January 4, 2008

Condo sales hit 10-year low in Oak Forest

Category: Luxury Condos. Posted by Mike at 3:56 pm.

Sales of condos in Oak Forest hit a 10-year low during the third quarter.  The Chicago suburb saw a total of 16 units sold during the quarter, down from 25 units during the same period in 2006.

The drop in sales has led to an increase in the average turnover time in the neighborhood.  If you’re selling your condo in Oak Forest, it will now take you an average of 85 days to find a buyer, up 32 days from a year ago.  However, this is still one of the quickest turnover times of any Chicago suburb.

Buyers may start to return to the neighborhood if the average sales price continues to drop.  Prices during the third quarter were 9 percent lower than a year before, but it wasn’t enough to spur demand in the area.

Oak Forest is a middle class neighborhood, and it is precisely the middle class that has been hit hardest by the new regulations set by banks and lenders for new mortgages.  This is keeping many potential buyers out of the market in the short term.

However, as prices drop, investors may start to take note of the deals on Chicago Condos For Sale around Oak Forest.

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