November 6, 2007

Condo sales drop back to normal in Portage Park

Category: Luxury Condos. Posted by Mike at 8:18 am.

After posting one of the highest total sales in years, the Portage Park real estate market returned to normal during the third quarter.

A total of 19 units were sold in the Chicago neighborhood during the third quarter, a 63 percent decline from the same period last year.  However, despite the drastic drop in sales, the market has simply returned to levels typically seen in the neighborhood.

This is not welcome news for developers and condo owners in the neighborhood, however.  The supply of unsold condos on the market has increased dramatically.  If you are selling your condo in Portage Park, it will now take you an average of 106 days, almost 2 months longer than last year.

Prices could take a beating in the neighborhood if demand doesn’t absorb the excess inventory of unsold condos in the area.  However, during the third quarter, the average sales price posted a modest 2 percent gain.  A condo now sells for an average of just under $200,000 in the area.

Buyers looking for Chicago Condos For Sale in Portage Park may soon start to see lower prices if demand doesn’t recover in the next few months.

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