chicago-condos Dave on 27 Jun 2008 04:56 pm

Sales down in Edgewater

Sales of condominiums and lofts were down sharply during the first quarter in Edgewater.  According to data from the Chicago Association of Realtors, a total of just 145 units were sold during the period in the neighborhood.

The sales total for the first quarter was the poorest showing for the neighborhood since 1998, and represented nearly a 20 percent drop in sales from the same period last year.  It was the third straight year that sales have fallen during the first quarter after reaching a peak of 214 units in 2004.

The drop in demand led to yet another increase in the amount of time it takes to get a unit sold in Edgewater.  Condo owners and developers are now waiting an average of 154 days to find a buyer in the neighborhood, up from 141 days a year ago.  This is the longest it has taken in more than 10 years to sell a condominium in the neighborhood.

It’s not a surprise to see falling prices for condominiums in the neighborhood.  The average sales price during the first quarter posted at 5 percent decline from the same period in 2007, and could continue to fall if demand doesn’t recover in the short term.  Buyers should be able to find great deals on Chicago Condos For Sale around the area.

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