Chicago Real Estate Update: West Ridge
West Ridge has seen steady sales of condominiums for the last eight years, with total sales over 100 during the third quarter for every year since 1999.
According to the most recent third quarter report from the Chicago Association of Realtors, a total of 147 condos were sold during the three month period, down 10 percent over last year.
The average turnover time for condos on the market in the neighborhood has been steadily increasing over the past five years.
According to the C.A.R. report, if you are selling your condo in West Ridge, it will now take you an average of 139 days to find a buyer.
This is an all time high for the neighborhood, and more than 40 percent higher than the citywide average.
It is also more than triple the average turnover time seen just five years ago.
Despite the longer waits that sellers are facing, condo prices continued their upward march during the third quarter.
The current average sales price for condos in West Ridge is now at $227,548, a 12 percent jump over last year.
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