Alsip condo market slows
The real estate market around Chicago is suffering from a drop in demand. Alsip is one suburb that has also seen a dramatic drop in sales in the past year.
According to data from the Chicago Association of Realtors, a total of just 21 condos were sold during the third quarter in Alsip. This is a drop of 46 percent in sales from the same period in 2006, and is also the lowest total sales seen in the neighborhood since 1998.
The neighborhood is also seeing a dramatic increase in the turnover time for condos on the market. If you’re selling your condo in Alsip, it will now take you an average of 88 days to find a buyer, up from the 57 days it took to find a buyer just a year ago. However, this is still below the average turnover time for all of Chicago.
Despite the rising inventory of unsold condos sitting on the market and a drop in demand in Alsip, prices continued to rise. The average sales price during the third quarter was up by 13 percent from the same period in 2006, and could continue to increase if market conditions remain relatively stable in the area.
Keep an eye out for great deals on Chicago Condos For Sale in Alsip as well as other parts of the greater Chicagoland region.
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