February 18, 2008

Avondale market report

Category: Affordable condos. Posted by Mike at 9:07 pm.

Despite a downturn in sales in many neighborhoods around Chicago, Avondale saw a record number of condos sold during the fourth quarter. According to data from the Chicago Association of Realtors, a total of 33 units were sold during the quarter, up from 27 units sold during the same period in 2006.

It is the highest number of sales in the neighborhood during the fourth quarter in more than 16 years.

However, despite the rise in sales, the neighborhood also saw an increase in the number of unsold units sitting on the market. According to the C.A.R. report, the average turnover time in the neighborhood jumped from 90 days to 114 days during the fourth quarter.

This wasn’t enough to keep prices from continuing to rise around Avondale. The average sales price during the fourth quarter rose by 8 percent from the same period last year. If demand stays up in the area and the supply of unsold condos remains steady, then prices could continue to rise in the area.

Find great deals on Chicago Condos For Sale around Avondale as well as in all other areas of the city.

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