The inventory of listed Chicago 2 bedroom condos for sale continues to plummet.* There were 5,219 2 bedroom condos for sale in Chicago in the first quarter down 27.6% from first quarter 2012 when there were 7,212 2 bedroom condos for sale. As shown below, there are less than half the number of 2 bedroom condos for sale than there were in first quarter 2010.
The number of 2 bedroom condos sold in the 1st quarter rose 22.4%. Pending sales were up 31.2%.
The median sale price rose 5.9% to $225,000. The distressed sale (short sales and foreclosures) median price moved in the opposite direction falling 1.1% while the non-distressed sale median price rose 5.0%
Interesting, the number of downtown Chicago 2 bedroom condos for sale didn’t fall as much (23.5%) and sales didn’t rise as much (10.3%). However, the median sale price rose more (8.2%) to $395,000.
WHAT THIS MEANS FOR CHICAGO 2 BEDROOM CONDO BUYERS
The buyers market is over. You need to be ready to buy when you find a condo you want. If you will be financing your purchase, get your mortgage pre-approval before you start touring condos. Email me for recommended mortgage consultants! If you’re paying cash, get a proof of funds letter from your accountant or banker ready to go. Own a part of Chicago! Email me to get started!
WHAT THIS MEANS FOR CHICAGO 2 BEDROOM CONDO SELLERS
There’s been a lot of press lately about flash (quick) sales in some Chicago neighborhoods. This has significantly lowered the average time it takes 2 bedroom condos to sell. The average days on market in the 1st quarter was down a whopping 42.4%! It took an average of 102 days for 2 bedroom condos to sell compared to 176 days a year ago. Condos still have to be priced competitively. If your condo is priced right when it goes on market, it will sell in a reasonable amount of time. If you’re considering selling your condo, 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 
