October 12, 2007

Condo Sales at ten-year low in Chicago suburbs

Category: Luxury Condos. Posted by Mike at 10:35 am.

The latest news out of the suburban Chicago real estate market shows continued weakness in the sector.

According to the Chicago Association of Realtors, the number of condominiums sold in the greater Chicagoland area dropped to a 10 year low.  A total of 5,847 condos were sold during the third quarter, a 25 percent drop over last year.

Sellers are facing one of the most difficult periods that the Chicago Real Estate market has seen in years.  The turnover time for condos around the greater Chicagoland region is now at 101 days, 35 percent higher than last year.

However, despite the steep decline in demand around the region, the average sales price for condos in the Chicago suburbs continued to increase.  The average sales price now stands at $196,096.

Buyers should start to see better prices for condos around the greater Chicagoland region.  If demand continues to remain low in the area, sellers may be forced to offer incentives to attract new buyers.

Buyers should negotiate for a price that reflects the current market conditions.  It is definitely a buyers market for a condo in the Chicagoland region.

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