The inventory of listed Chicago 1 bedroom condos for sale continues to plummet.* There were 2,658 1 bedroom condos for sale in Chicago in the second quarter down 18% from second quarter 2012 when there were 3,242 1 bedroom condos for sale. The percent of distressed sales (short sales and foreclosures) on the market dropped from 32% of the inventory to 24%.
In May I wrote about how the inventory of Chicago 1 bedroom condos for sale dropped over 30% in the first quarter of 2013. The inventory of Chicago 1 bedroom condos for sale was down over 55% from second quarter 2010.
The median sale price rose 22.6% to $195,000. The number of 1 bedroom condos sold in the 2nd quarter rose 29.9%. Pending sales were up 37.6%.
The downtown Chicago 1 bedroom condo market didn’t improve quite as much. Inventory was down 16.5%. Prices were up 18.2%. Sales were up 24.7%.
WHAT THIS MEANS FOR CHICAGO 1 BEDROOM CONDO BUYERS
Lower inventory, rising sales and rising prices signal 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 39% to 75 days. Just because the market is improving doesn’t mean you should 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, 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 |
QUESTIONS?
Call Fran at 773-793-4516, text or email
*Statistics include co-ops, lofts, apartments and townhouses. Information is based on data from Midwest Real Estate Data (MRED).
Fran Bailey specializes in downtown Chicago, Lincoln Park and Lake View condos, co-op apartments and houses. She has shared home buying and selling advice since 2006 and written about over 130 Chicago high rises. To schedule showings for any listings, get a 
