Sales down nearly 50 percent in Mount Prospect
Mount Prospect was one of many Chicago suburbs that saw a sharp drop in sales in 2007. However, the neighborhood was hit even harder than most other areas of the city.
According to data from the Chicago Association of Realtors, a total of 180 condos were sold in the neighborhood, down from 358 units sold during the previous year. This is the lowest total sales seen in Mt. Prospect since 1997.
Condo owners and developers are seeing one of the longest turnover times in recent memory. It took an average of 137 days to find a buyer in 2007, up from 81 days just a year ago. This is the longest average turnover time seen in more than 16 years.
Despite the poor showing for the real estate market in Mt. Prospect, the average sales price in the neighborhood soared to a new high in 2007. The average sales price now stands at $222,759, up 20 percent from a year ago.
Buyers should take care not to get in the market at its peak in Mt. Prospect. If demand for condos doesn’t increase in the short term, sellers may have to offer incentives and lower prices to attract more interest in Chicago Condos For Sale in the neighborhood.
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