Chicago Condo Directory

Sales of condos and lofts in the city of Chicago fell by more than 30 percent during the third quarter.  It was the second straight year of declining sales in the city for both new and resale units.

According to data from the MLS for the third quarter, a total of 4,217 lofts and condos were sold in Chicago during the third quarter, a 30.1 percent drop from the same period last year when 6,034 units were sold.  The drop was even more pronounced when compared to 2006, when the market was at its peak.  A total of 6,764 condos were sold during the third quarter 2006.

Despite the dramatic drop in sales, prices continued to rise in the city during the third quarter.  The average sales price was up by 8.4 percent during the third quarter, reaching $375,700.  A year ago, the average sales price was just $346,339.  The rise in prices may have more to do with steady demand for the highest priced units while demand for affordable condos falls.  Sales were off by less than 5 percent for units priced at more than $1 million in the city.  Sales of condos priced under $250,000 were down by more than 33 percent during the quarter.

Buyers are starting to see some great deals on Chicago Condos in neighborhoods around the city.  Keep an eye out for even lower prices in the short term.

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