April 7, 2008

Washington Park Real Estate Update

Category: Affordable condos. Posted by Mike at 10:36 pm.

Sales of condominiums and lofts took a hit in Washington Park in 2007. According to data from the Chicago Association of Realtors, a total of 95 units were sold in the neighborhood during the year.

This is a 50 percent drop in sales in just one year, but is still a relatively strong result for the neighborhood. It is the third highest total sales seen in Washington Park in the last 16 years.

The drop in demand in the neighborhood led to an increase in the average turnover time for condos on the market. Condo owners and developers who sold their units in 2007 had to wait an average of 142 days to find a buyer, up from 112 days in 2006.

However, sagging demand and a rising inventory of condos on the market didn’t lead to lower prices for units around Washington Park. The average sales price climbed by an impressive 8 percent in 2007. However, prices could start to drop for condominiums in the area if demand doesn’t recover in the short term.

Buyers should keep an eye out for great deals on Chicago Condos in Washington Park and many other neighborhoods around the city.

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