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Chicago Condo Prices and Sales Increase

by Chicago Agent

chicago-2-bedroom-condos-sales-2012-august

Chicago two-bedroom condos have increased within the past year.

By Natalie Terchek

According to Chicago Metro Area Real Estate, the number of Chicago two-bedroom condominiums sold in August was up 36.6 percent from August 2011. 702 condos were sold this month at a median sale price of $258,000, which means it increased 3.2 percent from last year.

There were 3,740 two-bedroom condos for sale in August, showing the inventory decreased 42.2 percent.

In addition to the median sale price increasing, housingtracker reports that median asking prices have increased 2.1 percent year-over-year earlier this month. This could be because there are fewer low-priced foreclosures listed for sale.

The increase in the Chicago two-bedroom condos in August was mainly driven by normal sales, as opposed to distressed sales, which were up 45.2 percent. In addition, it was also reported that pending sales increased 60.3 percent and the average days on market was down 28.4 percent.

Do you think all signs point to stabilization for two-bedroom Chicago condos?

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