Condo market heats up in Montclare
Sales of condos around Montclare picked up during the third quarter, according to a recent report from the Chicago Association of Realtors.
A total of 17 condos were sold in the neighborhood during the third quarter, more than double the amount sold during the same period last year. It is also the third highest total for the quarter in 16 years.
The increase in sales in the neighborhood led to a drop in inventory of unsold condos. The average turnover time fell to 119 days during the third quarter, down 31 days from the same period last year. This means that if you’re selling your property in Montclare, it will now take you an average of 4 months to find a buyer. This is still more than 20 days longer than the average for all of Chicago.
The market picked up as a result of lower prices around Montclare. The average sales price during the third quarter was 9 percent lower than during the same period last year.
However, demand will need to rise even further to absorb the inventory of unsold condos on the market. Buyers may continue to see lower prices in the neighborhood in the short term. Look out for great deals on Chicago Condos For Sale around Montclare.
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