May 22, 2008

Condo sales plunge to 9-year low in Plainfield

Category: Affordable condos. Posted by Mike at 9:22 pm.

Condo sales fell to a 9-year low during the first quarter in Plainfield. The city was one of several around the Chicago suburbs to see a significant drop in demand for condominiums during the quarter.

According to data from the Chicago Association of Realtors, a total of just 47 units were sold during the first quarter in Plainfield, down from 92 units sold during the same period last year. It was nearly a 50 percent drop in sales in just one year.

Demand could pick up in the short term as prices start to come down in the neighborhood. The average sales price fell by 7 percent from the first quarter 2007, and could continue to fall as the average market time for units for sale in Plainfield increases.

If you’re selling a condo in Plainfield, it will now take you an average of 159 days to find a buyer, up from 109 days a year ago. This will continue to put downward pressure on prices until demand picks up in the neighborhood. In the meantime, buyers looking for affordable Chicago Condos For Sale should keep an eye on the real estate market in Plainfield in the next few months.

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