Chicago Condo Directory

The average sales price for a condominium in North Center dropped by 2 percent during the third quarter, according to a new report from the Chicago Association of Realtors.

The decline in prices for condos in the neighborhood is the first since 2000.

The market is responding to a marked increase in the turnover time for condos and lofts on the market in North Center.

According to the C.A.R. report, if you are selling your condo in North Center, it will now take you an average of 103 days to find a buyer.  This is an 18 percent increase in just one year, and bad news for condo owners and developers.

There are also more condos currently for sale on the market.  Demand for condos was up by 3 percent during the third quarter, but it was still not enough to absorb the new properties for sale in North Center.

It’s definitely looking like a buyer’s market in North Center.  If you’re looking for a condo in the area, bargain hard for a price that reflects the current market conditions and don’t get caught buying at the peak.

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