Chicago 1 bedroom condos for sale down 12.6%, prices up 22.2% in Q4

Here are 2013 Q4 statistics for 1 bedroom condos in Chicago along with 1 bedroom condos for sale by price range. Schedule a showing online!

The inventory of listed Chicago 1 bedroom condos for sale continues to drop.* There were 1,962 1 bedroom condos for sale in Chicago in the fourth quarter down 12.6% from fourth quarter 2012 when there were 2,244 for sale. The percent of distressed sales (short sales and foreclosures) on the market dropped from 37% of the inventory to 26%.

In November I wrote about how the inventory of Chicago 1 bedroom condos for sale dropped 12.3% in the third quarter of 2013. The inventory in the fourth quarter was down over 56% from fourth quarter 2010.

Chicago 1 Bedroom Condos For Sale Q4 2010 - Q4 2013 Chart

Chicago 1 Bedroom Condos For Sale Q4 2010 - Q4 2013

The median sale price rose 22.2% to $195,550. The average sale price as a percent of original sale price for homes with no price changes was 98.9% up from 97.7%. The average sale price as a percent of original sale price for homes with 1 or more price changes was 90.5% up from 84.0%.

The number of 1 bedroom condos sold in the 4th quarter fell 3.2%. Pending sales were down 2.7%.

WHAT THIS MEANS FOR CHICAGO 1 BEDROOM CONDO BUYERS

Lower inventory, rising prices and rising average sale price as a percent of original sale price 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 38% to 82 days.

Just because the median sale price is up 22.2% from a year ago doesn’t mean that you’ll get 22.2% more for your home than you would have a year ago. Falling sales and pending sales also 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

Click below to see the Chicago 1 bedroom condos for sale in your desired price range.

$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

Click below to see only the downtown Chicago 1 bedroom condos for sale in your desired price range.

$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

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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