chicago-condos Dave on 31 May 2008 12:13 pm

Woodlawn condo sales down during first quarter

The Woodlawn real estate market suffered a drop in sales after seeing one of the strongest results for the first quarter a year ago.

According to data from the Chicago Association of Realtors, a total of 21 condos and lofts were sold in the neighborhood during the first quarter, down from 33 units sold during the same period last year.  It was the fewest sales seen during the quarter since 2003 in Woodlawn.

The drop in demand led to a decline in prices as buyers focused on the most affordable units around Woodlawn.  The average sales price fell by 13 percent during the first quarter, and could continue to drop as sellers wait longer to find a buyer in the neighborhood.

If you’re looking to sell your condo or loft in Woodlawn, it will now take you an average of 217 days to find a buyer, one of the longest turnover times for any Chicago neighborhood.  This is an increase of more than 60 percent in one year in the average market time.  It took just 136 days to find a buyer a year ago.

Buyers should keep up with the latest news and stats for the Woodlawn market and take advantage of great prices on Chicago Condos For Sale in the neighborhood.

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