May 8, 2008

Condo market stays strong in Oakland

Category: Affordable condos. Posted by Mike at 10:31 am.

Many neighborhoods south of downtown Chicago continue to enjoy a strong market despite a downturn in sales around the rest of the city. Buyers looking for affordable condominiums in pleasant neighborhoods are finding what they want in areas such as Oakland and Hyde Park.

Oakland saw double-digit sales for the second consecutive year in 2007. According to data from the Chicago Association of Realtors, a total of 13 condominiums were sold in the neighborhood during the year, unchanged from total sales seen in 2006.

While this may be a very small market in comparison with other neighborhoods in Chicago, it’s great news for this south side neighborhood, which saw just 20 condos sold from 1994 to 2004.

Condo developers continue to offer a number of new condo conversions in the neighborhood. This is leading to an increase in the market time for condos for sale in the area. It took an average of 152 days to find a buyer in Oakland in 2007, up from 112 days a year ago.

The increase in condos on the market means that buyers should see lower prices for Chicago Condos For Sale in the neighborhood.

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