Chicago 1 bedroom condo prices up 9.9% in Q2

Here are 2014 Q2 statistics for 1 bedroom condos in Chicago along with 1 bedroom condos for sale by price range. Schedule a showing online!

The median sale price of listed 1 bedroom condos for sale in the second quarter rose 9.9% to $214,250 from a year earlier.* The average sale price as a percent of original sale price for homes with no price changes was 98.4% down from 98.6%. The average sale price as a percent of original sale price for homes with 1 or more price changes was 92.0% up from 88.4%.

In May I wrote about how the median sale price of Chicago 1 bedroom condos rose over 18% in the first quarter. The median sale price in the second quarter was up over 31% from second quarter 2011.

Chicago 1 Bedroom Condo Median Sale Prices Q2 2011 - Q2 2014 Chart

Chicago 1 Bedroom Condo Median Sale Prices Q2 2011 – Q2 2014

The inventory of listed Chicago 1 bedroom condos for sale was up 12.9%. There were 3,051 1 bedroom condos for sale in Chicago in the second quarter compared to second quarter 2013 when there were 2,702 for sale. The percent of distressed sales (short sales and foreclosures) on the market dropped from 26% of the inventory to 14%.

The number of 1 bedroom condos sold in the 2nd quarter fell 5%. Pending sales were down 7%.

WHAT THIS MEANS FOR CHICAGO 1 BEDROOM CONDO BUYERS

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 1 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 69 days.

Just because the median sale price is up 9.9% from a year ago doesn’t mean that you’ll get 9.9% more for your home than you would have a year ago. Rising inventory (competition) and falling sales show that the market may be cooling.

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 1 BEDROOM CONDOS FOR SALE

$1M & Above$800K to $1M$600K to $800K$500K to $600K
$400K to $500K$300K to $400K$200K to $300K$100K to $200K

DOWNTOWN CHICAGO 1 BEDROOM CONDOS FOR SALE

$1M & Above$800K to $1M$600K to $800K$500K to $600K
$400K to $500K$300K to $400K$200K to $300K$100K to $200K

QUESTIONS?

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

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

Email This Email This

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