February 21, 2008

North Center condo market update

Category: Affordable condos. Posted by Mike at 4:15 pm.

The real estate market in North Center continued to see a decline in demand during the fourth quarter.

According to recent data from the Chicago Association of Realtors, a total of 78 condos and lofts were sold in the neighborhood during the fourth quarter. This is a drop of 15 percent in sales from the same quarter in 2006, and the lowest total sales seen during the fourth quarter since 2003.

However, despite the drop in demand, the number of condos and lofts on the market in North Center remained relatively stable. If you’re planning on selling your condo in the neighborhood, it will now take you an average of 148 days to find a buyer, up just 9 days from a year ago.

Prices in the area managed to increase despite the drop in demand for condos. The average sales price for condos sold during the fourth quarter rose by 1 percent from the same period in 2006, one of the lowest increases in recent years in the neighborhood.

Buyers could start to see lower prices for Chicago Condos For Sale around North Center if demand doesn’t pick up in the short term.

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