Chicago Condo Directory

Sales of condos and lofts were off by more than 40 percent during the first quarter in the Chicago suburb of Oak Lawn.  It was the second straight year that sales have declined in the neighborhood.

According to the Chicago Association of Realtors, a total of just 36 condominiums and lofts were sold during the first quarter in the neighborhood, down from 63 units sold during the same period in 2007.  It was well off the high of 78 units sold two years ago, and the poorest showing for the neighborhood since 1998.

Condo owners are facing one of the slowest markets in recent memory in Oak Lawn.  The average turnover time has broken through the 100-day barrier for the first time in more than 17 years.  It now takes an average of 109 days to find a buyer, up from 80 days a year ago.

With data like this coming out of the real estate market in the area, it’s no surprise that the average sales price has started to come down for condos in Oak Lawn.  The average sales price fell by 3 percent during the first quarter, and could continue to drop if demand for Chicago Condos For Sale doesn’t increase in the area.

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