May 2, 2008

Sales up in Albany Park

Category: Affordable condos. Posted by Mike at 11:09 am.

Sales of condos were up in Albany Park during the first quarter. The neighborhood was one of just a few in the Chicago region to see an increase in sales.

According to data from the Chicago Association of Realtors, a total of 39 condos were sold in the neighborhood during the quarter, up from 31 homes during the same period in 2007. However, it was still well off the high of 86 units seen during the first quarter of 2006.

The increase in demand in the neighborhood helped bring down the average market time for condos listed in Albany Park. During the first quarter 2007, it took an average of 223 days for sellers to find a buyer in the neighborhood. However, that number dropped to 139 days during the first quarter this year, great news for condo owners and developers in the area.

Demand may have increased due to the lower prices seen in Albany Park during the first quarter. The average sales price fell by 10 percent from the same period last year, and could continue to fall if demand doesn’t continue to increase.

Buyers should keep an eye out for great deals on Chicago Condos For Sale in Albany Park as well as in many other neighborhoods around the greater Chicagoland region.

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