chicago-condos Dave on 26 Oct 2008 09:50 am

Logan Square condo sales hit 8-year low

Sales of condominiums and lofts in Logan Square fell for the third straight year during the third quarter.  The neighborhood followed the trend of lower sales seen in all but 4 neighborhoods in the city.

According to data from the Chicago Association of Realtors, a total of just 139 condos and lofts were sold during the third quarter, a 22 percent drop from the same period last year.  It was well off the high of 218 condos sold during the third quarter in 2005.  It was the lowest sales seen in Logan Square since 2000.

The drop in demand for Logan Square condos led to an increase in the inventory of units on the market and a drop in prices in the neighborhood.  If you’re planning on selling your condo in the area, it will now take you an average of 139 days to find a buyer, up from 111 days a year ago.  At the peak of the market, it took just 71 days to find a buyer in Logan Square.

Prices have started to come down for condos in the area.  The average sales price fell by 4 percent during the third quarter, and could continue to fall if demand for condos in Logan Square doesn’t increase in the short term.  Buyers should keep an eye out for great deals on Chicago Condos in the area.

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