chicago-condos Dave on 30 Dec 2007 10:38 pm

Wheeling condo sales hit new low

The real estate market around the Chicago region continues to suffer from a drop in demand that could affect prices in many areas.  Wheeling is one Chicago suburb that has seen a pronounced drop in demand.

According to recent data from the Chicago Association of Realtors, a total of 79 condos were sold during the third quarter, down 33 percent from the same period last year.  It is also the lowest total for the third quarter since 1991.

If you’re selling your condo in Wheeling, it may take a lot longer than you expected to find a buyer.  The average turnover time in the neighborhood is now at 163 days, a 140 percent increase from last year and the longest turnover time in more than 16 years.

Despite the dismal numbers coming out of the market in Wheeling, prices continued to rise.  The average sales price during the third quarter was three percent higher than during the same period last year.

However, if the market continues to suffer from low demand and a rising inventory, prices should start to come down for Chicago Condos in Wheeling over the next few months.

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