Monthly ArchiveJune 2008

chicago-condos Dave on 25 Jun 2008

Northbrook condo sales fall 50 percent

Sales of condominiums and lofts fell during the first quarter in Northbrook.  The neighborhood was one of several that were hard hit by a decline in demand during the first quarter in the Chicago region.

According to first quarter data from the Chicago Association of Realtors, a total of just 15 condominiums were sold in Northbrook during the first quarter, down 50 percent from the same period last year.  It was the third consecutive year that sales have fallen in the neighborhood during the first quarter.  It was also the lowest sales total for the neighborhood in more than 17 years.

The record decline in sales led to a jump in the number of condominiums sitting on th e market.  Condo owners and developers are facing one of the slowest markets in recent memory.  It now takes an average of 177 days to find a buyer, up from 129 days a year ago.

A rising inventory of condos on the market combined with record low demand are leading to heavy declines in prices for condominiums in Northbrook.  The average sales price for condos sold during the first quarter fell by 16 percent, and there is still more room for further declines in prices for Chicago Condos For Sale around Northbrook.

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chicago-condos Dave on 24 Jun 2008

Home prices decline 15 percent nationwide, slump to continue

Home prices fell at their fastest rate ever in April.  According to the home price index releasted by Standard & Poor’s/Case-Shiller, prices fell by 15.3 percent in 20 metro areas around the United States.

It was the largest drop in prices since the group started tracking home prices in 20 markets since 2000, and the first time that all 20 metro areas showed a decline in prices. The decline in prices in the 10-city index that has been tracked for 20 years was also the highest ever, with prices falling 16.3 percent.

It could also get even worse, according to a report issued by Harvard University yesterday.  According to the report, an acceleration in job losses could push a recovery back by several months.   Severe job losses could result in the worst correction in prices since World War II.

However, falling prices are a boon for buyers on the market for condos around Chicago.  As prices fall, many buyers are now able to qualify for a new mortgage as down payments become more affordable.  The market for the most expensive Chicago Condos has even expanded in recent months..

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chicago-condos Dave on 23 Jun 2008

Sales drop for second consecutive year in Albany Park

Sales of condominiums and lofts fell for the second straight year in Albany Park.  The neighborhood was one of several across Chicago to see falling demand during the year.

According to data from the Chicago Association of Realtors, a total of 247 condos and lofts were sold in the neighborhood in 2007, down from 382 units sold during the previous year.  Sales hit their peak in the neighborhood in 2005, when 418 units were sold during the year.

Despite the drop in sales, prices for condos continued to increase in Albany Park.  The average sales price was up by 4 percent in 2007.  However, this may not last long as the inventory of unsold condos on the market continues to increase.  If you’re selling your condominium in Albany Park, it will now take you an average of 173 days to find a buyer.  Just two years ago, it took half that long to find a buyer.

If you’re looking for affordable condominiums in Albany Park, you may be able to drive a bargain in the short term.  Keep a sharp eye out for great deals on Chicago Condos For Sale around the neighborhood.

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