January 10, 2008

Hyde Park condo sales steady

Category: Luxury Condos. Posted by Mike at 3:49 pm.

The real estate market in Chicago is seeing a drop in demand for condominiums in many neighborhoods around the city.  However, sales in Hyde Park have remained steady during 2007.

According to the most recent statistics for the neighborhood from the Chicago Association of Realtors, a total of 106 condos were sold during the third quarter, just 9 less than during the same period a year earlier.

Condo owners and developers who sold their units during the third quarter faced an average turnover time far lower than in the past two years.  The average turnover time for these units was 99 days, a 22 percent drop from the same period last year.

The drop in the turnover time for homes on the market and steady demand allowed sellers to charge a premium for condominiums in Hyde Park.  The average sales price during the third quarter posted a 13 percent gain from the same period in 2006, and shows few signs of slowing, particularly if demand remains steady and the inventory of condos on the market continues to drop.

Buyers looking for quality real estate in a hot neighborhood should check out the incredible new Chicago Condos for Sale around Hyde Park.

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