chicago-condos Dave on 29 Feb 2008 10:59 pm

Sales off in Grand Boulevard

After four years of skyrocketing sales around Grand Boulevard, the market saw a steep decline in demand for condos in the area.

According to data from the Chicago Association of Realtors, a total of 35 condos and lofts were sold in the neighborhood during the fourth quarter.  While this is a 57 percent drop in sales from the same period in 2006, it is still well above the total sales seen prior to 2002.

Also, despite the sudden drop in demand in the area, the average turnover time for condos on the market was basically unchanged.  If you’re selling your condo in Grand Boulevard, it will now take you an average of 129 days to find a buyer, up just five days from a year ago.  This should help keep the market relatively stable despite the drop in demand for condos in the neighborhood.

Prices were slightly lower for condos in Grand Boulevard during the fourth quarter.  The average sales price was down 4 percent from the same period in 2006.  While prices could continue to drop, the neighborhood should benefit from a relatively stable inventory of units on the market.

Buyers should stay alert for great deals on Chicago Condos around Grand Boulevard and many other Chicago neighborhoods.

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