chicago-condos Dave on 28 Mar 2008 10:31 pm

Suburban Chicago condo market update

Sales of condos and lofts around the Chicago suburbs fell for the second straight year.  According to data from the Chicago Association of Realtors, a total of 21,871 units were sold in the area during 2007, down from 28,776 units sold during the previous year.

It was the poorest showing for the real estate market in the Chicago suburbs since 1998, when 20,257 units were sold in the region.

Buyers continued to see prices move higher around the Chicago suburbs.  The average sales price for condos sold during the year was $182,183, up more than four percent from prices seen in 2006.  However, prices could start coming down in the short term.

According to the C.A.R. report, condo owners and developers are facing one of the slowest markets in recent memory.  The average turnover time for units sold in 2007 moved past the 100-day mark to stand at 109 days, up from 74 days in 2006.  This is the longest average turnover time seen in the region in more than 16 years.

Financial difficulty could lead many condo owners around the suburbs to offer incentives to attract more buyers.  Keep an eye out for great deals on Chicago Condos For Sale in neighborhoods around the Chicago suburbs.

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