2 bedroom condos for sale in Chicago down 9% in Q4

The inventory of listed Chicago 2 bedroom condos for sale continues to drop.* There were 4,500 2 bedroom condos for sale in Chicago in the fourth quarter down 9.0% from fourth quarter 2012 when there were 4,947 for sale. The percent of distressed sales (short sales and foreclosures) on the market dropped from 36% of the inventory to 23%.

In December I wrote about how the inventory of Chicago 2 bedroom condos for sale dropped 6.5% in the third quarter of 2013. The inventory in the fourth quarter was down nearly 52% from fourth quarter 2010.

Chicago 2 bedroom Condos For Sale, Pending and Sold Q4 2010 - Q4 2013 Chart

Chicago 2 bedroom Condos For Sale, Pending and Sold Q4 2010 - Q4 2013

The median sale price rose 23.7% to $285,000. The average sale price as a percent of original sale price for homes with no price changes was 98.1% up from 96.3%. The average sale price as a percent of original sale price for homes with 1 or more price changes was 90.8% up from 85.2%.

The number of 2 bedroom condos sold in the 4th quarter rose 11.9%. Pending sales were up 3.6%.

WHAT THIS MEANS FOR CHICAGO 2 BEDROOM CONDO BUYERS

Lower inventory, rising sales and 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 30% to 91 days.

Just because the median sale price is up 23.7% from a year ago doesn’t mean that you’ll get 23.7% 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.

*Statistics include co-ops, lofts, apartments and townhouses. Information is based on data from Midwest Real Estate Data (MRED).

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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