March 11, 2008

Sales in Lincoln Square rebound in 2007

Category: Affordable condos. Posted by Mike at 9:24 am.

With all the talk of falling sales and less activity on the real estate market in Chicago, some neighborhoods are still showing signs of resilience. Lincoln Square is one neighborhood that posted record annual sales during 2007.

According to the year end report from the Chicago Association of Realtors, a total of 574 condos and lofts were sold in Lincoln Square during the year, up from 485 units sold during 2006. This is an increase of 18 percent in sales in just one year in the neighborhood.

However, while sales were up, so was the inventory of unsold condos sitting on the market. Developers and condo owners who sold a unit in the neighborhood in 2007 had to wait an average of 97 days to find a buyer, up from 81 days. The increase may be a result of rising numbers of new developments coming on the market.

However, that wasn’t enough to keep prices from climbing during the year. The average sales price for condos sold in 2007 rose by 6 percent from the previous year. With demand high, and a relatively stable supply of units on the market, buyers can expect prices to continue to rise.

Find great deals on Chicago Condos For Sale in Lincoln Square today.

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