July 8, 2008

Condo sales off nearly 30 percent in Lincoln Square

Category: Affordable condos. Posted by Mike at 6:13 pm.

Sales of condominiums and lofts were down during the first quarter in Lincoln Square. The neighborhood was one of many around Chicago to see a sharp drop in demand for condominiums.

According to data from the Chicago Association of Realtors, a total of just 72 units were sold in the neighborhood during the first quarter, down nearly 30 percent from the same period last year. The first quarter 2007 was the best in more than 17 years, with 101 condominiums sold during the period.

Condo owners and developers are waiting longer than they ever have to find a buyer in Lincoln Square. The average turnover time for condos on the market in the area rose by 50 days during the first quarter. If you’re selling a condo in the area, it will now take you an average of 159 days to find a buyer.

The drop in demand and rising inventory of unsold condos on the market didn’t lead to a drop in condo values around Lincoln Square. The average sales price for condos sold during the first quarter was up by 5 percent from a year ago. However, buyers could start to see great deals on Chicago Condos For Sale around the neighborhood in the short term.

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