April 22, 2008

Condo market recovers on Near South Side

Category: South Loop. Posted by Mike at 3:19 pm.

Condo sales recovered after two straight years of declining demand during the first quarter on the Near South Side.

According to data from the Chicago Association of Realtors, a total of 214 condominiums were sold during the first quarter on the Near South Side. This is a 13 percent increase in sales from the same period last year. The increase in sales may have come about as a result of great deals for condos in the neighborhood.

The average sales price dipped one percent during the first quarter, the first time that prices have dropped year over year during the period in two years. This may have played a part in helping demand recover during the quarter.

The increase in demand also helped bring the inventory of unsold condos sitting on the market down on the Near South Side. It took condo owners and buyers an average of 100 days to find a buyer. This is a 37 percent decrease in the average turnover time from the same period last year, and the second lowest seen during the first quarter in the last five years.

Browse through the best Chicago Condos For Sale around the Near South Side and take advantage of great deals in the neighborhood today.

Technorati Tags: , ,