Condo sales down second straight year in Logan Square
After hitting a high of 218 condos sold during the third quarter of 2005, sales of condos in Logan Square have dropped two consecutive years.
According to the Chicago Association of Realtors, a total of 179 condominiums were sold in Logan Square during the third quarter of this year, a 10 percent drop from the same period last year.
As sales drop, the inventory of unsold condominiums on the market continues to increase. If you are selling your condominium in Logan Square, it will now take you an average of 111 days to find a buyer, 25 percent higher than last year. This is the longest turnover time the neighborhood has seen since 1991.
However, despite the drop in demand for condos and an increase in the inventory of unsold units in the area, prices continued to climb.
During the third quarter, prices rose another 3 percent. A condo now sells for an average of $334,917 in the neighborhood.
The Chicago Real Estate market has seen a general decline in sales around the city. According to the third quarter C.A.R. report, sales of condos were down 12 percent from last year.
Technorati Tags: Chicago Real Estate, Chicago Condos, Logan Square Real Estate Update