February 5, 2008

Near North Side sales up during fourth quarter

Category: River North. Posted by Mike at 3:24 pm.

Sales of condos around the Near North Side were up during the fourth quarter, according to a recent report from the Chicago Association of Realtors. A total of 717 units were sold during the quarter, an increase of 11 percent from the same period in 2006.

This is good news for the market, which saw a decline of nearly 36 percent in sales in the area during the fourth quarter 2006.

The increase in sales also led to a slight decline in the inventory of unsold condos sitting on the market on the Near North Side. If you’re selling your condo in the area, it will now take you an average of 105 days, down from 114 days just a year ago.

Prices also rose during the fourth quarter, helped by stronger sales and an increase of new luxury preconstruction developments for sale around the area. The average sales price during the fourth quarter was up by 4 percent from the same period a year ago, and could continue to rise as more luxury developments come on the market, including the long awaited Chicago Spire.

Find the best Preconstruction Chicago Condos today in neighborhoods around the city.

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