The inventory of listed downtown Chicago homes for sale continued to drop in the 2nd quarter. There were 14.8% less such homes for sale compared to 2nd quarter 2012.* There were 2,720 downtown Chicago homes for sale vs. 3,191 a year earlier.
The drop in inventory was not as significant as in the first quarter when the inventory fell over 27% from a year earlier. The drop can be at least partially attributed to rising sales. The number of units sold was up significantly year over year for the past 3 quarters. The increase for the 2nd quarter was 21.6%.
The median sale price was up 11.3%. Pending sales were up 31%, so sales should do well this quarter.
WHAT THIS MEANS FOR DOWNTOWN CHICAGO HOME BUYERS
Be prepared to encounter competing offers from other buyers. 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 HOME SELLERS
Before you get too excited about the 11.3% higher median sale price you should know that when distressed sales (short sales & foreclosures) were excluded the median sale price rose only 5.2%. If your downtown 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. If you’re considering selling your condo, contact me for a free market analysis
DOWNTOWN CHICAGO HOMES FOR SALE
Click below to see the downtown Chicago homes for sale in your desired price range.
|$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|
Call us at 773-793-4516 or email us.
*Information is based on data from Midwest Real Estate Data (MRED).