December 1, 2007

Chicago condo market update

Category: Luxury Condos. Posted by Mike at 10:11 pm.

Sales of Chicago Condos were down yet again during the third quarter, the second straight year sales have dropped. 

According to the Chicago Association of Realtors, a total of 5832 condominiums were sold across the city during the third quarter, more than nearly 13 percent lower than last year and the lowest total for the quarter since 2002. 

Condo owners and developers are up against one of the slowest markets in recent memory.  If you’re selling your condo in Chicago, it will take an average of 96 days to find a buyer.  In many neighborhoods it can take more than six months to find a buyer.  This is the longest turnover time for a condo on the market in Chicago in more than 15 years. 

Despite an increasing inventory of condos on the market and lower demand during the third quarter, prices continued to climb around the city.  The average price for a condo during the quarter stood at $218,414, more than 10 percent higher than last year. 

Prices could start to drop in the city if demand for condos doesn’t increase in the short term.  Be on the lookout for excellent deals on condos in neighborhoods around Chicago. 

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