April 9, 2008

Annual sales reach five-year low on Near North Side

Category: River North. Posted by Mike at 5:30 pm.

Condo sales on the Near North Side slid for the second straight year in 2007. According to data from the Chicago Association of Realtors, a total of 3,131 condos and lofts were sold in the neighborhood during the year.

This is a slight decline from the 3,267 units sold in 2006, but well off the high seen in 2005, when 4,250 condos were sold on the Near North Side.

The drop in sales was accompanied by an increase in the average turnover time for units on the market. Condo owners and developers who sold their units during the year waited an average of 116 days to find a buyer, up from 97 days in 2006. This is the longest that it has taken to find a buyer in the neighborhood in more than 16 years.

However, despite the drop in sales and rising inventory of unsold units on the market, the average sales price continued to increase. According to the C.A.R. report, the average sales price rose by another 7 percent in 2007, helped out by an increase in the number of new luxury condominium developments for sale in the neighborhood.

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