Lower prices not enough to spur sales in Tinley Park
The market for condos in Tinley Park continued to be plagued by lower sales despite a drop in the average sales price in the area.
According to the third quarter report from the Chicago Association of Realtors, a total of 120 condominiums were sold in the Chicago suburb during the period, a 20 percent decline from the same period last year. It is the lowest total for the quarter since 2002.
A drop in prices wasn’t enough to attract more buyers to the area. The average sales price was down three percent from the same period last year.
The drop in demand has led to an increase in the average turnover time for condominiums on the market in Tinley Park. If you’re selling your condo in the neighborhood, it will now take you an average of 79 days to find a buyer, a 58 percent increase from last year. It is also the longest turnover time for condos on the market since 1995.
Buyers could continue to see even lower prices for Chicago Condos for Sale in Tinley Park if demand doesn’t recover in the next few months. Look out for great deals in the area.
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