Market heats up on the Lower West Side
The market for condos and lofts on the Lower West Side saw a marked increase in sales during the third quarter, despite a weakening market around the Chicago region.
According to data from the Chicago Association of Realtors, the neighborhood saw a total of 19 units sold during the third quarter, more than double the amount sold during the same period last year. It is also the most condos sold during the third quarter in more than 16 years in the neighborhood.
However, the increase in sales wasn’t enough to absorb the inventory of unsold condos on the market. New developments in the area have led to a large number of units sitting longer on the market. The average turnover time during the third quarter was up to 151 days, a 42 percent increase from last year.
Meanwhile, the average sales price for condos sold during the third quarter dropped by 11 percent from the same period last year, and now stands at $301,607. Buyers may continue to see lower prices in the neighborhood if the inventory of unsold condos continues to increase. Look for great deals on Chicago Condos For Sale on the Lower West Side.
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