December 5, 2007

Condo prices rise in New Lenox

Category: Luxury Condos. Posted by Mike at 7:52 pm.

The average sales price for condos in New Lenox rose another four percent during the third quarter.  However, total sales of condos in the Chicago suburb were down by 50 percent during the same period. 

According to the most recent report from the Chicago Association of Realtors, a total of 16 condominiums were sold in New Lenox during the third quarter, the lowest total for the quarter since 1997. 

However, despite the drop in sales, homeowners and developers who are selling their condos enjoy one of the healthiest markets in the Chicago region.  The average turnover time for the neighborhood stood at 43 days during the quarter, one of the lowest turnover times for any Chicago neighborhood.  The average turnover time for all Chicago suburbs is nearly two months longer.

The average sales price for condos in New Lenox nearly broke the $200,000 mark for the first time.   Buyers may see higher prices in the short term due to the relatively small inventory of unsold homes sitting on the market. 

If market conditions stay the same in New Lenox, prices for Chicago Condos For Sale in the neighborhood may not be affected by the downturn in the real estate market around the city. 

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