May 18, 2008

Wheeling condo sales drop more than 60 percent in first quarter

Category: Affordable condos. Posted by Mike at 4:54 pm.

Sales of condos fell yet again during the first quarter in the Chicago suburb of Wheeling. According to data from the Chcicago Association of Realtors, sales were off by more than 60 percent from the same period last year.

A total of just 26 units were sold in Wheeling during the first quarter, down from 70 units sold during the same period in 2007. It was the third straight year that sales have fallen during the first quarter, after hitting a peak of 104 units sold in 2005.

Prices fell to a five-year low for condominiums in Wheeling, as the average sales price plunged by 9 percent during the first quarter. Buyers should continue to see excellent prices in the short term.

However, condo owners received some good news as the average market time dropped for units on the market in Wheeling. This should help keep prices from falling further in the neighborhood. It now takes an average of 116 days to find a buyer in the city, down from 131 days a year ago.

Buyers looking to take advantage of great prices on Chicago Condos For Sale in the suburbs can find what they’re looking for in Wheeling.

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