West Town shows strong annual sales
As many neighborhoods around the Chicago area have seen a sharp drop in sales of condominiums and lofts, West Town experienced a slight jump in sales during 2007.
According to data from the Chicago Association of Realtors, a total of 1,540 condos were sold in the neighborhood during the year, a three percent increase in sales from 2006, when 1,493 condos were sold.
However, despite the jump in sales, sellers were still facing a slower market in West Town. It took an average of 100 days to find a buyer during 2007, up from 92 days during the previous year. This is the longest average turnover time we’ve seen in the neighborhood since 1995.
The strong demand for condos around West Town helped keep prices in positive territory. The average sales price for condos sold during the year posted a 3 percent gain from 2006, and should continue to rise if demand remains steady in the neighborhood.
Buyers looking for a great luxury condo won’t want to miss out on the great developments found in West Town. Browse through the best Chicago Condos in the neighborhood and around the city today.
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