The inventory of listed Chicago condos for sale continues to drop.* There were 12,609 condos for sale in Chicago in the third quarter down 30.7% from third quarter 2011 when there were 18,188 condos for sale.
In August I wrote about the drop in Chicago condos for sale in the 2nd quarter which was down over 26% setting a 3 year low. As shown below the inventory of Chicago condos for sale has set another 3 year low.
The median sale price dropped 1% to $238,000. The number of closed sales was up 31%. The average days on market for pending sales was down 24%. Pending sales were up 52%.
WHAT THIS MEANS FOR CHICAGO CONDO BUYERS
It’s still a buyer’s market, but you don’t have nearly the choices that you had a year ago. You won’t be able to negotiate as much since there aren’t as many sellers competing against each other.
WHAT THIS MEANS FOR CHICAGO CONDO SELLERS
Given that the market appears to be forming a bottom, I don’t recommend selling unless
1. you really need to
2. you want to move up to a more expensive home (It’s probably come down more in value in the past few years than your current home.)
As always, if your condo is priced right when it goes on market, it will sell in a reasonable amount of time.
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.
|$3M+||$2M - $3M||$1.5M - $2M||$1M - $1.5M|
|$900K - $1M||$800K - $900K||$700K - $800K||$600K - $700K|
|$500K - $600K||$450K to $500K||$400K to $450K||$350K to $400K|
|$300K to $350K||$250K to $300K||$200K to $250K||$100K to $200K|
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*Statistics include co-ops, lofts, apartments and townhouses. Information is based on data from Midwest Real Estate Data (MRED).