Chicago 1 bedroom condos for sale down 18%, prices up 22.6% in Q2

The inventory of listed Chicago 1 bedroom condos for sale continues to plummet.* There were 2,658 1 bedroom condos for sale in Chicago in the second quarter down 18% from second quarter 2012 when there were 3,242 1 bedroom condos for sale. The percent of distressed sales (short sales and foreclosures) on the market dropped from 32% of the inventory to 24%.

In May I wrote about how the inventory of Chicago 1 bedroom condos for sale dropped over 30% in the first quarter of 2013. The inventory of Chicago 1 bedroom condos for sale was down over 55% from second quarter 2010.

Chicago 1 Bedroom Condos For Sale, Pending and Sold Q2 2010 - Q2 2013 Chart

Chicago 1 Bedroom Condos For Sale, Pending and Sold Q2 2010 - Q2 2013

The median sale price rose 22.6% to $195,000. The number of 1 bedroom condos sold in the 2nd quarter rose 29.9%. Pending sales were up 37.6%.

The downtown Chicago 1 bedroom condo market didn’t improve quite as much. Inventory was down 16.5%. Prices were up 18.2%. Sales were up 24.7%.

WHAT THIS MEANS FOR CHICAGO 1 BEDROOM CONDO BUYERS

Lower inventory, rising sales and rising prices signal 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 39% to 75 days. Just because the market is improving doesn’t mean you should price your home above market. Most buyers finance their purchase. Your home will need to appraise for at least sale price for financing to be approved. The appraised value is primarily determined by recent comparable sales. 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.

*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