Bloomingdale condo market update
The condo market in the Chicago suburb of Bloomingdale continues to experience a drop in demand. According to recent data from the Chicago Association of Realtors, a total of 41 condos were sold in the neighborhood during the third quarter.
This is the lowest total sales for the quarter since 1998, and a 29 percent drop from the same period in 2006.
Despite the heavy drop in sales, the inventory of unsold condos on the market remained remarkably stable. The average turnover time was up by just 6.6 percent from one year previous. If you are selling your condo in Bloomingdale, it will now take you an average of 96 days to find a buyer.
Prices during the third quarter showed signs of weakness. The average sales price during the period was 9 percent lower than during the same quarter in 2006. If demand continues to drop for condos in the neighborhood, prices could continue to drop. However, as buyers look to pick up deals on Chicago Condos For Sale in Bloomingdale, prices could stabilize and even start rising again.
Keep an eye out for great deals in the neighborhood over the next few months.
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