The median sale price of listed Chicago condos sold in the 4th quarter of 2012 was up 16% compared to a year earlier.* The median sale price was $215,000 compared to $185,000 in the 4th quarter of 2011.
The number of Chicago condos sold was up 55%! The inventory of Chicago condos for sale in the 4th quarter was down 30%. The average days on market was down 21%. Pending sales were up 31%, so sales should do well this quarter.
WHAT THIS MEANS FOR CHICAGO CONDO BUYERS
With a significantly lower inventory of Chicago condos for sale 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. For more on the 16% median sale price increase see the next section.
WHAT THIS MEANS FOR CHICAGO CONDO SELLERS
Before you get too excited about the 16% higher median sale price keep in mind that this is the first quarter in several years with a higher median price that a year earlier. The next couple of quarters will bear out if prices have truly ended their downward slide. Given that the Chicago condo 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+||$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).