January 8, 2008

Dunning condo market slows

Category: Luxury Condos. Posted by Mike at 5:51 pm.

Sales of condos in Dunning slowed during the third quarter amidst problems in the mortgage market and a general downturn in the real estate market around the Chicago region.

According to data from the Chicago Association of Realtors, a total of 21 condos were sold during the third quarter, a 65 percent drop from the same period in 2006 and the lowest total for the quarter since 2000.

The drop in sales in the area led to an increase in the inventory of unsold condos sitting on the market longer.  If you’re selling your property in Dunning, it will now take you an average of 141 days to find a buyer, up from 63 days just a year ago.

However, despite the drop in demand and rising turnover time for condos on the market, prices continued to rise in the neighborhood.  The average sales price during the third quarter posted a 13 percent rise from the same period in 2006.

Buyers should beware of getting in the market at the peak.  If demand doesn’t recover in the short term, sellers facing financial pressure may be forced to lower their asking price to attract new interest in the area.  Keep an eye out for great deals on Chicago Condos For Sale in Dunning.

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