Condo sales hit 10-year low in Palatine
The real estate market in Palatine was plagued by a fewer sales for the second year in a row in 2007. Sales of condos in the neighborhood hit a 10-year low during the year.
According to data from the Chicago Association of Realtors, a total of 642 condos and lofts were sold in Palatine in 2007, down from 876 units sold during the previous year. This represents a 27 percent drop in sales in just one year.
The declining demand in the neighborhood led to a new high in the average turnover time for units on the market. It took condo owners and developers an average of 117 days to find a buyer in 2007, up from 84 days during the previous year.
However, despite the drop in demand and rising inventory levels, prices continued to rise in the neighborhood. The average sales price grew by another 1 percent in 2007. However, buyers could start to see condo prices level off or even drop slightly in the short term if demand doesn’t increase in the next few months.
Keep an eye out for great deals on Chicago Condos For Sale around Palatine, as well as in many neighborhoods around the Chicago suburbs.
Technorati Tags: Chicago Condos For Sale, Chicago Real Estate, Palatine Real Estate