February 12, 2008

Near West Side condo market update

Category: West Loop. Posted by Mike at 3:52 pm.

The real estate market on the Near West Side cooled off during the fourth quarter, as many buyers face tougher requirements from banks and lenders for new mortgages.

According to data from the Chicago Association of Realtors, a total of 229 units were sold during the fourth quarter, down from 384 units sold during the same period in 2006. It is the lowest total sales seen during the fourth quarter in the neighborhood since 2000.

Despite the drop in sales, condo owners and developers were able to breathe a sigh of relief as the inventory of unsold condos declined during the fourth quarter. If you’re selling your condo on the Near West Side, it will now take you an average of 116 days to find a buyer, down from 145 days just a year ago.

The drop in the number of condos on the market helped prices continue their upward march during the quarter. The average sales price during the fourth quarter rose by 2 percent from the same period in 2006, and should continue to rise due to the popularity of the neighborhood and the excellent location close to downtown Chicago.

Find great deals on luxury Chicago Condos For Sale around the Near West Side and move into the home of your dreams today.

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