Inventory of Chicago condos for sale is steadily decreasing, ending 2013 with only a 2.7 months supply. In the third quarter, Chicago condos for sale were down 2,512 from 2,774 in the previous year, which was a 9.4 percent decrease. The shortage of inventory is also lending to the 9.2 percent increase in median sale price posted in the third quarter. On average, the price per square foot increased by 4 percent to $389. All in all this is lending to a seller’s market in the Windy City, according to the aforementioned data from S&P/Case-Shiller.
Since the third quarter of 2010, the number of condos under contract and sold have steadily upticked, although there was a slight drop between quarter two and three of 2013. The amount of closed sales was up 24.3 percent and pending sales were up 12 percent, and of those homes purchased, the average sale price without changes was up 98.2 percent from 95.5. percent.
According to Chicago Now, condos for sale in Chicago are selling in an average 87 days due to the strong demand and low inventory. With a home that is priced right, it’s likely that it will sell in less than three months. Both buyers and sellers should act aggressively at the start of the year, as the market is likely to become even more competitive later in the year. Condo buyers should be ready to buy quickly and be prepared with a pre-approved mortgage for a seamless purchase. To stay up to date on trends in Chicago's various neighborhoods sign up for our "How's the Market Reports"
If you’d like to learn more about this and other Chicago condos for sale, don’t hesitate to contact me today or call me at 312-953-0961. I serve some of the hottest neighborhoods throughout Chicago and would be more than happy to assist you in your search.