December 9, 2007

Sales down, prices up for condos in Edgewater

Category: Luxury Condos. Posted by Mike at 7:12 pm.

Amidst a difficult real estate market around the Chicago region, sales of condos in Edgewater were down during the third quarter.

According to a report from the Chicago Association of Realtors, a total of 247 condominiums were sold during the third quarter, the lowest for the period since 2000. It is also a 12 percent drop from the third quarter of 2006.

Meanwhile, as sales around the area drop, condo owners and developers are facing longer waits when it comes time to find a buyer. The average turnover time for condos on the market in Edgewater hit a new high during the third quarter. If you are selling your condo in the neighborhood, it will now take you an average of 118 days to find a buyer, three days longer than during the same period last year.

Despite the drop in demand and rising inventory numbers, prices in the area continued their upward march during the third quarter. According to the C.A.R. report, the average sales price for a condo in Edgewater stood at $254,555. It is a 6 percent climb from last year and the twelfth consecutive year that prices have climbed in the area.

Buyers should watch out for getting in the market at the peak in Edgewater. If demand continues to drop, prices should start coming down, as has already happened in many other parts of the Chicago region. Keep on the lookout for great prices on Chicago Condos For Sale in Edgewater.

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