The number of listed houses for sale in Chicago in the 2nd quarter was down 14.4% from 2nd quarter 2012.* There were 9,163 houses for sale in Chicago compared with 10,699 a year earlier. Distressed sales (short sales and foreclosures) dropped from 40% to 32% of the inventory for sale.
Back in April I wrote about how the inventory of Chicago houses for sale in the first quarter was down 16.1%. The second quarter inventory was down 27% from 2010.
The number of Chicago houses sold in the 2nd quarter was up 20.3% from a year earlier. There were 2,861 such sales. Chicago house pending sales were up 32.7%, so sales should do well this quarter.
The median sale price of houses sold in the second quarter was up 12.7%. The non-distressed sale median price did better than the distressed sale median rising 13.9%. The median sale price for distressed sales fell 4%.
Condos For Sale in Chicago IL
WHAT THIS MEANS FOR CHICAGO HOUSE BUYERS
With lower inventory and higher prices 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 for sale. 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 CHICAGO HOUSE SELLERS
If your house is priced right when it goes on market, it should sell in less than 4 months. The average days on market was down 17% to 105 days. Just because prices are rising doesn’t mean you should price your home above market. Most buyers have to 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.
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*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 
