Chicago Condo Directory

Sales of condominiums and lofts on the Near South Side slowed in 2007, after several years of rising demand in the area.  It was the first time that annual sales fell in the neighborhood since 2001.

According to the Chicago Association of Realtors, a total of 1,071 condominiums and lofts were sold in the area in 2007, down from 1,522 condos sold during the previous year.  However, despite the nearly 30 percent drop in sales, it was still the second highest annual total seen in the neighborhood in the last 16 years.

Lower prices weren’t enough to keep demand up in the neighborhood.  The average sales price for units sold in 2007 fell by 4 percent from the previous year.  However, a drop in the inventory of unsold condos and lofts on the market on the Near South Side could keep prices from falling further.

The average turnover time for condos sold during 2007 fell to 127 days, down from 131 days for units sold in 2006.

Buyers are still seeing excellent deals on Chicago Condos For Sale around the Near South Side.  The neighborhood’s excellent location and amenities make it one of the most popular in the city.

Technorati Tags: Chicago Condos For Sale, Near South Side Condo Market, Chicago Real Estate