The inventory of listed Chicago 1 bedroom condos for sale continues to drop.* There were 2,438 1 bedroom condos for sale in Chicago in the third quarter down 12.3% from third quarter 2012 when there were 2,780 for sale. The percent of distressed sales (short sales and foreclosures) on the market dropped from 35% of the inventory to 21%.
In September I wrote about how the inventory of Chicago 1 bedroom condos for sale dropped 18% in the second quarter of 2013. The inventory in the third quarter was down over 55% from third quarter 2010.
The median sale price rose 20.3% to $198,500. The average sale price as a percent of original sale price for homes with no price changes was 99.0% up from 97.1%. The average sale price as a percent of original sale price for homes with 1 or more price changes was 88.9% up from 85.2%.
The number of 1 bedroom condos sold in the 3rd quarter rose 32.9%. Pending sales were up 13.5%.
WHAT THIS MEANS FOR CHICAGO 1 BEDROOM CONDO BUYERS
Lower inventory, rising sales and 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 1 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 40% to 74 days.
Just because the median sale price is up 20.3% from a year ago doesn’t mean that you’ll get 20.3% 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 1+ BEDROOM CONDOS QUICK SEARCH
DOWNTOWN CHICAGO 1 BEDROOM CONDOS FOR SALE
Click below to see only the downtown Chicago 1 bedroom condos for sale in your desired price range.
|$1M & Above||$800K to $1M||$600K to $800K||$500K to $600K|
|$400K to $500K||$300K to $400K||$200K to $300K||$100K to $200K|
*Statistics include co-ops, lofts, apartments and townhouses. Information is based on data from Midwest Real Estate Data (MRED).