November 29, 2007

Chicago condo market update: Norwood Park

Category: Luxury Condos. Posted by Mike at 11:16 pm.

Condo sales hit a 13-year low during the third quarter in Norwood Park. 

According to the Chicago Association of Realtors, a total of 13 condominiums were sold during the quarter, a 55 percent drop from the same period last year and the lowest total for the quarter since 1994. 

Condo owners and developers are facing one of the most difficult markets that the neighborhood has seen in years.  If you’re selling your condo in Norwood Park, expect to wait an average of 116 days to find a buyer.  This is a 147 percent increase from the same period last year and the longest turnover time in more than 15 years. 

Despite the continued decline in sales and a large supply of unsold condos on the market, prices rose during the third quarter.  The average sales price was $205,700 for condos sold during the quarter.  This is a four percent jump from last year but still off the high seen during 2005. 

Buyers could start to see lower prices in the neighborhood if demand for Chicago Condos continues to drop.  Sellers may be forced to offer a lower asking price to attract more buyers to Norwood Park.  Look out for great deals on Chicago Condos in the neighborhood over the next few months. 

Technorati Tags: , ,