The inventory of listed Chicago 3 bedroom condos for sale continues to plummet.* There were 3,053 3 bedroom condos for sale in Chicago in the second quarter down 18.5% from second quarter 2012 when there were 3,745 3 bedroom condos for sale. The percent of distressed sales (short sales and foreclosures) on the market dropped from 24% of the inventory to 18%.
In February I wrote about how the inventory of Chicago 3 bedroom condos for sale dropped nearly 32% in the fourth quarter of 2012. The inventory of Chicago 3 bedroom condos for sale in the second quarter was down 49% from second quarter 2010.
The median sale price rose 8.2% to $435,000. It was the highest quarterly median sale price in the past 3 years.
The number of 3 bedroom condos sold in the 2nd quarter rose 25.8%. Pending sales were up 27.4%.
The downtown Chicago 3 bedroom condo market had mixed results. Inventory was down 21.3%, but prices were down 7.7% and sales were up only 7.7%.
WHAT THIS MEANS FOR CHICAGO 3 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 3 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 48% 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 3+ BEDROOM CONDOS QUICK SEARCH
DOWNTOWN CHICAGO 3 BEDROOM CONDOS FOR SALE
Click below to see only the downtown Chicago 3 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 
