chicago-condos Dave on 27 Nov 2007 02:40 pm

Mt Prospect condo market at a glance

Sales of condominiums in the Chicago suburb of Mt. Prospect took a nosedive during the third quarter. 

According to a recent report from the Chicago Association of Realtors, a total of 53 condos were sold in the neighborhood during the third quarter, a 48 percent drop from the same period last year.  It is also the lowest total sales for the quarter since 1993. 

Condo owners and developers looking to sell their home are facing longer waits.  If you are currently selling your condo in Mt. Prospect, it will now take you an average of 99 days to find a buyer, a 13 percent increase from last year.  This is also the longest turnover time sellers have seen in 14 years. 

However, while sales were down and more unsold condos sit on the market, prices in Mt. Prospect continued to climb during the third quarter.  The average sales price during the quarter was $238,019, a 32 percent jump from the same period last year.  This is one of the largest increases for any Chicagoland suburb. 

If demand doesn’t increase and the unsold inventory of condos continues to languish on the market, prices could start to fall in the short term.  Look for excellent deals on Chicago Condos in the neighborhood over the next few months as sellers compete to attract new interest in the area. 

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