May 20, 2008

Sales down 45 percent across Chicago suburbs

Category: Affordable condos. Posted by Mike at 10:43 pm.

Sales of condos in the Chicago suburbs fell for the second straight year during the first quarter. The number of condos sold in the region fell by 45 percent, the largest year over year decline in the last 17 years.

According to data from the Chicago Association of Realtors, a total of 2,730 condos and lofts were sold during the first quarter, down from 4,990 sold during the same period last year. It was the lowest total sales seen during the first quarter since 1995.

The dramatic drop in demand led to one of the biggest declines in prices seen since records were kept for the real estate market. The average sales price fell by 16 percent for condos sold around the suburbs during the first quarter. Prices could continue to fall as the inventory of unsold units on the market grows.

According to the C.A.R. report, it took condo owners and developers an average of 128 days to find a buyer during the first quarter. This is the longest average turnover time seen in the last 17 years, and is bad news for the market.

However, buyers who are looking for a condominium in the Chicago suburbs are seeing excellent prices in many neighborhoods. Browse through the best Chicago Condos For Sale on the market today.

Technorati Tags: , ,