of closed sales was up 9%. Pending sales were up 18%.

WHAT THIS MEANS FOR DOWNTOWN 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. Own a part of downtown Chicago! Email me to get started!

WHAT THIS MEANS FOR DOWNTOWN CHICAGO APARTMENT SELLERS

I wouldn’t call it a sellers market yet, but we’re headed in the right direction. The average days on market in the 1st quarter was down a whopping 38.3%! It took an average of 117 days for downtown Chicago apartments to sell in the first quarter. They still have to be priced competitively. Get our free home valuation.