The median sale price of listed condos in Chicago’s Loop in the third quarter was up 22.8%.* The median sale price was $350,000.
Back in July I wrote about how the median sale price of Loop condos was up 4.7% in the second quarter. As shown below, the increase for the third quarter was the largest from a year earlier in the past 3 years.
Chicago Loop Condos Quarterly Median Sale Prices 3rd Qtr. 2010 – 3rd Qtr. 2013
The average sale price as a percent of original sale price for homes with no price changes was 99.8% up from 95.5%. The average sale price as a percent of original sale price for homes with 1 or more price changes was 91.6% up from 89.4%.
The number of Chicago Loop condos for sale in the 3rd quarter was down 8.6% from 3rd quarter 2012. The number of Loop condos for sale in the first quarter was down over 52% from 2010. The percent of distressed sales (short sales and foreclosures) in the third quarter dropped from 15% of the inventory to 9%.
The number of condos sold in the 3rd quarter was up 20.9% from a year earlier. Chicago Loop condos pending (under contract) sales were up 11.8%.
WHAT THIS MEANS FOR CHICAGO LOOP CONDO BUYERS
Higher prices and higher prices as a percent of original list prices confirm that it’s no longer a buyers market. 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 CHICAGO LOOP CONDO SELLERS
If your home is priced right when it goes on market, it should sell in less than 3 months. The average days on market was down 26.7% to 73 days, the lowest quarterly average days on market in the past 3 years. With the drop in inventory slowing you definitely shouldn’t price your home above market. Most buyers 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, contact me for a free market analysis.
CHICAGO LOOP CONDOS FOR SALE
Click below to see Chicago Loop condos for sale by price range. You can narrow the results by internal and external features.
FEATURED CHICAGO LOOP CONDO BUILDINGS
SCHEDULE SHOWINGS or GET A FREE MARKET ANALYSIS
Contact me to
schedule showings for any listings
get a free market analysis for your home
or
request additional information
*includes apartments and townhouses, based on MRED (Midwest Real Estate Data)
Source: http://www.chicagometroarearealestate.com/prices-up-22-8-for-loop-condos-in-q3/
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