chicago-condos Dave on 27 Dec 2007 09:01 am

Palatine condo sales at 13-year low

Sales of condominiums around Palatine dropped during the third quarter, amidst difficult market conditions marked by problems in the mortgage market.

According to the Chicago Association of Realtors, a total of 163 condominiums were sold in the neighborhood during the third quarter, down 38 percent from the same period last year and the lowest total for the quarter since 1994.

The drop in sales meant longer waits for condo owners and developers with a property on the market.  According to the C.A.R. report, if you are selling your condo in Palatine, it will now take you an average of 119 days to find a buyer.  This is a 49 percent increase in the turnover time from last year, and the longest average turnover time seen in more than 16 years.

However, despite declining demand and increasing turnover times for units on the market, prices in the neighborhood continued to rise.  The average sales price during the  third quarter was up 4 percent from the same period last year.

Buyers should beware of getting in the market at the peak.  If demand for Chicago Condos in Palatine doesn’t increase, then prices may start to come down in the short term.

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