June 9, 2008

First quarter condo sales slide in West Town

Category: Affordable condos. Posted by Mike at 11:50 pm.

Condo sales in West Town slid for the second straight year during the first quarter. The neighborhood was one of several parts of Chicago to see a drop in sales of condominiums during the period.

According to data from the Chicago Association of Realtors, a total of just 207 condominiums were sold in West Town during the first quarter, down from 299 units sold during the same period last year. The drop in sales is even more pronounced when compared to sales totals seen in 2006, when 345 units were sold during the first quarter.

However, despite the drop in sales, prices continued to rise for condos in the neighborhood. The average sales price during the first quarter was 13 percent higher than prices seen during the same period in 2007, and could continue to rise in the short term.

Condo owners and developers in West Town enjoyed an improvement in the market time of units listed during the first quarter. If you’re selling your condo in West Town, it will now take you an average of 117 days to find a buyer, down from 121 days a year ago.

Keep an eye out for great deals on Chicago Condos For Sale around West Town as well as many other neighborhoods around the city.

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