chicago-condos Dave on 25 Jul 2008 02:59 pm
Sales down 40 percent during second quarter in North Center
Sales of condominiums and lofts were down by 40 percent during the second quarter, one of the largest drops seen in recent months in the neighborhood.
According to data from the MLS for the quarter, a total of 113 units were sold during the second quarter, down from 187 units sold during the same period in 2007. However, it was a marked difference from the first quarter, when just 65 units were sold.
Prices continued to rise during the second quarter as buyers focused on the most expensive units in the neighborhood. Sales of one-bedroom condominiums were down by 53 percent while the largest units saw a drop of just 21 percent in sales during the quarter.
The relatively strong sales of the largest units led to a slight increase in the average sales price during the second quarter. The average sales price hit $393,577, up 4 percent from the same period last year. However, prices for one-bedroom units were down 1 percent, while two-bedroom units saw a 5 percent drop in prices.
Buyers should stay on the lookout for great deals on Chicago Condos For Sale around North Center.
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