chicago-condos Dave on 20 Nov 2007 06:56 am

Condo sales jump on the Lower West Side

Lower prices spurred sales on the Lower West Side of Chicago during the third quarter, according to a recent report from the Chicago Association of Realtors.

A total of 19 condominiums were sold during the quarter, a 138 percent jump from last year.  It’s also the most condominiums sold during the third quarter in more than 15 years.

Condo owners and developers may have lowered their prices as a result of the large numbers of units for sale in the area.  The turnover rate continued to climb during the third quarter as a result of the large number of unsold condos on the market.

If you are selling your condo on the Lower West Side, it will now take you 151 days to find a buyer, a 42 percent jump from last year and the longest turnover rate for condos ever seen in the neighborhood.

The average sales price dropped during the third quarter by 14 percent and now stands at just over $300,000.

Buyers should continue to see lower prices on Chicago Condos in the neighborhood over the next few months if demand doesn’t pick up.  Sellers will have to offer incentives to stand out from the crowd in the area.

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