February 13, 2008

Lakeview condo market shows signs of strength

Category: Lakeshore Condos. Posted by Mike at 1:48 pm.

As sales drop around the Chicago region, some markets are still showing some signs of strength. Lakeview has seen a slight decline in sales. However, prices are up and inventory is down in the area.

According to data from the Chicago Association of Realtors, a total of 391 condos and lofts were sold during the fourth quarter, down just 3 percent from the same period in 2006.

However, despite the slight drop in sales, the average turnover time for condos on the market also dropped during the fourth quarter. The average turnover time stood at 95 days during the quarter, down from 99 days during the previous year.

The drop in inventory of unsold condos and lofts in the neighborhood helped keep prices strong in Lakeview. The average sales price for condos and lofts sold during the fourth quarter rose by 5 percent from the same period in 2006, and could continue to rise due to the neighborhood’s popularity and privileged location.

Find great deals on some of the best Chicago Condos For Sale around Lakeview as well as in other neighborhoods across the Chicago region.

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