chicago-condos Dave on 29 Nov 2007 10:14 pm
A total of 200 condominiums were sold in Rogers Park during the third quarter, making the neighborhood one of the most popular destinations for buyers looking for Chicago Condos For Sale.
However, sales in the neighborhood have dropped for the last two years, as problems in the mortgage market and high prices combine to drive many potential buyer to rent. Sales were down 31 percent in just one year in Rogers Park.
If you’re selling your condominium in Rogers Park, it will probably take a lot longer to find a buyer than you thought. The turnover time is now at an average of 140 days in the neighborhood, a 25 percent increase from last year and the longest turnover time that Rogers Park has experienced in more than 15 years.
Prices are starting to show signs of weakness. The average sales price during the third quarter was down by almost $1,000 from last year. A condo in Rogers Park sold for an average of $225,584 during the third quarter.
However, if demand doesn’t improve in the short term, prices could start to come down even further. Buyers should be on the lookout for great deals on luxury condominiums in Rogers Park over the next few months.