Back in February I reported that the number of listed downtown Chicago condos for sale on the last day of January reached a new two-year low at 2,876 (see Downtown Chicago condos for sale at 2 year low). Downtown condo inventory levels have continued to drop and reached 2,605 at the end of July.
As shown above, the number of listed downtown Chicago condos for sale at the end of July was down 14.5% from the end of January and down 37.6% from July 2010.
Downtown Chicago condos for sale July 31, 2011 by number of bedrooms compared to January 31, 2010:
- Studios: 131, down 21.1%
- 1 Bedroom: 841, down 17.6%
- 2 Bedroom: 1027, down 12.0%
- 3 Bedroom: 532, down 14.1%
- 4+ Bedrooms: 74, down 1.3%
Falling inventory is good for sellers since they are competing with fewer other homes for sale. The number of downtown Chicago condos for sale typically drops after spring and continues dropping until winter. So we should continue to see more new inventory lows through the rest of this year.
To see reviews of downtown Chicago condos for sale, see DOWNTOWN HOMES FOR SALE in the right column.
To see all listed downtown Chicago condos for sale click here now.