Sue Fox, @Properties. Direct 773.816.1788

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Spring market turns up the heat

filed under: Andersonville, Buyers, Chicago home prices, Chicago home sales, Market conditions posted on May 4th, 2013

SOLD! In a sign of how fast the market is moving, I sold this Andersonville condo in a week. It attracted multiple offers.

SOLD! The Chicago market is moving much faster this spring than it was in 2012. For example, I sold this Andersonville condo, a 1-bedroom unit with a separate dining room and a large deck, in just a week. Like other homes in appealing areas, it attracted multiple offers.

Chicago’s housing market is rapidly turning a corner, with prices climbing briskly this spring as buyers jostle for quality homes amid a morass of foreclosures and short sales. The number of homes for sale — which was already low last year — has plunged even further, falling from 14,358 listings in the city in March 2012 to only 7,813 this March, according to the Chicago Tribune.

And by some estimates, more than half of the homes available are distressed properties. The lack of desirable homes is forcing buyers to move quickly when they see something they like, igniting a rash of multiple offers and slashing market times. It now takes an average of 70 days to sell a Chicago home, down about 25% from a year ago.

This is great news for sellers, who have had very little to cheer about for the last seven years. Finally buyers are buying again, driven by a sense of urgency. The median price of a Chicago home was $187,500 in March, up 9% from $172,000 a year earlier, according to data gathered by the Illinois Assn. of Realtors. Chicago condo prices also jumped 9.3% to a median of $235,000.

“It is an excellent time for sellers to move their homes quickly, if priced well in what’s fast become a thriving market,” said Zeke Morris, president of the Chicago Association of Realtors. “The city’s housing inventory in March was down 45 percent compared to the same time last year. Data tells us that buyers are taking advantage of this period when homes are still priced attractively and interest rates are low, concerned that it might not last.”

I just listed a condo in Andersonville, a large 1-bedroom home that had been recently rehabbed, and the first two buyers to see it both made offers. It sold within a week. And such success stories are no longer so unusual. Many properties — the ones in good condition and desirable neighborhoods — are now selling within days.

Written by Sue Fox //

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