The number of listed houses for sale in Chicago IL in the 1st quarter was down 16.1% from 1st quarter 2012.* There were 8,655 houses for sale in Chicago compared with 10,313 a year earlier. Distressed sales (short sales and foreclosures) dropped from 40% to 38% of the inventory for sale.
The number of Chicago houses sold in the 1st quarter was up 20.2% from a year earlier. There were 2,036 such sales. Chicago house pending sales were up 38.6%.
The median sale price of houses sold in the first quarter was up 4.3%. The non-distressed sale median price did better than the distressed sale median rising 8.1%. The median sale price for distressed sales fell 9.8%.
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WHAT THIS MEANS FOR CHICAGO HOUSE BUYERS
Lower inventory, rising prices, rising sales and rising pending sales signal that the buyers market is over. If you will be financing your purchase, get your mortgage pre-approval before you start touring houses. If you’re paying cash, get a proof of funds letter ready to go.
WHAT THIS MEANS FOR CHICAGO HOUSE SELLERS
With a lower inventory of houses for sale you have less competition than during the past few years. If your house is priced right (i.e. competitively) 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 1st quarter was 139 days, down 1.8% from a year earlier. If you’re considering selling your house, email me for a free market analysis of your home.
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*Information is based on data from Midwest Real Estate Data (MRED).