October 31, 2007

Condo sales rebound in Avondale

Category: Luxury Condos. Posted by Mike at 7:24 am.

Sales of condos in Avondale jumped during the third quarter, according to the third quarter report from the Chicago Association of Realtors.

Sales were up by 87 percent in the Chicago neighborhood, to a total of 43 condominiums sold during the quarter.  This matches the high for the period seen just two years ago.

However, not everyone is smiling in Avondale.  Condo owners and developers are facing longer waits when it comes time to sell their property in the neighborhood.  Turnover times are at an 8 year high.

If you are selling your home in the neighborhood, it will now take you an average of 112 days to find a buyer, a 56 percent increase over last year.

The average sales price for a condo in the neighborhood hit an all time high.  The average sales price now sits at just over $325,000.

Buyers looking for a new condominium in Avondale should be aware of entering the market at its peak.  If the current supply of unsold condominiums sits on the market longer, sellers may start to reduce their asking price to attract more buyers to the area.

Keep up to date with the latest Chicago Real Estate News for neighborhoods around the city.

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