chicago-condos Dave on 30 Jan 2008 02:50 pm

East Garfield Park condo market cools

After two years of strong sales in the neighborhood, the East Garfield Park condo market saw a pronounced drop in demand during the third quarter.

According to data from the Chicago Association of Realtors, a total of just 9 condos were sold in the neighborhood, down from 32 units sold during the same period in 2006.

The drop in sales led to a marked increase in the inventory of unsold condos and lofts sitting on the market in the neighborhood.  If you’re selling your condo in East Garfield Park, it will now take you an average of 185 days to find a buyer, the longest that it has taken in more than 16 years.

However, despite the dramatic drop in sales and record turnover times, prices rose sharply during the third quarter.  The average sales price rose by 18 percent from the same period in 2006.

Buyers will want to watch prices in the short term to ensure that they do not get in the market at the peak.  If demand for Chicago Condos in East Garfield Park doesn’t increase, many sellers may be forced to offer lower prices to attract added interest in the area.

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