The number of listed Chicago 2 bedroom condos sold in August was up 36.6% from August 2011.* 702 such condos sold setting a 2 year high. The median sale price was up 3.2% at $258,000.
There were 3,740 Chicago 2 bedroom condos for sale in August down 42.2%. The inventory set a 2 year low.
Pending sales were up 60.3%, so sales should continue to do well in September. Average days on market was down 28.4%.
The increase in units sold was mainly driven by normal sales which were up 45.2%. Distressed sales (foreclosures and short sales) were up 20.6%.
Rising prices, sales and pending sales along with falling inventory and days on market all indicate that the market for Chicago 2 bedroom condos is stabilizing.
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*Statistics include co-ops, lofts, apartments and townhouses. Information is based on data from Midwest Real Estate Data (MRED).