May 31, 2008

Condo sales pick up on Near West Side

Category: West Loop. Posted by Mike at 1:13 pm.

Sales of condominiums fell for the second straight year during the first quarter. The neighborhood suffered its worst result since 2001.

According to data from the Chicago Association of Realtors, a total of 228 condos and lofts were sold on the Near West Side during the first quarter, down from 382 condos sold during the first quarter 2007. It was the second straight year of declining sales for the neighborhood during the first quarter.

Prices also came down during the first quarter for the first time since the boom in new developments came to the neighborhood. The average sales price posted a 3 percent drop from the same period last year during the first quarter.

However, despite the drop in demand in the neighborhood, condo owners and developers enjoyed a drop in the average market time for condos on the market. If you’re selling your condo or loft on the Near West Side, it will now take you an average of 164 days to find a buyer, down from 203 days a year ago. It is the quickest average turnover time seen in the neighborhood in three years.

Buyers could see lower prices for Chicago Condos For Sale around the Near West Side in the next few months.

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