The inventory of listed Chicago 2 bedroom condos for sale continues to drop.* There were 5,948 2 bedroom condos for sale in Chicago in the second quarter down 17% from second quarter 2012 when there were 7,162 2 bedroom condos for sale.
Back in May I wrote about how inventory levels for Chicago 2 bedroom condos for sale in the first quarter dropped over 27%. As shown below, there were less than half the number of 2 bedroom condos for sale than there were in second quarter 2010.
The median sale price rose 12.8% to $290,000. The distressed (short sales and foreclosures) sale median price rose 13.2% while the non-distressed sale median price rose 4.8%.
The number of 2 bedroom condos sold in the 2nd quarter rose 34.3%. Pending sales were up 33.7%.
The number of downtown Chicago 2 bedroom condos for sale didn’t fall as much (8.9%), but sales rose almost as much (32.5%). The median sale price rose slightly more (13.2%) to $430,000.
WHAT THIS MEANS FOR CHICAGO 2 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 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 50% to 79 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 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.
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 
