Sales hit 18-year low in Lincoln Park
Sales of condominiums reached a new low during the first quarter in Lincoln Park. It was a surprise for the popular neighborhood, which had seen sales rebound last year.
According to data from the Chicago Association of Realtors, a total of just 150 condominiums and lofts were sold in Lincoln Park during the first quarter, down more than 40 percent from the same period last year, when 265 units were sold in the neighborhood. It was the worst result in more than 18 years for the real estate market.
Despite the sharp drop in sales during the first quarter, prices for condominiums were up sharply. The average sales price rose by 10 percent from the same period last year. However, rather than a general increase in real estate values in Lincoln Park, this is probably due to increased interest in the most expensive properties on the market.
Condo owners and developers are seeing one of the slowest markets in recent memory. If you’re selling your condominium it will now take you an average of 135 days to find a buyer. This is the longest average turnover time seen in Lincoln Park in more than 18 years.
Buyers could start to see lower prices for Chicago Condos for Sale on the less expensive end of the market.
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