March 15, 2008

Sales stay strong in West Ridge

Category: Affordable condos. Posted by Mike at 10:03 pm.

While many Chicago neighborhoods saw a drop in sales in 2007, West Ridge enjoyed a slight increase in the number of condominiums sold during the year.

According to data from the Chicago Association of Realtors, a total of 546 condos and lofts were sold in West Ridge in 2007, up slightly from the previous year, when 41 units were sold. However, it is still off the all-time high total sales for the neighborhood of 633 units sold in 2005.

Condo owners and developers are facing one of the slowest markets in recent history. If you’re selling your condo in West Ridge, it will now take you an average of 147 days to find a buyer, up from 111 days a year ago.

Prices were also up during the year. The average sales price for condos sold in 2007 was four percent higher than prices seen in 2006. However, if the inventory of condominiums on the market continues to grow, buyers could start to see prices level off or even pull back in the neighborhood.

Buyers interested in Chicago Condos For Sale in West Ridge should keep a close eye on the market in the area. As sales drop around Chicago, the neighborhood could soon see excellent deals.

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