chicago-condos Dave on 26 Feb 2008 10:41 pm

West Town condo market update

Sales of condos in many Chicago neighborhoods dropped during the fourth quarter.  West Town was one neighborhood that saw a sharp decline in sales from the same period in 2006.

According to data from the Chicago Association of Realtors, a total of 223 units were sold during the fourth quarter in West Town.  This is a 16 percent drop in sales from the same period in 2006, and the lowest sales for the quarter since 2000.

If you’re planning on selling your home in West Town, it will take you longer than you may have thought to find a buyer.  The average turnover time for condos sold during the fourth quarter in the neighborhood rose to 107 days.  A year ago the average turnover time was 89 days.

Despite a decline in sales around West Town, prices continued to rise in the area.  The average sales price for condos sold during the fourth quarter posted a 6 percent increase from the same period in 2006.

Buyers could start to see prices stabilize and perhaps even pull back a bit in the neighborhood if demand doesn’t pick up in the short term.  Look out for great deals for Chicago Condos around West Town and other popular Chicago neighborhoods.

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