The inventory of listed downtown Chicago apartments for sale continues to fall.* There were 2,499 apartments for sale in downtown Chicago in the third quarter down 9.9% from third quarter 2012 when there were 2,774 apartments for sale. The percent of distressed sales (short sales and foreclosures) dropped from 12.4% of the inventory to 6.2%.
In August I wrote about how the number of downtown Chicago apartments for sale in the second quarter dropped over 14%. The number of apartments for sale in downtown Chicago has dropped 52.4% from 2010.
Downtown Chicago buildings that still have several apartments for sale include Trump Tower Chicago, 400 E Randolph and The Ritz-Carlton Residences. There are at least a dozen apartments for sale in each of these buildings.
The downtown Chicago apartment median sale price in the third quarter rose 9.2% to $370,000. The number of closed sales was up 24.0%. Pending sales were up 13.6%.
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 42% to 75 days.
Just because the median sale price is up 9.2% from a year ago doesn’t mean that you’ll get 9.2% more for your home than you would have a year ago. Recent comparable sales and the current competition are much better price indicators. If you’re considering selling your home, get our free home valuation.
DOWNTOWN CHICAGO APARTMENTS FOR SALE
Click below to see the downtown Chicago apartments for sale in your desired price range.
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 
