chicago-condos Dave on 29 Jul 2008 02:16 pm

Sales of condos down 20 percent Uptown

Sales of condominiums and lofts continued to drop in Uptown as buyers face added difficulty when it comes time to apply for a new mortgage.  The neighborhood was one of several around Chicago to see lower sales during the second quarter.

According to sales data from the MLS, a total of just 264 new and re-sale condominiums were sold in Uptown during the second quarter, down from 330 unit sold during the same period last year.  It was a 20 percent drop in demand for the quarter.

However, sales of the largest condominiums showed signs of relative strength during the quarter.  Sales of units with three or more bedrooms were down by just 10 percent from the same period last year.  A total of 60 units were sold during the quarter.  Sales of one- and two-bedroom condominiums were off by 20 and 22 percent respectively.

Prices are starting to come down in the neighborhood.  The average sales price for all Chicago Condos sold in Uptown during the second quarter fell by 2 percent, while prices for condos with three or more bedrooms fell by an impressive 8 percent.

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