First quarter sales update: Near North Side
As condo sales slide around the city, even the most popular neighborhoods in Chicago aren’t immune. Sales of condos on the Near North Side slid for the fourth consecutive year during the first quarter.
According to data from the Chicago Association of Realtors, a total of just 557 condos were sold during the first quarter in the neighborhood, down from 679 condos sold during the same period last year. It was the worst showing for the Near North Side since 2003, and was well off the high of 1,141 units sold during the first quarter in 2005.
However, despite the slowdown in sales in the neighborhood, the inventory of unsold condos on the market remained steady. The average turnover time for units sold during the first quarter rose by just 7 days from the same period last year, and now stands at 117 days.
Also, as several new luxury developments open their sales centers, prices in the neighborhood are spiking. The average sales price for condos sold during the first quarter jumped by 24 percent, one of the largest gains for any Chicago neighborhood.
While sales may have slowed on the Near North Side, the neighborhood is nowhere near what could be considered a slowdown. The neighborhood’s excellent location, amenities, and luxurious developments make this area consistently the most popular in the city. Browse through the best Chicago Condos For Sale on the Near North Side today.
Technorati Tags: Chicago Condos For Sale, Near North Side Condos For Sale, Near North Side Real Estate