Chicago Condo Directory

While most neighborhoods around the city of Chicago are seeing a continual drop in demand for condos and lofts, there is one area of the city enjoying strong demand.  Sales of condos and lofts were up by nearly 10 percent during the third quarter.

According to data from the Chicago Association of Realtors, a total of 302 condos and lofts were sold during the third quarter on the Near South Side, up from 276 units sold during the same period a year ago.  However, while it was the second highest sales total seen since 1991, sales were still well off the high of 545 units sold during the third quarter of 2006.

Prices were up sharply during the third quarter as buyers picked up luxury units around the neighborhood.  The average sales price soared by 29 percent during the quarter, a strong result in the current economic climate.  However, strong sales weren’t enough to keep inventory numbers from rising.

If you’re planning on selling your condo in the area, you may want to get ready for a long wait.  Chicago Condos sold on the Near South Side were on the market for an average of 228 days during the third quarter, up from just 122 days a year ago.

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