Edgewater first quarter condo market update
As condo sales fall around the Chicagoland region, once hot neighborhoods are cooling off. Edgewater saw sales reach their peak in 2005, with 214 condominiums sold during the first quarter. However, sales have fallen for the last three years in the neighborhood.
According to data from the Chicago Association of Realtors, a total of just 145 condominiums and lofts were sold in Edgewater during the first quarter 2008, down from 170 units sold during the same period last year. It was the worst result for the market during the first quarter since 1998.
The drop in demand led to yet another increase in the market time for units for sale in Edgewater. If you’re selling your condo in the area, it will now take you an average of 154 days to find a buyer, up from 141 days a year ago. The average turnover time for all of Chicago is at 112 days.
Prices also suffered as a result of the drop in demand for condominiums around Edgewater. The average sales price fell by 5 percent from the same period last year, and could continue to fall if demand doesn’t recover in the short term for units in the neighborhood. Keep an eye out for great deals on Chicago Condos For Sale in Edgewater and around the city.
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