April 28, 2008

Sales plunge in Kenwood

Category: Affordable condos. Posted by Mike at 1:01 pm.

Sales of condominiums and lofts fell sharply during the first quarter in Kenwood, as well as in many neighborhoods around the Chicago region.

According to data from the Chicago Association of Realtors, a total of just 22 condominiums were sold in the neighborhood during the first quarter. This is the worst showing for Kenwood during the first quarter since 2004, and a 61 percent drop in sales in just one year.

The drop in demand led to a marked increase in the average market time for condos in Kenwood. According to the C.A.R. report, it took sellers an average of 250 days to find a buyer during the first quarter, nearly 100 days longer than a year ago. This is one of the longest market times for any Chicago neighborhood.

However, increasing inventory and falling demand weren’t enough to bring prices down in the neighborhood. The average sales price increased by 2 percent from the same period in 2007. Buyers should beware of getting in the market at its peak in Kenwood. If demand doesn’t pick up in the short term, buyers could start to see incredible deals on Chicago Condos For Sale in the area.

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