April 13, 2008

Sales down more than 50 percent in Hyde Park

Category: Luxury Condos. Posted by Mike at 7:40 pm.

Sales of condos fell by more than 50 percent in Hyde Park during the first quarter. According to data from the Chicago Association of Realtors, a total of 27 condos were sold in the neighborhood during the quarter, a 52 percent decline in sales from the same period in 2007.

The drop in demand was accompanied by a drop in prices in the area. The average sales price for condos sold during the first quarter fell by 24 percent, erasing the gains seen during the same period in 2007. The average sales price stood at $229,898 for the quarter.

However, falling prices weren’t enough to get buyers more interested in real estate in Hyde Park. However, it was enough to keep condo owners from putting their unit on the market. Despite the sharp drop in sales, the average turnover time for units on the market remained steady at 145 days. This could help bring prices back into positive territory in the short term.

Buyers interested in great deals on Chicago Condos For Sale should check out the many condominiums currently on the market in Hyde Park.

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