March 21, 2008

Condo sales near record high in West Elsdon

Category: Affordable condos. Posted by Mike at 6:27 pm.

While many neighborhoods around the Chicago region face a decline in demand for condominiums and lofts, West Elsdon saw sales rise to near record high levels in 2007.

According to data from the Chicago Association of Realtors, a total of 22 condos and lofts were sold in West Elsdon in 2007. This is a 22 percent jump from the previous year, and the third highest annual total sales seen in the neighborhood in the last 16 years.

However, despite the rise in sales in West Elsdon, the inventory of unsold condos and lofts continued to rise during the year. The average turnover time for units sold in 2007 more than doubled to 126 days, up from 58 days a year ago.

This could result in pressure on prices if demand doesn’t rise enough to cover the inventory of condos and lofts on the market. However, prices in 2007 showed no signs of weakness. The average sales price for condos sold in 2007 rose by 16 percent from the previous year.

Buyers should beware of getting in the market at its peak in West Elsdon. If demand doesn’t continue to rise, some condo owners may be forced to lower their asking price to attract more buyers to the area. Find great deals on Chicago Condos For Sale around West Elsdon today.

Technorati Tags: , ,