August 1, 2008

Sales rebound in Itasca

Category: Affordable condos. Posted by Mike at 2:22 pm.

After hitting a new low during the first quarter of 2007 in Itasca, sales of condominiums and lofts rebounded during the same period this year. The neighborhood was one of just a few around the Chicago region to see a stop in the bloodletting during the first quarter.

According to data from the Chicago Association of Realtors, a total of 6 units were sold I Itasca during the first quarter, up from 4 units sold during the same period a year ago. Two years ago the neighborhood enjoyed its best sales, with 19 units sold during the first quarter.

The slight increase in sales of condos and lofts during the first quarter helped bring down the inventory of unsold units on the market. If you’re thinking of selling your condominium in Itasca, it will now take you an average of 86 days to find a buyer, down from 167 days a year ago.

The drop in sales also led to a decline in prices around the neighborhood. The average sales price fell by 1 percent during the first quarter, and could continue to fall in the short term. If you’re on the market for a great deal on Chicago Condos For Sale, check out the current listings in Itasca.

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July 25, 2008

Sales down 31 percent during the second quarter in Chicago

Category: Affordable condos, Downtown Condos. Posted by Mike at 4:16 pm.

Sales of condominiums and lofts were off by nearly 31 percent during the second quarter across the city of Chicago, as many buyers face difficulty qualifying for a loan. Banks and lenders have tightened requirements in recent months after foreclosures spiked around the nation.

According to data from the MLS for the quarter, a total of 4,658 units were sold during the period, down from 6,748 units sold during the same period last year. It was one of the worst showings for the second quarter since the beginning of the decade. A total of 7,098 condos were sold during the second quarter 2006.

Prices, however, went the other direction as buyers focus on the most expensive units on the market in Chicago. Strong sales of luxury units in downtown and the Near North Side led to a 15 percent increase in the average sales price during the second quarter. However, prices for more affordable units could start to come down around the neighborhood as there are fewer buyers on the market for these types of condominiums.

Buyers, keep a sharp eye out for great deals on Chicago Condos For Sale around the greater Chicagoland region.

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July 23, 2008

Skokie condo sales fall to 13-year low

Category: Affordable condos. Posted by Mike at 11:53 pm.

Sales of condominiums and lofts fell to a 13-year low in Skokie. The first quarter was the worst showing for the neighborhood since 1995.

According to data from the Chicago Association of Realtors, a total of just 21 units were sold during the first quarter, down from 53 units sold during the same period last year. It was the third straight year of declining demand for condos in the neighborhood, after reaching a high of 66 condos sold during the first quarter 2005.

However, lower prices could bring buyers back to the neighborhood. The average sales price plunged by an impressive 21 percent during the first quarter, and could continue to fall even further as some condo owners face intense financial pressure. Condo owners and developers are facing one of the slowest markets in recent memory in Skokie.

If you’re selling your condo in the area, it will now take you an average of 178 days to find a buyer, 70 days longer than just a year ago. This is the longest that it as taken to find a buyer in more than 17 years.

If you’re looking for a great deal on Chicago Condos For Sale, keep an eye out for incredible prices in Skokie.

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