chicago-condos Dave on 15 Jul 2008 04:07 pm

West Ridge condo sales slide during first quarter

Demand for condominiums rose sharply in West Ridge during the past four years.  However, the bonanza in the real estate market in the neighborhood appears to be reaching its end.

According to data from the Chicago Association of Realtors, a total of just 58 condominiums were sold in West Ridge during the first quarter, the first time that sales have fallen below 100 units in four years.  The drop in demand was more than 50 percent from the same period last year, bad news for condo owners and developers in the area.

If you are thinking of selling your condo in West Ridge, you may want to prepare yourself for a long wait.  The average turnover time is nearly up to 200 days in the neighborhood.  It now takes an average of 189 days to find a buyer, up from 143 days a year ago.

Meanwhile, buyers are enjoying some great deals on condos in the area.  The average sales price fell by 12 percent during the first quarter, and could fall even further unless demand for Chicago Condos For Sale increases in West Ridge.

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