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Sales of condominiums and lofts fell sharply during the first quarter in Prospect Heights as buyers face added difficulty when it comes time to find a mortgage.  The Chicago suburb was one of many in the region to see a slowdown in sales in recent months.

According to data from the Chicago Association of Realtors, a total of just 16 units were sold during the first quarter, nearly a 50 percent drop in demand from the same period last year, when 31 units were sold during the first quarter.  Buyers, however, did not see lower prices as a result of the drop in demand.

The average sales price actually rose during the first quarter in Prospect Heights.  The area saw an increase of 18 percent in the average sales price from the same period last year.  It was one of just a few around the area to see prices rise.  However, this is more due to buyers focusing on the more expensive units in the area, rather than a wholesale increase in condo values.

Sellers, in the meantime, are facing one of the slowest markets in recent memory in Prospect Heights.  It now takes an average of 152 days to sell Chicago Condos in the neighborhood, the longest it has taken in more than 17 years.

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