chicago-condos Dave on 28 Oct 2008 06:54 am

Hyde Park condo sales fall for third straight year

Fewer than 100 condos and lofts were sold in Hyde Park during the third quarter for the first time since 2002.  The neighborhood was one of many around the city to see a continuing drop in demand for multi-family units in the past few months.

According to data from the Chicago Association of Realtors, a total of 69 condos and lofts were sold in the neighborhood during the third quarter, down from 106 units sold during the same period last year.  The high for the market was seen in 2005, with 119 units sold during the third quarter.  It was the worst result for the quarter since 1996.

Condo owners and developers are facing one of the slowest markets in recent memory.  If you’re planning on selling your condo or loft in Hyde Park, it will now take you an average of 169 days to find a buyer in the neighborhood, up from just 99 days a year ago.  However, this could lead to even lower prices in the neighborhood and rising demand from bargain hunters.

The average sales price for Chicago Condos sold in Hyde Park during the third quarter fell by 8 percent from a year ago, and could continue to fall in the short term.

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