Sales down 45 percent in Norwood Park
Sales of condos in Norwood Park plummeted in 2007 as many buyers faced increasing difficulty qualifying for a new mortgage. Banks and lenders have tightened requirements for new loans after a sharp increase in foreclosures across the country.
According to data from the Chicago Association of Realtors, a total of 58 condos were sold in the neighborhood during the year, down from 105 units sold in 2006. It is the weakest result for Norwood Park since 1994.
The inventory of unsold condos on the market continues to rise sharply in Norwood Park. The average turnover time for units sold in 2007 jumped to 162 days. This is a 138 percent rise in the average turnover time in just one year, and is the highest it has been for more than 16 years.
Despite the dismal results for the year, prices continued to rise in the neighborhood. The average sales price jumped by 6 percent in Norwood Park. However, if demand doesn’t recover in the short term, buyers could start to find incredible deals on Chicago Condos For Sale in Norwood Park.
Technorati Tags: Chicago Condos For Sale, Norwood Park Sales, Chicago Real Estate