Mt Prospect real estate market update
Mt. Prospect saw a marked decrease in demand for condominiums during the third quarter, according to the most recent report from the Chicago Association of Realtors.
Total sales of condos in the Chicago suburb during the third quarter were off by 48 percent from the same period last year. A total of 53 condos were sold in the neighborhood, the lowest total for the period since 1996.
Condo owners and developers are feeling the effects of the drop off in sales. Turnover times are now up to 99 days in the neighborhood, meaning that if you’re selling your home in Mt. Prospect, it will now take you a little over three months to find a buyer.
The large supply of unsold homes on the market could lead to lower prices in the short term. However, the average sales price continued its upward march during the third quarter. The increase in price during the third quarter was one of the largest seen in the greater Chicago Real Estate market.
Condo prices Mt. Prospect were up 32 percent over last year, according to the C.A.R report.
If you’re in the market for a condo in the neighborhood, beware of a peak in prices if demand continues to drop and unsold condos sit on the market longer.
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