chicago-condos Dave on 31 Oct 2007 06:24 am

Condo sales in West Town show slight improvement

Condo sales in West Town rebounded during the third quarter, according to the third quarter report from the Chicago Association of Realtors.

The neighborhood saw a total of 440 sales during the period, a 6 percent increase from last year but still well off the high of 534 condos sold in 2005.

Condo owners and developers looking to sell their property in West Town are facing a turnover time of 86 days.  This means that if you are selling your property in the neighborhood, it will take you just under three months to find a buyer.

Prices continued to increase for condominiums in the neighborhood.  The average sales price was up by 6 percent during the third quarter, and now stands at $394,474.

Whether the neighborhood will be able to remain untouched by the general decline in prices and demand for condominiums around the city remains to be seen.  Problems in the credit market have kept many potential buyers out of the real estate market.

Total sales of condominiums throughout the city were off by 12 percent during the third quarter.  If demand continues to drop, buyers may start to find excellent deals for Chicago Condos in neighborhoods throughout the city.

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