Sales plummet for second straight year in O’Hare
Sales of condominiums fell sharply for the second straight year in O’Hare. The neighborhood was one of many Chicago neighborhoods that saw a drop in sales in 2007.
According to data from the Chicago Association of Realtors, a total of 118 condos and lofts were sold in the neighborhood in 2007. This is a 29 percent drop in sales from the previous year, and the lowest total sales seen in the neighborhood in seven years.
The drop in sales led to a sharp increase in the average turnover time for units on the market. According to the C.A.R. report, it took condo owners and developers an average of 104 days to find a buyer in 2007, up from 80 days in 2006. This is the first time that the average turnover time has broken through the 100-day barrier in more than 16 years.
Lower prices weren’t enough to get buyers to come back to O’Hare. The average sales price fell by 12 percent in the neighborhood during 2007. However, if prices drop further in O’Hare, buyers looking for affordable Chicago real estate may not be able to resist the deals in the neighborhood.
Keep an eye out for great deals on Chicago Condos For Sale in O’Hare and many other neighborhoods around the city.
Technorati Tags: O’Hare Condos For Sale, Affordable Chicago Real Estate, Chicago Condos For Sale