Chicago condos for sale down over 30% in 3rd quarter

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.

Chicago Condos For Sale 3rd Qtr. 2009 - 3rd Qtr. 2012

Chicago Condos For Sale 3rd Qtr. 2009 - 3rd Qtr. 2012

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
or
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 & 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

QUESTIONS?

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

* includes co-ops and townhouses

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