The median sale price of listed 2 bedroom condos sold in the first quarter in Chicago was up 28.9% from 2013.* The median sale price was $290,000 compared with $225,000 a year earlier. As shown below, this is the 7th quarter in a row that the quarterly median sale price for Chicago 2 bedroom condos is up.
The inventory of listed Chicago 2 bedroom condos for sale continues to drop, but at a slower pace. There were 5,194 2 bedroom condos for sale in Chicago in the first quarter down 2.6% from first quarter 2013 when there were 5,332 for sale. The percent of distressed sales (short sales and foreclosures) on the market dropped from 31% of the inventory to 19%. The inventory in the first quarter was down over 44% from first quarter 2011.
The average sale price as a percent of original sale price for homes with no price changes was 98.1% up from 96.9%. The average sale price as a percent of original sale price for homes with 1 or more price changes was 89.6% up from 87.3%. The number of 2 bedroom condos sold in the 1st quarter rose 0.4%. Pending sales were up 3.1%.
WHAT THIS MEANS FOR CHICAGO 2 BEDROOM CONDO BUYERS
Significantly rising prices confirm that the buyers market is over. 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 2 BEDROOM CONDO SELLERS
If your home is priced right when it goes on market, it should sell in less than 3 months. The average days on market was down 5% to 90 days. Just because the median sale price is up 28.9% from a year ago doesn’t mean that you’ll get 28.9% more for your home than you would have a year ago. Recent comparable sales and the current competition are much better price indicators. If you’re considering selling your home, get our free home valuation.
CHICAGO 2+ BEDROOM CONDOS QUICK SEARCH
DOWNTOWN CHICAGO 2 BEDROOM CONDOS FOR SALE
Click below to see only the downtown Chicago 2 bedroom condos for sale in your desired price range.
|$2M or More||$1.75M - $2M||$1.5M - $1.75M|
|$1.25M - $1.5M||$1M - $1.25M||$900K - $1M|
|$800K - $900K||$750K - $800K||$700K - $750K|
|$650K - $700K||$600K - $650K||$550K - $600K|
|$500K - $550K||$450K - $500K||$400K - $450K|
|$350K - $400K||$300K - $350K||$300K or Less|
*Statistics include co-ops, apartments and townhouses. Information is based on data from Midwest Real Estate Data (MRED).