Monthly ArchiveApril 2008

chicago-condos Dave on 30 Apr 2008

Sales inch up in Pullman

Sales of condominiums rose in Pullman in 2007.  The increase in demand comes on the heels of two straight years of declining sales in the area.

According to data from the Chicago Association of Realtors, a total of 24 condos were sold in the neighborhood in 2007.  This is an increase of 20 percent in sales from the previous year, but still 25 percent below the all time high of 33 units sold in 2004.

The increase in sales helped keep the average turnover time in the neighborhood from rising.  According to the C.A.R. report, the average turnover time for condos sold in 2007 was just 57 days, one of the lowest of any Chicago neighborhood.

Strong sales and a tight market for condos in this tiny Chicago market meant higher prices during the year.  The average sales price rose by another 7 percent in 2007, and now sits at an all-time high of $118,034, which is still quite affordable when compared to other neighborhoods around the city.

Buyers looking to get in their first condominium in Chicago without breaking the bank should take the time to look at the many Chicago Condos For Sale around Pullman today.

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chicago-condos Dave on 29 Apr 2008

Foreclosures soar 112 percent nationwide

The rash of foreclosures seen during the past few months shows no signs of abating any time soon.  According to data released by real estate firm RealtyTrac, a total of 650,000 filings were announced during the  first quarter.

This represents a rise of 23 percent in foreclosures from the previous quarter, and an incredible 112 percent rise in foreclosure filings from the same period in 2007.  The number of foreclosures represents 1 of every 194 homes nationwide, or just over 0.5 percent of all homes in the country.

Foreclosures were highest in states that have seen the heaviest speculation in real estate.  States such as Nevada, Arizona, California, and Florida were the hardest hit.  One of every 54 homes in Nevada received a foreclosure filing during the first quarter, which includes notices of default.

The news comes after the announcement of government programs to help distressed homeowners around the country.  Local programs work with homeowners to establish contact with creditors and work out a mutually beneficial agreement for both parties.

Chicago has seen a rise in foreclosures, but not on the scale seen in many other parts of the country.  However, as foreclosures increase in the area, buyers on the market for Chicago Condos could start to see even lower prices in the short term.

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chicago-condos Dave on 28 Apr 2008

First quarter condo sales down in West Town

Sales of condos around West Town were off by more than 30 percent during the first quarter, according to data from the Chicago Association of Realtors.

According to the report, a total of just 207 condos were sold in the neighborhood during the first quarter, down from 299 units sold during the same period in 2007.  This is the lowest total sales seen during the first quarter since 2001 in the neighborhood.

However, despite the dramatic drop in demand in the neighborhood, the average turnover time for condos sold during the quarter posted a slight decline.  It took an average of 117 days to find a buyer, down from 121 days during the same period last year.

The declining supply of condos on the market in West Town helped keep prices in positive territory.  The average sales price increased by an impressive 13 percent during the quarter, and now stands at an all-time high of $414,639.

Buyers should keep a sharp eye on the supply and demand for condos in West Town.  A significant increase in the number of condos on the market could lead to lower prices in the neighborhood, as has already occurred in some neighborhoods around the city.  Keep an eye out for great deals on Chicago Condos For Sale in West Town.

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