Condos Stay on the Market Longer in Chicago
If you’re planning on selling your condominium in Chicago, it’s going to take you longer than you thought. The average turnover time for the second quarter of 2007 was up throughout the city. According to the Chicago Association of Realtors, it was up an average of 10 days across the Chicago real estate market.
Some neighborhoods have been harder hit by higher turnover times. Uptown was the hardest hit of the large Chicago neighborhoods. If you own a condo in Uptown, it will now take you about 66% longer to find a buyer. The average wait this year is about 141 days, up from 85 last year.
If you own a condo in Rogers Park, it’s going to take you 153 days to sell your condo, up from 96 a year ago. Which owners have the longest to wait? Well, if you live in Austin it’s going to take a whopping 210 days to find that buyer.
The neighborhoods with the best turnover times in the current Chicago real estate market are generally characterized by few condo sales. These are usually areas with single family homes.
However, of neighborhoods with large amounts of condo sales, Lincoln Park and South Deering have the lowest turnover times. If your condo is for sale in Lincoln Park, it should take you 97 days to sell, just below the Chicago average. South Deering condo owners only have to wait 48 days.
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