Sales plunge again on Near West Side
Sales of condominiums dropped for the second straight year during the first quarter on the Near West Side. The total sales seen during the quarter was the lowest since 2001 in the neighborhood.
According to data from the Chicago Association of Realtors, a total of 228 units were sold during the quarter, down from 382 units sold during the same period last year. This was well off the high of 468 units sold during the first quarter in 2006.
However, demand could pick up in the short term as prices finally start to come down in the neighborhood. The average sales price fell by 3 percent during the first quarter, but whether prices will continue to drop remains to be seen.
Condo owners and developers are seeing average turnover times that are lower than in the past two years. If you’re selling your condo on the Near West Side, it will now take you an average of 164 days to find a buyer. It took an average of 203 days to find a buyer a year ago.
Now may be the time to take advantage of falling prices in the neighborhood. If demand picks up in the short term, prices for Luxury Chicago Condos For Sale around the Near West Side could follow suit.
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