November 16, 2007

Condo market update for Chicago Ridge

Category: Luxury Condos. Posted by Mike at 9:37 am.

Sales of condos in Chicago Ridge have fallen to their lowest level since 1998.

According to the most recent report from the Chicago Association of Realtors, a total of 27 condominiums were sold in the Chicago suburb during the third quarter, a 27 percent decline from last year and a new nine-year low.

Condo owners are facing one of the most difficult markets in recent memory. If you’re selling your condominium in Chicago Ridge, it will now take you an average of 120 days, or almost four months, to find a buyer. This is the longest turnover rate seen in more than 15 years, and yet another sign of the slowing market for Chicago Condos around the region.

The drop in demand and increasing inventory of condos on the market in the area has led to a decrease in the average sales price. The third quarter saw a 7 percent decline in prices, with the average sales price now standing at $129,767.

Buyers could continue to see further cuts in the average sales price, with many owners forced to offer a price not seen in years in Chicago Ridge. Keep on the lookout for great deals in the neighborhood.

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