April 30, 2008

Sales down in Irving Park

Category: Affordable condos. Posted by Mike at 11:13 pm.

Sales of condos were off in Irving Park in 2007. After hitting an all time high of 416 units sold during 2006, demand for condos in this up-and-coming market fell on the heels of a general downturn in the market around Chicago.

According to data from the Chicago Association of Realtors, a total of 385 condos and lofts were sold in the area in 2007, a 7 percent drop in sales from the previous year. However, it was the second highest annual sales seen in the neighborhood in the past 20 years.

The decline in demand led to a marked increase in the number of condos on the market. Condo owners and developers faced one of the most difficult markets in recent memory, with an average turnover time of 139 days seen during 2007. This is an increase of 31 days in just one year.

However, prices for condos in Irving Park continued to rise despite the drop in demand in the neighborhood. The average sales price was up 2 percent for the year. The average sales price now stands at an all-time high of $248,223. Buyers could start to see lower prices for Chicago Condos For Sale in Irving Park if demand doesn’t rebound in the short term.

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