Douglas condo market cools
Douglas has seen a rise in sales of condos and lofts in recent years as buyers look to the area for the affordable real estate offered there. However, even this neighborhood hasn’t been saved from a recent downturn in sales in the Chicago region.
According to the Chicago Association of Realtors, a total of 20 units were sold in Douglas during the fourth quarter. This is a 33 percent drop in sales from the same period in 2006, and is the lowest total sales seen during the quarter since 2004.
The drop in sales meant longer waits for condo owners and developers around the neighborhood. If you’re selling your condo in Douglas, it will now take you an avereage of about 125 days, up from 98 days a year ago.
The drop in sales and increasing inventory of condos on the market led to a sharp decline in prices. According to the Chicago Association of Realtors, the average sales price during the fourth quarter was 14 percent lower than during the same period in 2006.
Buyers can now find excellent deals on condos around Douglas. Don’t miss out on incredible prices for Chicago Condos For Sale throughout the neighborhood.
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