March 31, 2008

Sales at all-time high in Woodlawn

Category: Affordable condos. Posted by Mike at 11:52 pm.

Sales of condominiums and lofts hit a new high in Woodlawn, despite a downturn in the real estate market around the Chicago region. The neighborhood saw a 13 percent increase in sales in 2007.

According to data from the Chicago Association of Realtors, a total of 196 condos and lofts were sold in the neighborhood during the year, up from 173 units sold in 2006. The previous high was seen in 2005, when 189 units were sold around Woodlawn.

However, despite the increase in sales in the neighborhood, condo owners and developers are still seeing a relatively slow market. The average turnover time for condos sold in 2007 rose to 150 days, up from 109 days in 2006. This is the second highest turnover time in the last 16 years.

Prices were off slightly in the neighborhood. The average sales price for condos sold in 2007 was down 1 percent from the previous year. Prices could continue to drop even as demand rises in the neighborhood. A number of new developments on the market could keep pressure on condo owners and developers to give incentives to buyers. Find great deals on Chicago Condos For Sale today.

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