O’Hare condo market update
As sales around Chicago drop due to a crisis in the mortgage market, O’Hare is also seeing the effects of this downturn in the market.
According to recent data from the Chicago Association of Realtors, a total of 31 condos were sold during the third quarter, down 42 percent from the same period last year. It is the lowest total sales for the quarter since 2000 in the neighborhood.
However, at the same time, the number of condos for sale in the neighborhood also dropped during the period. If you’re selling your condo in O’Hare, it will now take you an average of 61 days to find a buyer, down 20 percent from the same period last year and well below the citywide average turnover time of 96 days.
Despite the drop in the number of condos on the market, prices in the area dropped drastically during the third quarter. The average sales price was 17 percent lower than during the same period last year, a sign that the market may have already finished a necessary correction in prices in O’Hare.
Buyers are finding excellent prices in the area. The average sales price hit its lowest point since 2003, which could spur demand in O’Hare. Keep an eye out for incredible deals on Chicago Condos For Sale in the neighborhood.
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