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%.
Condos For Sale in Chicago IL
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).
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 
