2 bedroom condo prices in Chicago up nearly 29% in Q1!

The median sale price of listed 2 bedroom condos sold in the first quarter in Chicago was up 28.9% from 2013.* The median sale price was $290,000 compared with $225,000 a year earlier. As shown below, this is the 7th quarter in a row that the quarterly median sale price for Chicago 2 bedroom condos is up.

Chicago 2 Bedroom Condo Median Sale Prices Q1 2011 - Q1 2014 Chart

Chicago 2 Bedroom Condo Median Sale Prices Q1 2011 - Q1 2014

The inventory of listed Chicago 2 bedroom condos for sale continues to drop, but at a slower pace. There were 5,194 2 bedroom condos for sale in Chicago in the first quarter down 2.6% from first quarter 2013 when there were 5,332 for sale. The percent of distressed sales (short sales and foreclosures) on the market dropped from 31% of the inventory to 19%. The inventory in the first quarter was down over 44% from first quarter 2011.

The average sale price as a percent of original sale price for homes with no price changes was 98.1% up from 96.9%. The average sale price as a percent of original sale price for homes with 1 or more price changes was 89.6% up from 87.3%. The number of 2 bedroom condos sold in the 1st quarter rose 0.4%. Pending sales were up 3.1%.

WHAT THIS MEANS FOR CHICAGO 2 BEDROOM CONDO BUYERS

Significantly rising prices confirm that the buyers market is over. 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 2 BEDROOM 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 5% to 90 days. Just because the median sale price is up 28.9% from a year ago doesn’t mean that you’ll get 28.9% more for your home than you would have a year ago. Recent comparable sales and the current competition are much better price indicators. If you’re considering selling your home, contact me for a free market analysis.

CHICAGO 2 BEDROOM CONDOS FOR SALE

Click below to see the Chicago 2 bedroom condos for sale in your desired price range.

$3M & Above$2M to $3M$1.5M to $2M$1M to $1.5M
$900K to $1M$800K to $900K$700K to $800K$600K to $700K
$500K to $600K$400K to $500K$300K to $400K$200K to $300K

DOWNTOWN CHICAGO 2 BEDROOM CONDOS FOR SALE

Click below to see only the downtown Chicago 2 bedroom condos for sale in your desired price range.

$3M & Above$2M to $3M$1.5M to $2M$1M to $1.5M
$900K to $1M$800K to $900K$700K to $800K$600K to $700K
$500K to $600K$400K to $500K$300K to $400K$200K to $300K

QUESTIONS?

Call us at 773-793-4516 or email us.

* includes co-ops, lofts, apartments and townhomes

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ABOUT THE AUTHOR

Fran Bailey Fran Bailey is a Realtor who has been quoted in numerous Chicago and national publications. To schedule showings for any listings, get a free market analysis for your home or to contact Fran email her at fran.bailey@bairdwarner.com or call 773-793-4516. Learn More