The number of listed houses for sale in Chicago IL in the 4th quarter was down 13% from 4th quarter 2011.* There were 8,962 houses for sale in Chicago compared with 10,303 a year earlier. Distressed sales (short sales and foreclosures) remained the same at 40% of the inventory for sale.
The number of Chicago houses sold in the 4th quarter was up 22% from a year earlier. There were 2,325 such sales. This was an improvement from the 3rd quarter when sales were up just 16% from a year earlier.
Chicago house pending sales were up 31%. This is also an improvement from the 3rd quarter when pending sales were up just 24%.
The median sale price of houses in Chicago was up 4.4%. This is another improvement from 3rd quarter when the median sale price was down 3.2%.
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WHAT THIS MEANS FOR CHICAGO IL HOUSE BUYERS
The buyers market is over. There are already more pending sales now in the 1st quarter than any quarter during the past 3 years. If you will be financing your purchase, get your mortgage pre-approval before you start touring houses.
WHAT THIS MEANS FOR CHICAGO IL HOUSE SELLERS
Don’t expect that you’ll get more for your house now. It’s not a sellers market yet. As always, if your house is priced right when it goes on market, it will sell in a reasonable amount of time. The average days on market for houses for sale in Chicago IL in the 4th quarter was 136 days, down 3% from a year earlier.
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*Information is based on data from Midwest Real Estate Data (MRED).