Sales hit 14-year low in Gurnee
Sales of condominiums in Gurnee fell again for the second consecutive year. According to recent data from the Chicago Association of Realtors, a total of 55 condos were sold during the third quarter.
This is an 18 percent drop from the same period last year and the lowest total for the quarter since 1993. Sales continue to suffer as a result of upheaval in the credit market, but could recover as rates begin to drop.
The neighborhood is also seeing a marked increase in the turnover time for condos on the market. The average turnover time was up to 73 days during the third quarter, and increase of 19 percent from the same period in 2006. However, this is still well below the average for all of Chicago.
Prices have also shown signs of weakness as a result of falling demand in the area. The average sales price during the third quarter posted a 2 percent decline from the same period a year ago, and could continue to drop if demand doesn’t increase for condos in Gurnee.
Keep an eye out for great deals on Chicago Real Estate in Gurnee as prices could drop even further in the short term.
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