Condo sales off in East Garfield Park
The real estate market in East Garfield Park cooled off during the third quarter. Sales of condominiums were down 72 percent from the same period last year, according to the Chicago Association of Realtors.
According to the third quarter C.A.R. report, a total of 9 condominiums were sold in the neighborhood during the quarter.
Condo owners and developers in the neighborhood are facing one of the most difficult markets in recent memory as the turnover time for condos for sale has hit a 15-year high. If you are selling your condo in the neighborhood, it will now take you an average of 185 days to find a buyer, a 71 percent increase over last year.
Meanwhile, despite the drop in demand and increasing inventory of unsold condos on the market, the average sales price continued to increase in the neighborhood, hitting an all-time high.
The average sales price now stands at $219,066, an 18 percent jump from the same period last year.
Buyers should beware of getting in the market at its peak. If demand doesn’t pick up in the neighborhood soon, many sellers may be forced to lower their asking price. Many excellent Chicago Condos could be had at bargain prices in East Garfield Park over the next few months.
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