Condo sales plummet on Near South Side
Condo sales plummeted during the third quarter on the Near South Side. Sales of condos had hit an all-time high during the third quarter of 2006, with 545 units sold during the period. However, this year the story is different.
Only 276 condos were sold during the period, nearly 50 percent less than a year ago. A difficult mortgage market and bad news coming out of the real estate market have scared many buyers away.
The drop in sales also led to an increase in the inventory of condos and lofts on the market on the Near South Side. The average turnover rate was up 20 percent to 122 days, the longest that condo owners have had to wait to find a buyer since 2004.
The rapid drop in demand and increasing inventory have led to the first drop in the average sales price for condos in the neighborhood since 1998. The average sales price now stands at $406,000, and could drop even further if demand doesn’t recover in the short term.
Keep alert for great deals on Chicago Condos For Sale around the Near South Side.
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