December 3, 2007

Sales of condos hit new high during third quarter in Lincoln Square

Category: Luxury Condos. Posted by Mike at 11:33 pm.

Sales of condominiums in Lincoln Square were stronger than ever during the third quarter, despite a general downturn in the real estate market in neighborhoods throughout the Chicago region. 

According to the Chicago Association of Realtors, a total of 153 condos were sold during the third quarter in Lincoln Square.  This is a 20 percent jump from the same period last year and the highest total sales seen during the period in more than 15 years. 

Higher demand for condos in the area hasn’t put a dent in the supply of unsold units sitting on the market.  The turnover rate, or the time it takes to sell a condo in the area, rose by three days during the third quarter.  It took an average of 93 days for sellers to find a buyer in the area. 

Increasing demand helped prices rise during the third quarter.  The average sales price for a condo in Lincoln Square during the period stood at $298,861, a 10 percent jump from last year. 

However, nobody knows how long the real estate market in Lincoln Square can withstand the general decline in sales around the city.  Buyers should be careful of getting in the market at the peak.  Find the best Chicago Condos For Sale in Lincoln Square and enjoy an unmatched lifestyle close to the heart of the city. 

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