Chicago Condo Directory

Sales of condominiums and lofts were down more than 50 percent in 2007, erasing the strong gains seen in 2006.

According to data from the Chicago Association of Realtors, 2006 was the best year on record for the condo market in Elk Grove Village.  Sales soared more than 100 percent in the neighborhood.  However, the market came back to normal in 2007, with 223 condos sold during the year.

The drop in sales led to one of the biggest increases in the average turnover time for any Chicago suburb.  It took sellers an average of 99 days to find a buyer in 2007, three times longer than it took in 2006.

Despite the drop in demand for condos in Elk Grove Village, prices soared by 18 percent during 2007.  The average sales price for condos sold during the year rose to $192,284.  However, this is after a sharp drop in the average sales price in 2006, and is still off the high of $202,788 seen in 2005.

Buyers looking for affordable Chicago Condos For Sale can still find great deals on units around Elk Grove Village.  With a growing inventory of unsold condos on the market, this is still a buyers market.

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