Condos for sale in Chicago down 3.5%, prices up 22.7% in Q1

The inventory of listed Chicago condos for sale continues to fall.* There were 10,833 condos for sale in Chicago in the first quarter down 3.5% from first quarter 2013 when there were 11,229 condos for sale. The percent of distressed sales (short sales and foreclosures) dropped from 29% of the inventory to 18%.

In February I wrote about the 10% drop in Chicago condos for sale in the fourth quarter. The inventory is down over 45% from 2011.

Condos For Sale in Chicago Q1 2011 - Q1 2014 Chart

Condos For Sale in Chicago Q1 2011 - Q1 2014

The median sale price rose 22.7% to $257,750. The average sale price as a percent of original sale price for homes with no price changes was 97.8% up from 96.7%. The average sale price as a percent of original sale price for homes with 1 or more price changes was 89.0% up from 86.4%.

The number of condos sold in the 1st quarter fell 2.6%. Pending sales were up 2.4%.

WHAT THIS MEANS FOR CHICAGO CONDO BUYERS

Lower inventory, higher prices and higher prices as a percent of original list prices confirm that it’s no longer a buyers market. 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 CONDO SELLERS

If your home is priced right when it goes on market, it should sell within 3 months. The average days on market was down 11.5% to 88 days. With the drop in inventory slowing you definitely shouldn’t 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.

CONDOS FOR SALE IN CHICAGO

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$400K - $500K$300K - $400K$200K - $300K

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