South Shore condo market still active
Despite a recent decline in sales in the area, the South Shore continues to see an active real estate market for condos.
According to data from the Chicago Association of Realtors, a total of 60 condos were sold during the third quarter, down from 73 condos sold during the same period in 2006. However, this is well above the total sales seen prior to 2004, and a sign that the real estate market in the area remains strong.
If you’re selling your condo in the area, it will take a little longer than you may have thought. The average turnover time passed the average for all of Chicago during the third quarter. It will now take you an average of 136 days to find a buyer, up from 88 days just a year ago.
Prices continued to rise, although at a slower rate than in previous years. Prices during the third quarter were an average of 2 percent higher than condos sold during the third quarter in 2006.
The South Shore offers an affordable option to more expensive neighborhoods closer to downtown, and will surely continue to attract buyers from around the city. Browse through Chicago Condos For Sale in the neighborhood and find the home of your dreams today.
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