Condo sales plummet in Rogers Park in 2007
Annual sales of condos in the Chicago neighborhood of Rogers Park hit a four-year low during 2007. According to data from the Chicago Association of Realtors, a total of 680 units were sold in the neighborhood during the year.
Total sales were down 29 percent from 2006, and it was the lowest yearly total sales since 2003. Problems in the credit market have hit many first time buyers hard. Banks and lenders that have been hard hit by a marked increase in foreclosures are clamping down on lax lending standards that were common in the past few years.
As sales drop, the inventory of unsold condos on the market continues to increase. The average turnover time for condos sold during 2007 in Rogers Park rose to 146 days, nearly 40 percent higher than a year ago.
Prices in the area continued to rise during the year, but at a much slower rate than in previous years. The average sales price was up by just one percent in 2007, showing signs of weakness as a result of the drop in demand for condos in Rogers Park.
Buyers could start to see great deals on Chicago Condos For Sale around Rogers Park as well as in many other neighborhoods across Chicago.
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