Condo sales down in Jefferson Park
Sales of condos were down in Jefferson Park during the third quarter amidst a difficult real estate market across Chicago.
According to the Chicago Association of Realtors, a total of 16 condos were sold in the area, a 30 percent drop from last year, and the lowest total sales for the third quarter since 1999.
If you’re selling your condo in Jefferson Park, you are facing one of the toughest markets in recent years. According to the C.A.R. report, it will now take you 176 days to find a buyer in the neighborhood, one of the longest turnover times in Chicago.
This is a 148 percent increase over last year, and the longest turnover time for Jefferson Park in more than 15 years.
The average sales price posted a modest two percent gain during the third quarter, despite the drop in demand and an increasing inventory of unsold condos on the market.
Buyers interested in Chicago Condos in Jefferson Park should beware of getting in the market at the peak. If demand can’t absorb the current supply of condos for sale in the area, sellers may soon be forced to offer discounts to attract more interest in the area.
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