Chicago Condo Directory

Many neighborhoods around the greater Chicagoland region have seen a sharp decline in demand for condominiums and lofts.  Buyers are waiting for better market conditions in many areas, including South Elgin.

According to data from the Chicago Association of Realtors, a total of just 18 condominiums and lofts were sold in South Elgin during the first quarter, down from 41 units sold just a year ago.  It was the worst year-over-year-decline in sales seen in more than 17 years, and the poorest showing for the neighborhood since 1998.

However, despite the dramatic drop in sales, the inventory of unsold condos on the market has actually shrunk.  This could be due to the fact that many condo owners are waiting for better conditions before listing their property.  If you’re selling your condo, it will now take you an average of just 80 days to find a buyer in South Elgin, down from 127 days a year ago.

Prices continue to increase in the area, helped by a falling inventory of unsold units.  The average sales price for Chicago Condos sold during the first quarter in South Elgin rose 4 percent from the same period last year.

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