July 3, 2008

Irving Park first quarter sales down again

Category: Affordable condos. Posted by Mike at 2:01 pm.

Sales of condominiums and lofts in Irving Park were off again during the first quarter. The neighborhood was one of several across the city that saw a sharp decline in demand in the past few months.

According to data from the Chicago Association of Realtors, a total of just 51 condominiums were sold in the neighborhood during the first quarter, a nearly 50 percent drop in sales from the same period last year. The first quarter 2007 was the best in years in Irving Park. 97 condominiums were sold during the period.

The drop in demand for condos around the area led to a marked increase in the inventory of unsold condos sitting on the market in Irving Park. This is leading to longer waits for many condo owners. If you’re selling your condo in the area, it will now take you an average of 151 days to find a buyer, up from 136 days a year ago.

Falling demand and a rise in the supply of condos on the market led to lower prices in the neighborhood. The average sales price fell by 3 percent during the first quarter, and could continue to fall if demand doesn’t pick up in the short term. Find great deals today on Chicago Condos For Sale in Irving Park.

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