February 29, 2008

Condo sales down in Albany Park

Category: Affordable condos. Posted by Mike at 4:58 pm.

The real estate market around Chicago has seen a drop in demand in almost every neighborhood across the city. Albany Park was no exception.

According to data from the Chicago Association of Realtors, a total of 46 units were sold around Albany Park during the fourth quarter, down from 54 units sold during the same period in 2006 and well off the high of 103 units sold two years ago.

However, despite the drop in demand in the area, the average turnover time in the neighborhood rose just slightly. If you’re selling your condo in Albany Park, it will now take you an average of 139 days to find a buyer, up from 136 days a year ago.

The drop in demand wasn’t enough to bring prices down in the neighborhood. According to the C.A.R. report, the average sales price during the fourth quarter r ose by 5 percent from the same period in 2006. If demand continues to fall, buyers could start to see prices level off around Albany Park.

Browse through the best Chicago Condos For Sale on the market in neighborhoods around the city and find the right home for you and your family today.

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