Chicago Condo Directory

The market for condos in Gurnee cooled off in 2007. After reaching its peak in 2006, sales of condos and lofts slipped in the neighborhood.

According to data from the Chicago Association of Realtors, a total of just 196 condos were sold in the neighborhood in 2007. This is a 28 percent decline in sales from the previous year, and the lowest total sales seen in Gurnee since 1993.

The neighborhood also saw a significant increase in the market time for units on the market as demand slowed. Condo owners and developers waited an average of 91 days to find a buyer in 2007, up from 59 days during the previous year. While this may be a strong result when compared to most other suburbs, it is the longest average turnover time that the Gurnee market has seen in more than 16 years.

At one point in 2003, condo owners were waiting just 15 days to find a buyer in the market, one of the quickest average turnover times in the Chicago region.

However, despite the downturn in the market in the area, prices for Chicago Condos For Sale in Gurnee continued to rise, moving up 2 percent during the year.

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