chicago-condos Dave on 20 Oct 2008 08:29 am
Condo sales plunge nearly 40 percent in Rogers Park
The third quarter didn’t bring any relief to many neighborhoods around the city of Chicago. Sales of new and resale condominiums fell for the third straight year during the quarter, hitting their lowest point since 1999.
According to data from the Chicago Association of Realtors, a total of just 123 condos and lofts were sold during the third quarter in Rogers Park, down from 200 units sold during the same period a year ago. It was the third straight year of declining sales after hitting a high of 359 units sold during the third quarter 2005.
The drop in sales led to a marked increase in the number of unsold condos sitting on the market around Rogers Park. If you’re selling your condo in the area, it will now take you an average of 195 days to find a buyer, up from 140 days a year ago.
Prices are also starting to come down in the area. The average sales price fell by 2 percent during the third quarter. It was the second straight year of declining sales in the neighborhood. The average sales price has risen just 5 percent since 2003 in Rogers Park. Buyers could start to see even more great deals on Chicago Condos for sale in the area in the short term.
Technorati Tags: Rogers Park Condos, Chicago Real Estate, Chicago Condos For Sale
