chicago-condos Dave on 31 Mar 2008 10:59 pm

Hyde Park sales strong

While many areas around the Chicago region are seeing a decline in demand for condominiums and lofts, many neighborhoods south of downtown continue to see rising sales.

According to data from the Chicago Association of Realtors, a total of 301 condominiums and lofts were sold in the area during 2007, a 10 percent increase from sales seen in 2006.  While it is not the highest sales seen in the neighborhood in recent years, it is good news for condo owners and developers.

The increase in sales led to a slight drop in the inventory of unsold units sitting on the market.  The average turnover time for condos and lofts for sale in Hyde Park has dropped to 114 days, the quickest turnover time seen in the neighborhood in three years.

Rising demand and a steady supply led to higher prices for condos and lofts in Hyde Park.  The average sales price for units sold during 2007 rose 7 percent, and could continue to rise if demand remains steady in the neighborhood.  Buyers can still find great deals on Chicago Condos For Sale around Hyde Park, but the neighborhood’s popularity and excellent location could mean fewer deals in the future.

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