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Rogers Park saw a sharp drop in sales during the first quarter as buyers wait for better market conditions to get in the market.

According to data from the Chicago Association of Realtors, a total of just 75 condominiums were sold in the neighborhood during the first quarter, more than 50 percent less than during the same period last year.  This is the worst result for the market since 1999.

However, despite plummeting sales in the neighborhood, condo owners and developers saw only a slight increase in the average turnover time.  It took an average of 164 days to find a buyer in the neighborhood during the first quarter, up from 150 days a year ago.  However, this is the longest turnover time seen during the quarter in more than 16 years.

Buyers are starting to see lower prices for condominiums around the neighborhood.  The average sales price fell by 6 percent during the first quarter.  However, if demand doesn’t pick up in the short term, prices for condos in Rogers Park could drop even further.

Keep an eye out for great deals on Chicago Condos For Sale in Rogers Park.  Browse through the best new condominium developments in the neighborhood and around the rest of Chicago and find the perfect match for you and your family today.

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