The inventory of listed Chicago condos for sale continues to plummet.* There were 10,907 condos for sale in Chicago in the first quarter down 28.1% from first quarter 2012 when there were 15,171 condos for sale.
In October I wrote about the 30% drop in Chicago condos for sale in the 3rd quarter. As shown below the inventory of Chicago condos for sale in the 4th quarter set a 3 year low.
The number of condos sold in the 1st quarter rose 20.3%. Pending sales were up 33%. The median sale price rose 7.7% to $210,000.
WHAT THIS MEANS FOR CHICAGO CONDO BUYERS
Lower inventory, rising prices, rising sales and rising pending sales signal that the buyers market is over. You need to be ready to buy when you find a condo you want. If you will be financing your purchase, get your mortgage pre-approval before you start touring condos. If you’re paying cash, get a proof of funds letter ready to go.
WHAT THIS MEANS FOR CHICAGO CONDO SELLERS
There’s been a lot of press lately about flash (quick) sales in some Chicago neighborhoods. This has significantly lowered the average time it takes condos to sell. The average days on market in the 1st quarter was down a whopping 39.6%! It took an average of 106 days for condos to sell compared to 176 days a year ago. Homes still have to be priced competitively. If your home is priced right when it goes on market, it will sell in a reasonable amount of time. If you’re considering selling your condo, get our free home valuation.
CHICAGO CONDOS FOR SALE
Click below to see the Chicago 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 CONDOS FOR SALE
Click below to see only the downtown Chicago condos for sale in your desired price range.
QUESTIONS?
Call Fran at 773-793-4516, text or email
*Statistics include co-ops, lofts, apartments and townhouses. Information is based on data from Midwest Real Estate Data (MRED).
Fran Bailey specializes in downtown Chicago, Lincoln Park and Lake View condos, co-op apartments and houses. She has shared home buying and selling advice since 2006 and written about over 130 Chicago high rises. To schedule showings for any listings, get a 
