chicago-condos Dave on 31 Jul 2008 10:13 pm

Lombard Condo Market Update

Sales of condominiums plunged to their lowest level in 11 years in Lombard during the first quarter.  The neighborhood saw a 50 percent decline in demand for new and re-sale units in just one year.

According to data from the Chicago Association of Realtors, a total of 26 units were sold in the neighborhood during the first quarter, down from 52 units sold during the same period last year.  The high for the first quarter was seen just two years ago, when 68 units were sold during the first quarter.

Buyers, however, may have stayed away as a result of the high prices in the area.  The average sales price climbed by 13 percent despite the drop in sales.  Prices were higher even though the number of unsold condos on the market continued to increase during the first quarter.

Condo owners and developers are facing one of the slowest markets in recent memory in Lombard.  The average turnover time for condos currently on the market is now at 135 days, up from 101 days a year ago.  Historically, average turnover times have ranged from 30 to 50 days in the neighborhood.  If you’re looking for a great deal on Chicago Condos, you could start to see some low prices in Lombard.

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