chicago-condos Dave on 17 Jul 2008 06:50 pm
Sales hit new low in Downers Grove
As demand for condominiums and lofts falls in most neighborhoods around the Chicagoland region, many areas are seeing new lows in sales. Downers Grove was one area that suffered a sharp drop in sales during the first quarter.
According to data from the Chicago Association of Realtors, a total of just 26 condos and lofts were sold in the area during the first quarter. This is more than 50 percent less than the total sales seen during the same period last year, and a third of the total sales seen just three years ago.
The drop in demand led to a marked increase in the average turnover time for condos on the market. If you’re planning on selling your condo in Downers Grove, it will now take you an average of 273 days to find a buyer, up from 110 days a year ago. Two years ago it took just 74 days to find a buyer in the neighborhood.
Despite plunging sales and a rising inventory of unsold units on the market, prices shot up during the first quarter for condos in Downers Grove. The average sales price rose by 33 percent, probably due more to buyers focusing on newer condominiums in the area. However, if demand continues to fall, buyers should see some great deals on Chicago Condos For Sale in the area.
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