chicago-condos Dave on 28 Apr 2008 11:59 am

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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