Downtown Chicago condos for sale down 27% in Q1

The inventory of listed downtown Chicago condos for sale continues to fall.^* There were 2,328 condos for sale in downtown Chicago in the first quarter down 27.1% from first quarter 2012 when there were 3,195 condos for sale.

The largest quarterly year over year percentage drop in the inventory of downtown Chicago condos for sale was the previous quarter, 4th quarter 2012. The inventory dropped 29%. The inventory of downtown Chicago condos for sale is down over 57% from first quarter 2010.

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

The downtown Chicago condo 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 16%.

WHAT THIS MEANS FOR DOWNTOWN CHICAGO CONDO BUYERS

The buyers market is over. You need to be ready to buy when you find a condo you want. If you will be financing your purchase, get your mortgage pre-approval before you start touring condos. 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. Email me to get started!

WHAT THIS MEANS FOR DOWNTOWN CHICAGO CONDO 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 39.4%! It took an average of 115 days for downtown Chicago condos to sell in the first quarter. They still have to be priced competitively. 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, so don’t get too optimistic with pricing. Get our free home valuation.