January 21, 2008

Oak Park condo market at a glance

Category: Luxury Condos. Posted by Mike at 3:05 pm.

The market for condominiums in Oak Park has gone through a slight drop in demand as many buyers face difficulty qualifying for a mortgage.

According to the Chicago Association of Realtors, a total of 142 condos were sold in the neighborhood during the third quarter, a 28 percent drop from the same period in 2006.  However, this is still well above the average sales for the quarter in the last ten years.

Perhaps the most worrisome data coming out of the market in Oak Park is the increase in the average turnover time for condos on the market in the area.  If you’re selling your condo in Oak Park, it will now take you an average of 112 days to find a buyer, up from 73 days just one year ago.  It is also the longest turnover time seen in more than 16 years in the neighborhood.

Despite the weak supply and demand numbers for the market, prices continued to rise in the area.  The average sales price during the third quarter jumped by 16 percent from the same period in 2006.  Condos sold for a record average sales price of $265,000 during the third quarter.

Buyers should beware of getting in the market at its peak in Oak Park.  Prices for Chicago Condos For Sale in Oak Park may start to come down if demand doesn’t pick up in the short term.

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