Palatine sees lowest sales in 11 years during first quarter
Wednesday, May 28th, 2008Sales of condominiums and lofts in Palatine dropped by nearly 50 percent during the first quarter, amidst one of the worst markets the neighborhood has seen in more than a decade.
According to data from the Chicago Association of Realtors, a total of just 84 condos and lofts were sold in the neighborhood during the first quarter, down from 156 condos and lofts sold during the same period in 2007. It was the lowest sales seen in the neighborhood since 1997, when 75 units were sold.
However, despite the drop in sales during the first quarter, prices continued to rise as the inventory of condos on the market remained steady. The average sales price rose by another 4 percent during the quarter.
Condo owners and developers breathed a sigh of relief as the market time for units for sale in Palatine remained steady. If you’re selling your condo in the area, it will now take you an average of 126 days to find a buyer, up from 121 days a year ago.
The neighborhood could see a slight drop in prices if demand continues to drop for condos and lofts on the market. However, under current conditions, buyers will continue to see somewhat steady prices for Chicago Real Estate in Palatine.
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